Twin Capital Management Inc. Cuts Stake in Western Digital Co. (NASDAQ:WDC)

Twin Capital Management Inc. decreased its position in Western Digital Co. (NASDAQ:WDC) by 18.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,132 shares of the data storage provider’s stock after selling 6,395 shares during the period. Twin Capital Management Inc.’s holdings in Western Digital were worth $1,678,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Versant Capital Management Inc boosted its position in shares of Western Digital by 278.9% during the 4th quarter. Versant Capital Management Inc now owns 413 shares of the data storage provider’s stock worth $25,000 after purchasing an additional 304 shares in the last quarter. Sierra Ocean LLC purchased a new position in Western Digital in the fourth quarter valued at about $29,000. Comprehensive Financial Planning Inc. PA acquired a new stake in shares of Western Digital during the 4th quarter valued at approximately $30,000. OFI Invest Asset Management purchased a new stake in shares of Western Digital during the 4th quarter worth approximately $36,000. Finally, S.A. Mason LLC acquired a new stake in shares of Western Digital in the 4th quarter worth approximately $45,000. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on WDC shares. UBS Group decreased their target price on Western Digital from $74.00 to $50.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. Rosenblatt Securities decreased their price objective on shares of Western Digital from $115.00 to $95.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Cantor Fitzgerald cut their target price on shares of Western Digital from $95.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. Wedbush reaffirmed an “outperform” rating and issued a $95.00 price target on shares of Western Digital in a report on Monday, February 10th. Finally, Robert W. Baird dropped their price objective on shares of Western Digital from $100.00 to $80.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $80.21.

Western Digital Trading Up 2.0 %

Shares of WDC stock opened at $31.16 on Tuesday. Western Digital Co. has a 1-year low of $28.83 and a 1-year high of $81.55. The firm’s 50-day simple moving average is $52.04 and its 200-day simple moving average is $61.21. The firm has a market cap of $10.84 billion, a P/E ratio of 7.42 and a beta of 1.39. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.99 and a quick ratio of 1.26.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.36). Western Digital had a net margin of 9.95% and a return on equity of 15.68%. As a group, equities analysts forecast that Western Digital Co. will post 4.89 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Gene M. Zamiska sold 1,659 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $41.36, for a total transaction of $68,616.24. Following the completion of the sale, the senior vice president now owns 43,776 shares in the company, valued at approximately $1,810,575.36. The trade was a 3.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is currently owned by insiders.

About Western Digital

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 desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and 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.