Western Digital Corp (NASDAQ:WDC) Stock Position Cut by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC lessened its stake in Western Digital Corp (NASDAQ:WDC) by 58.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,602 shares of the data storage provider’s stock after selling 35,755 shares during the period. Cornerstone Investment Partners LLC’s holdings in Western Digital were worth $1,130,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in WDC. DNB Asset Management AS lifted its stake in Western Digital by 54.9% during the second quarter. DNB Asset Management AS now owns 3,055,833 shares of the data storage provider’s stock valued at $134,915,000 after buying an additional 1,082,458 shares in the last quarter. Legal & General Group Plc lifted its stake in Western Digital by 4.2% during the first quarter. Legal & General Group Plc now owns 2,366,357 shares of the data storage provider’s stock valued at $98,748,000 after buying an additional 95,892 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Western Digital by 1.2% during the first quarter. Janus Henderson Group PLC now owns 1,936,593 shares of the data storage provider’s stock valued at $80,596,000 after buying an additional 23,237 shares in the last quarter. First Trust Advisors LP lifted its stake in Western Digital by 27.4% during the second quarter. First Trust Advisors LP now owns 1,854,649 shares of the data storage provider’s stock valued at $81,883,000 after buying an additional 398,612 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Western Digital by 58.0% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,804,287 shares of the data storage provider’s stock valued at $74,124,000 after buying an additional 662,566 shares in the last quarter. Hedge funds and other institutional investors own 79.94% of the company’s stock.

In other news, EVP Lori S. Sundberg sold 1,300 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $45.66, for a total value of $59,358.00. Following the completion of the sale, the executive vice president now directly owns 44,322 shares of the company’s stock, valued at $2,023,742.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.44% of the stock is currently owned by corporate insiders.

WDC stock traded up $0.34 during midday trading on Friday, hitting $43.10. 3,884,499 shares of the company traded hands, compared to its average volume of 4,204,477. Western Digital Corp has a twelve month low of $27.40 and a twelve month high of $72.00. The company has a quick ratio of 1.22, a current ratio of 1.91 and a debt-to-equity ratio of 1.01. The business has a 50 day simple moving average of $42.94 and a 200-day simple moving average of $49.01. The stock has a market capitalization of $12.92 billion, a price-to-earnings ratio of 39.54 and a beta of 1.61.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Thursday, April 30th. The data storage provider reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.07). Western Digital had a negative net margin of 3.70% and a positive return on equity of 3.42%. The business had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.16 billion. During the same period in the prior year, the company posted $0.17 earnings per share. The firm’s revenue was up 13.6% compared to the same quarter last year. Equities research analysts forecast that Western Digital Corp will post 2.24 EPS for the current year.

A number of analysts have recently issued reports on the stock. Rosenblatt Securities assumed coverage on shares of Western Digital in a research report on Monday, June 8th. They issued a “neutral” rating and a $53.00 price target for the company. UBS Group reduced their price target on shares of Western Digital from $70.00 to $45.00 and set a “neutral” rating for the company in a research report on Monday, May 4th. Mizuho reduced their price target on shares of Western Digital from $80.00 to $75.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. Morgan Stanley increased their price target on shares of Western Digital from $56.00 to $63.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 16th. Finally, Cfra reduced their price target on shares of Western Digital from $80.00 to $42.00 and set a “hold” rating for the company in a research report on Friday, May 1st. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and nineteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $70.08.

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

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