US Bancorp DE Reduces Stock Position in Western Digital Co. (NASDAQ:WDC)

US Bancorp DE lowered its stake in shares of Western Digital Co. (NASDAQ:WDC) by 8.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 74,810 shares of the data storage provider’s stock after selling 6,507 shares during the period. US Bancorp DE’s holdings in Western Digital were worth $4,461,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. First Horizon Advisors Inc. raised its position in shares of Western Digital by 5.4% in the third quarter. First Horizon Advisors Inc. now owns 2,929 shares of the data storage provider’s stock worth $200,000 after buying an additional 149 shares in the last quarter. Mather Group LLC. raised its position in shares of Western Digital by 7.0% in the fourth quarter. Mather Group LLC. now owns 2,416 shares of the data storage provider’s stock worth $144,000 after buying an additional 159 shares in the last quarter. Vontobel Holding Ltd. raised its position in shares of Western Digital by 1.4% in the fourth quarter. Vontobel Holding Ltd. now owns 11,804 shares of the data storage provider’s stock worth $704,000 after buying an additional 164 shares in the last quarter. Quarry LP raised its position in shares of Western Digital by 22.6% in the third quarter. Quarry LP now owns 932 shares of the data storage provider’s stock worth $64,000 after buying an additional 172 shares in the last quarter. Finally, Inspire Investing LLC raised its position in shares of Western Digital by 4.3% in the fourth quarter. Inspire Investing LLC now owns 4,324 shares of the data storage provider’s stock worth $258,000 after buying an additional 177 shares in the last quarter. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Western Digital Stock Performance

Western Digital stock opened at $44.20 on Thursday. 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 firm has a 50-day moving average of $62.79 and a 200-day moving average of $65.01. The firm has a market cap of $15.37 billion, a P/E ratio of 10.52 and a beta of 1.42. Western Digital Co. has a 1-year low of $39.58 and a 1-year high of $61.16.

Western Digital (NASDAQ:WDC) last posted its earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share 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%. Sell-side analysts expect that Western Digital Co. will post 4.89 EPS for the current year.

Analyst Upgrades and Downgrades

WDC has been the topic of a number of recent analyst reports. Rosenblatt Securities lowered their price objective on Western Digital from $115.00 to $95.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Benchmark cut Western Digital from a “buy” rating to a “hold” rating and set a $70.00 target price on the stock. in a research note on Thursday, December 19th. Morgan Stanley reduced their target price on Western Digital from $100.00 to $93.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Barclays reduced their target price on Western Digital from $90.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, January 17th. Finally, Citigroup increased their target price on Western Digital from $60.45 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $83.05.

About Western Digital

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.