McGuire Investment Group LLC Cuts Position in Western Digital Co. (NASDAQ:WDC)

McGuire Investment Group LLC lessened its holdings in Western Digital Co. (NASDAQ:WDCGet Rating) by 2.6% during the second quarter, Holdings Channel.com reports. The institutional investor owned 57,618 shares of the data storage provider’s stock after selling 1,566 shares during the quarter. McGuire Investment Group LLC’s holdings in Western Digital were worth $2,583,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. DNB Asset Management AS lifted its stake in Western Digital by 15.6% in the first quarter. DNB Asset Management AS now owns 7,552,489 shares of the data storage provider’s stock valued at $374,981,000 after purchasing an additional 1,021,132 shares during the last quarter. Sanders Capital LLC lifted its stake in Western Digital by 17.2% in the first quarter. Sanders Capital LLC now owns 7,260,859 shares of the data storage provider’s stock valued at $412,084,000 after purchasing an additional 1,063,000 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Western Digital by 2.7% in the fourth quarter. Alliancebernstein L.P. now owns 6,272,271 shares of the data storage provider’s stock valued at $409,015,000 after purchasing an additional 162,490 shares during the last quarter. Lyrical Asset Management LP lifted its stake in Western Digital by 3.5% in the first quarter. Lyrical Asset Management LP now owns 4,110,650 shares of the data storage provider’s stock valued at $204,094,000 after purchasing an additional 140,181 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Western Digital by 2.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,501,843 shares of the data storage provider’s stock valued at $173,893,000 after purchasing an additional 80,373 shares during the last quarter. Hedge funds and other institutional investors own 84.57% of the company’s stock.

Western Digital Price Performance

NASDAQ:WDC traded up $0.03 during midday trading on Friday, hitting $33.85. The company had a trading volume of 360,112 shares, compared to its average volume of 4,278,376. Western Digital Co. has a 52-week low of $33.53 and a 52-week high of $69.36. The stock’s fifty day moving average price is $45.03 and its 200-day moving average price is $49.09. The company has a market capitalization of $10.65 billion, a PE ratio of 7.05 and a beta of 1.51. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 0.57.

Western Digital (NASDAQ:WDCGet Rating) last announced its earnings results on Friday, August 5th. The data storage provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.02. Western Digital had a net margin of 7.98% and a return on equity of 19.15%. The company had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.57 billion. During the same period in the previous year, the business earned $1.96 earnings per share. The firm’s quarterly revenue was down 8.0% compared to the same quarter last year. As a group, research analysts expect that Western Digital Co. will post 2.61 earnings per share for the current year.

Insider Buying and Selling

In other Western Digital news, SVP Gene M. Zamiska sold 2,169 shares of the company’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $40.90, for a total transaction of $88,712.10. Following the completion of the sale, the senior vice president now directly owns 31,554 shares in the company, valued at $1,290,558.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.17% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently commented on WDC shares. Evercore ISI upped their price objective on Western Digital from $60.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, June 2nd. BNP Paribas started coverage on shares of Western Digital in a report on Tuesday, September 13th. They set an “underperform” rating and a $30.00 target price on the stock. Citigroup lowered their target price on shares of Western Digital from $75.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, August 8th. Robert W. Baird lowered their target price on shares of Western Digital from $75.00 to $55.00 in a report on Monday, August 8th. Finally, Mizuho cut shares of Western Digital from a “buy” rating to a “neutral” rating and lowered their target price for the company from $62.00 to $40.00 in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $55.32.

Western Digital Profile

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Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook personal computers (PCs), smart video systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications; and flash-based memory wafers.

See Also

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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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