State Treasurer State of Michigan cut its stake in Western Digital Corp (NASDAQ:WDC) by 4.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 82,849 shares of the data storage provider’s stock after selling 4,000 shares during the quarter. State Treasurer State of Michigan’s holdings in Western Digital were worth $3,063,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of WDC. FMR LLC lifted its position in shares of Western Digital by 0.8% during the second quarter. FMR LLC now owns 1,093,275 shares of the data storage provider’s stock worth $84,630,000 after purchasing an additional 8,946 shares during the last quarter. Atria Investments LLC lifted its position in shares of Western Digital by 43.6% during the third quarter. Atria Investments LLC now owns 11,446 shares of the data storage provider’s stock worth $670,000 after purchasing an additional 3,473 shares during the last quarter. State of Alaska Department of Revenue lifted its position in shares of Western Digital by 12.3% during the third quarter. State of Alaska Department of Revenue now owns 44,810 shares of the data storage provider’s stock worth $2,622,000 after purchasing an additional 4,892 shares during the last quarter. NEXT Financial Group Inc bought a new stake in shares of Western Digital during the third quarter worth $109,000. Finally, Manning & Napier Group LLC lifted its position in shares of Western Digital by 8.5% during the third quarter. Manning & Napier Group LLC now owns 78,838 shares of the data storage provider’s stock worth $4,614,000 after purchasing an additional 6,161 shares during the last quarter. Institutional investors own 86.63% of the company’s stock.

Shares of WDC stock traded down $0.66 during trading hours on Monday, hitting $46.05. 93,495 shares of the company’s stock were exchanged, compared to its average volume of 9,090,602. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.24 and a quick ratio of 1.45. The company has a market cap of $13.37 billion, a price-to-earnings ratio of 3.41, a PEG ratio of 0.52 and a beta of 1.43. Western Digital Corp has a fifty-two week low of $33.83 and a fifty-two week high of $106.96.

Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, January 24th. The data storage provider reported $1.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.18. The business had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $4.26 billion. Western Digital had a return on equity of 28.88% and a net margin of 4.34%. The business’s quarterly revenue was down 20.7% on a year-over-year basis. During the same period in the prior year, the company posted $3.95 EPS. Analysts anticipate that Western Digital Corp will post 4.7 earnings per share for the current fiscal year.

Several research firms have recently weighed in on WDC. Zacks Investment Research downgraded Western Digital from a “hold” rating to a “sell” rating in a research report on Saturday, January 26th. ValuEngine upgraded Western Digital from a “sell” rating to a “hold” rating in a report on Wednesday, January 30th. Royal Bank of Canada lifted their price objective on Western Digital to $46.00 and gave the company a “sector perform” rating in a report on Friday, January 25th. Citigroup decreased their price objective on Western Digital to $63.00 and set a “buy” rating for the company in a report on Friday, January 25th. Finally, Longbow Research downgraded Western Digital from a “buy” rating to a “neutral” rating in a report on Friday, October 26th. Two equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twelve have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $68.22.

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

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