Retirement Systems of Alabama lowered its stake in shares of Western Digital Co. (NASDAQ:WDC – Free Report) by 7.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 94,384 shares of the data storage provider’s stock after selling 7,380 shares during the period. Retirement Systems of Alabama’s holdings in Western Digital were worth $3,555,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in WDC. Price T Rowe Associates Inc. MD boosted its holdings in shares of Western Digital by 93.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 20,663,972 shares of the data storage provider’s stock worth $651,948,000 after buying an additional 9,961,971 shares during the period. Geode Capital Management LLC grew its position in shares of Western Digital by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 6,814,743 shares of the data storage provider’s stock valued at $214,702,000 after purchasing an additional 163,307 shares during the last quarter. Parnassus Investments LLC grew its position in shares of Western Digital by 17.4% in the fourth quarter. Parnassus Investments LLC now owns 4,590,528 shares of the data storage provider’s stock valued at $144,831,000 after purchasing an additional 681,104 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of 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. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Western Digital by 6.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,851,292 shares of the data storage provider’s stock valued at $89,958,000 after purchasing an additional 184,822 shares during the last quarter. Institutional investors and hedge funds own 83.94% of the company’s stock.
Wall Street Analysts Forecast Growth
WDC has been the topic of several research reports. JPMorgan Chase & Co. decreased their target price on Western Digital from $45.00 to $40.00 in a research report on Tuesday, May 9th. StockNews.com raised Western Digital to a “sell” rating in a research report on Thursday, July 13th. TheStreet downgraded Western Digital from a “c-” rating to a “d+” rating in a research report on Thursday, May 11th. Deutsche Bank Aktiengesellschaft cut their price target on Western Digital from $40.00 to $36.00 in a research note on Tuesday, May 9th. Finally, Bank of America cut their price target on Western Digital from $50.00 to $41.00 in a research note on Tuesday, May 9th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $44.32.
Western Digital Stock Up 7.2 %
NASDAQ WDC opened at $41.68 on Friday. Western Digital Co. has a fifty-two week low of $29.73 and a fifty-two week high of $50.95. The stock has a market capitalization of $13.34 billion, a PE ratio of -19.03 and a beta of 1.64. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 0.86. The business has a fifty day moving average price of $38.79 and a two-hundred day moving average price of $38.01.
Western Digital (NASDAQ:WDC – Get Free Report) last announced its quarterly earnings results on Monday, May 8th. The data storage provider reported ($1.57) EPS for the quarter, beating analysts’ consensus estimates of ($1.80) by $0.23. Western Digital had a negative return on equity of 1.90% and a negative net margin of 4.87%. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.76 billion. Equities analysts expect that Western Digital Co. will post -4.62 earnings per share for the current fiscal year.
Western Digital Company Profile
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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