M Holdings Securities Inc. Makes New Investment in Western Digital Co. (NASDAQ:WDC)

M Holdings Securities Inc. bought a new stake in shares of Western Digital Co. (NASDAQ:WDCGet Rating) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 6,890 shares of the data storage provider’s stock, valued at approximately $342,000.

A number of other institutional investors have also recently modified their holdings of WDC. Norges Bank acquired a new stake in shares of Western Digital during the 4th quarter valued at about $202,707,000. Renaissance Technologies LLC lifted its stake in Western Digital by 445.6% in the 1st quarter. Renaissance Technologies LLC now owns 1,451,033 shares of the data storage provider’s stock worth $72,044,000 after purchasing an additional 1,185,100 shares in the last quarter. Sanders Capital LLC lifted its stake in Western Digital by 17.2% in the 1st quarter. Sanders Capital LLC now owns 7,260,859 shares of the data storage provider’s stock worth $412,084,000 after purchasing an additional 1,063,000 shares in the last quarter. DNB Asset Management AS lifted its stake in Western Digital by 15.6% in the 1st quarter. DNB Asset Management AS now owns 7,552,489 shares of the data storage provider’s stock worth $374,981,000 after purchasing an additional 1,021,132 shares in the last quarter. Finally, IPG Investment Advisors LLC acquired a new stake in shares of Western Digital during the 4th quarter worth approximately $29,537,000. 84.57% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Gene M. Zamiska sold 2,169 shares of the business’s stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $40.90, for a total value of $88,712.10. Following the sale, the senior vice president now directly owns 31,554 shares in the company, valued at approximately $1,290,558.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.17% of the company’s stock.

Western Digital Trading Down 1.5 %

Western Digital stock opened at $37.22 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 0.57. The firm has a 50-day moving average price of $45.88 and a two-hundred day moving average price of $49.52. The firm has a market capitalization of $11.71 billion, a price-to-earnings ratio of 7.84 and a beta of 1.51. Western Digital Co. has a 52-week low of $36.31 and a 52-week high of $69.36.

Western Digital (NASDAQ:WDCGet Rating) last issued its quarterly earnings results on Friday, August 5th. The data storage provider reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.27. 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 prior year, the business posted $1.96 EPS. The business’s revenue for the quarter was down 8.0% compared to the same quarter last year. Sell-side analysts expect that Western Digital Co. will post 2.61 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Citigroup cut their price target on shares of Western Digital from $75.00 to $60.00 and set a “buy” rating for the company in a report on Monday, August 8th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Western Digital from $64.00 to $56.00 in a report on Monday, August 8th. Wells Fargo & Company dropped their target price on shares of Western Digital from $75.00 to $65.00 and set an “overweight” rating for the company in a report on Thursday, July 14th. Evercore ISI lifted their target price on shares of Western Digital from $60.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, June 2nd. Finally, Credit Suisse Group initiated coverage on shares of Western Digital in a report on Tuesday, August 16th. They issued a “neutral” rating and a $52.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $58.05.

Western Digital Company 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.

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

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