New York Life Investment Management LLC Acquires 3,088 Shares of Western Digital Co. (NASDAQ:WDC)

New York Life Investment Management LLC boosted its holdings in shares of Western Digital Co. (NASDAQ:WDC) by 6.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 51,854 shares of the data storage provider’s stock after purchasing an additional 3,088 shares during the quarter. New York Life Investment Management LLC’s holdings in Western Digital were worth $3,092,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. increased its stake in Western Digital by 32.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,131 shares of the data storage provider’s stock worth $2,691,000 after acquiring an additional 11,013 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Western Digital by 6.3% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 841,700 shares of the data storage provider’s stock worth $50,191,000 after acquiring an additional 50,188 shares during the last quarter. Principal Financial Group Inc. increased its stake in Western Digital by 4.0% in the 4th quarter. Principal Financial Group Inc. now owns 390,826 shares of the data storage provider’s stock worth $23,305,000 after acquiring an additional 15,189 shares during the last quarter. Ieq Capital LLC increased its stake in Western Digital by 83.9% in the 4th quarter. Ieq Capital LLC now owns 31,634 shares of the data storage provider’s stock worth $1,886,000 after acquiring an additional 14,432 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its stake in Western Digital by 53.3% in the 4th quarter. Handelsbanken Fonder AB now owns 99,444 shares of the data storage provider’s stock worth $5,930,000 after acquiring an additional 34,579 shares during the last quarter. Institutional investors own 92.51% of the company’s stock.

Western Digital Price Performance

Shares of WDC stock opened at $48.93 on Friday. Western Digital Co. has a twelve month low of $39.58 and a twelve month high of $61.16. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60. The stock has a fifty day simple moving average of $63.42 and a two-hundred day simple moving average of $65.23. The stock has a market capitalization of $17.02 billion, a price-to-earnings ratio of 11.65 and a beta of 1.44.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.36). Western Digital had a return on equity of 15.68% and a net margin of 9.95%. On average, analysts predict that Western Digital Co. will post 4.89 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. UBS Group lifted their price objective on Western Digital from $70.00 to $74.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. StockNews.com began coverage on Western Digital in a research report on Wednesday. They set a “buy” rating on the stock. Wedbush reissued an “outperform” rating and set a $95.00 target price on shares of Western Digital in a research report on Monday, February 10th. Bank of America cut their target price on Western Digital from $89.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Finally, Susquehanna cut their target price on Western Digital from $83.00 to $72.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $83.05.

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.