LS Investment Advisors LLC increased its stake in shares of Western Digital Corp (NASDAQ:WDC) by 11.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 14,698 shares of the data storage provider’s stock after buying an additional 1,545 shares during the period. LS Investment Advisors LLC’s holdings in Western Digital were worth $543,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in WDC. BlackRock Inc. boosted its holdings in shares of Western Digital by 22.3% during the 3rd quarter. BlackRock Inc. now owns 25,731,691 shares of the data storage provider’s stock worth $1,506,333,000 after buying an additional 4,690,847 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Western Digital by 3,492.6% during the 3rd quarter. Franklin Resources Inc. now owns 3,858,781 shares of the data storage provider’s stock worth $225,893,000 after buying an additional 3,751,373 shares during the period. Capital International Investors bought a new stake in shares of Western Digital during the 3rd quarter worth about $140,496,000. FMR LLC boosted its holdings in shares of Western Digital by 177.7% during the 3rd quarter. FMR LLC now owns 3,035,818 shares of the data storage provider’s stock worth $177,716,000 after buying an additional 1,942,543 shares during the period. Finally, DNB Asset Management AS boosted its holdings in shares of Western Digital by 332.5% during the 4th quarter. DNB Asset Management AS now owns 2,426,523 shares of the data storage provider’s stock worth $89,709,000 after buying an additional 1,865,485 shares during the period. 86.63% of the stock is owned by institutional investors and hedge funds.
Several brokerages have weighed in on WDC. Craig Hallum cut shares of Western Digital from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $115.00 to $59.00 in a research note on Friday, October 26th. Benchmark reiterated a “hold” rating on shares of Western Digital in a research note on Friday, October 26th. Loop Capital dropped their price objective on shares of Western Digital to $80.00 and set an “average” rating for the company in a research note on Friday, October 26th. BMO Capital Markets reiterated a “hold” rating and issued a $60.00 price objective on shares of Western Digital in a research note on Thursday, October 25th. Finally, JPMorgan Chase & Co. cut shares of Western Digital from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $117.00 to $62.00 in a research note on Friday, October 26th. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $68.22.
Shares of NASDAQ:WDC opened at $46.71 on Monday. The company has a market capitalization of $13.59 billion, a PE ratio of 3.46, a PEG ratio of 0.52 and a beta of 1.43. The company has a quick ratio of 1.45, a current ratio of 2.24 and a debt-to-equity ratio of 0.95. Western Digital Corp has a 12 month low of $33.83 and a 12 month high of $106.96.
Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, January 24th. The data storage provider reported $1.45 EPS for the quarter, beating the consensus estimate of $1.27 by $0.18. The company had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.26 billion. Western Digital had a net margin of 4.34% and a return on equity of 28.88%. The business’s revenue for the quarter was down 20.7% compared to the same quarter last year. During the same period in the previous year, the company earned $3.95 EPS. As a group, research analysts expect that Western Digital Corp will post 4.7 EPS for the current year.
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Western Digital Profile
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance 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, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
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