Connor Clark & Lunn Investment Management Ltd. Has $3.08 Million Stake in Western Digital Co. (NASDAQ:WDC)

Connor Clark & Lunn Investment Management Ltd. decreased its position in Western Digital Co. (NASDAQ:WDC) by 75.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,157 shares of the data storage provider’s stock after selling 140,201 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Western Digital were worth $3,084,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Fairfield Financial Advisors LTD acquired a new position in Western Digital during the 2nd quarter valued at $29,000. Eastern Bank acquired a new position in shares of Western Digital during the third quarter valued at about $27,000. 1620 Investment Advisors Inc. bought a new stake in shares of Western Digital in the second quarter valued at about $34,000. Ashton Thomas Private Wealth LLC acquired a new stake in Western Digital during the second quarter worth about $34,000. Finally, OFI Invest Asset Management bought a new position in Western Digital during the second quarter valued at about $34,000. 92.51% of the stock is currently owned by institutional investors.

Western Digital Price Performance

Shares of WDC stock opened at $66.43 on Monday. The company has a current ratio of 1.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $22.97 billion, a price-to-earnings ratio of 39.08 and a beta of 1.40. The firm’s 50 day moving average is $66.48 and its 200-day moving average is $69.08. Western Digital Co. has a 1 year low of $46.05 and a 1 year high of $81.55.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Thursday, October 24th. The data storage provider reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.55 by $0.23. The firm had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.12 billion. Western Digital had a return on equity of 8.57% and a net margin of 4.81%. The business’s quarterly revenue was up 48.9% compared to the same quarter last year. During the same period last year, the company earned ($1.97) EPS. Sell-side analysts forecast that Western Digital Co. will post 6.56 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

WDC has been the topic of several recent research reports. UBS Group decreased their price objective on Western Digital from $74.00 to $72.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Cantor Fitzgerald boosted their price target on shares of Western Digital from $80.00 to $95.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Rosenblatt Securities reaffirmed a “buy” rating and set a $115.00 price objective on shares of Western Digital in a report on Friday, October 25th. Wedbush reissued an “outperform” rating and issued a $95.00 target price on shares of Western Digital in a research note on Friday, October 25th. Finally, The Goldman Sachs Group cut their price target on shares of Western Digital from $79.00 to $72.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $87.71.

Insider Buying and Selling

In other news, SVP Gene M. Zamiska sold 1,993 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $69.94, for a total value of $139,390.42. Following the transaction, the senior vice president now owns 30,608 shares of the company’s stock, valued at $2,140,723.52. This represents a 6.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO David Goeckeler sold 75,000 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $72.58, for a total value of $5,443,500.00. Following the completion of the sale, the chief executive officer now owns 821,630 shares of the company’s stock, valued at $59,633,905.40. This represents a 8.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 188,520 shares of company stock worth $13,306,224 over the last three months. 0.30% of the stock is currently owned by company insiders.

Western Digital 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.