Patton Fund Management Inc. Sells 4,616 Shares of Western Digital Co. (NASDAQ:WDC)

Patton Fund Management Inc. trimmed its holdings in Western Digital Co. (NASDAQ:WDC) by 5.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 83,053 shares of the data storage provider’s stock after selling 4,616 shares during the quarter. Patton Fund Management Inc.’s holdings in Western Digital were worth $5,672,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in WDC. Vanguard Group Inc. boosted its stake in Western Digital by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 38,579,938 shares of the data storage provider’s stock worth $2,020,431,000 after purchasing an additional 215,207 shares during the period. HighPoint Advisor Group LLC bought a new position in shares of Western Digital during the 4th quarter valued at approximately $379,000. Los Angeles Capital Management LLC bought a new position in shares of Western Digital during the 1st quarter valued at approximately $273,000. GAMMA Investing LLC boosted its position in shares of Western Digital by 31.1% during the 1st quarter. GAMMA Investing LLC now owns 1,953 shares of the data storage provider’s stock valued at $133,000 after acquiring an additional 463 shares during the last quarter. Finally, Mather Group LLC. bought a new position in shares of Western Digital during the 1st quarter valued at approximately $136,000. 92.51% of the stock is currently owned by institutional investors.

Western Digital Stock Up 0.7 %

Shares of Western Digital stock traded up $0.47 during trading on Thursday, hitting $68.26. 890,044 shares of the stock traded hands, compared to its average volume of 6,119,881. The firm has a market cap of $23.60 billion, a P/E ratio of -37.25 and a beta of 1.39. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53. Western Digital Co. has a 52-week low of $35.62 and a 52-week high of $81.55. The stock’s fifty day simple moving average is $64.58 and its 200 day simple moving average is $69.88.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Wednesday, July 31st. The data storage provider reported $1.25 EPS for the quarter, beating the consensus estimate of $1.08 by $0.17. The firm had revenue of $3.76 billion for the quarter, compared to analyst estimates of $3.77 billion. Western Digital had a negative return on equity of 2.63% and a negative net margin of 3.75%. On average, equities analysts predict that Western Digital Co. will post 7.75 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on WDC shares. Summit Insights downgraded Western Digital from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Benchmark reiterated a “buy” rating and set a $92.00 target price on shares of Western Digital in a research report on Thursday, September 26th. Evercore ISI reiterated an “outperform” rating and set a $85.00 target price on shares of Western Digital in a research report on Thursday, August 15th. TD Cowen decreased their price target on Western Digital from $95.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $80.00 price target on shares of Western Digital in a report on Tuesday, September 10th. Six investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $84.24.

Insider Activity

In related news, EVP Robert Soderbery sold 12,154 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $57.09, for a total transaction of $693,871.86. Following the sale, the executive vice president now owns 128,413 shares of the company’s stock, valued at $7,331,098.17. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, SVP Gene M. Zamiska sold 417 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $64.89, for a total transaction of $27,059.13. Following the sale, the senior vice president now owns 28,870 shares of the company’s stock, valued at $1,873,374.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert Soderbery sold 12,154 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $57.09, for a total value of $693,871.86. Following the sale, the executive vice president now directly owns 128,413 shares in the company, valued at approximately $7,331,098.17. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 92,955 shares of company stock worth $6,327,560. Company insiders own 0.30% of the company’s stock.

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 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.