McGuire Investment Group LLC Has $2.58 Million Position in Western Digital Co. (NASDAQ:WDC)

McGuire Investment Group LLC lowered its holdings in Western Digital Co. (NASDAQ:WDCGet Rating) by 2.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 57,618 shares of the data storage provider’s stock after selling 1,566 shares during the quarter. McGuire Investment Group LLC’s holdings in Western Digital were worth $2,583,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Pinnacle Associates Ltd. raised its stake in Western Digital by 2.8% in the first quarter. Pinnacle Associates Ltd. now owns 11,550 shares of the data storage provider’s stock valued at $573,000 after buying an additional 315 shares during the period. Commerce Bank raised its stake in Western Digital by 2.1% in the fourth quarter. Commerce Bank now owns 15,772 shares of the data storage provider’s stock valued at $1,029,000 after buying an additional 321 shares during the period. CIBC Asset Management Inc raised its stake in Western Digital by 1.1% in the first quarter. CIBC Asset Management Inc now owns 29,800 shares of the data storage provider’s stock valued at $1,480,000 after buying an additional 328 shares during the period. Signaturefd LLC raised its stake in Western Digital by 25.6% in the first quarter. Signaturefd LLC now owns 1,693 shares of the data storage provider’s stock valued at $84,000 after buying an additional 345 shares during the period. Finally, Sigma Planning Corp raised its stake in Western Digital by 8.6% in the first quarter. Sigma Planning Corp now owns 4,430 shares of the data storage provider’s stock valued at $220,000 after buying an additional 350 shares during the period. Institutional investors and hedge funds own 84.57% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on WDC. Barclays dropped their price objective on Western Digital from $55.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Monday. Credit Suisse Group initiated coverage on Western Digital in a research note on Tuesday, August 16th. They set a “neutral” rating and a $52.00 target price on the stock. Mizuho lowered Western Digital from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $62.00 to $40.00 in a research note on Wednesday. Evercore ISI increased their target price on Western Digital from $60.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, June 2nd. Finally, BNP Paribas initiated coverage on Western Digital in a research note on Tuesday, September 13th. They set an “underperform” rating and a $30.00 target price on the stock. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Western Digital presently has an average rating of “Hold” and an average price target of $55.32.

Western Digital Price Performance

Shares of WDC stock traded up $0.03 during trading hours on Friday, reaching $33.85. The company’s stock had a trading volume of 360,112 shares, compared to its average volume of 4,278,376. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 0.57. Western Digital Co. has a fifty-two week low of $33.53 and a fifty-two week high of $69.36. The company has a market capitalization of $10.65 billion, a price-to-earnings ratio of 7.05 and a beta of 1.51. The firm’s 50 day simple moving average is $45.03 and its 200-day simple moving average is $49.09.

Western Digital (NASDAQ:WDCGet Rating) last released its quarterly earnings data on Friday, August 5th. The data storage provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.52 by $0.02. Western Digital had a return on equity of 19.15% and a net margin of 7.98%. The company had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.57 billion. During the same quarter last year, the business posted $1.96 EPS. Western Digital’s revenue for the quarter was down 8.0% on a year-over-year basis. Sell-side analysts forecast that Western Digital Co. will post 2.61 earnings per share for the current year.

Insider Activity at Western Digital

In related news, SVP Gene M. Zamiska sold 2,169 shares of the firm’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $40.90, for a total transaction of $88,712.10. Following the completion of the transaction, the senior vice president now directly owns 31,554 shares of the company’s stock, valued at approximately $1,290,558.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.17% of the stock is currently owned by company insiders.

About Western Digital

(Get Rating)

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.

See Also

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

Receive News & Ratings for Western Digital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Digital and related companies with MarketBeat.com's FREE daily email newsletter.