Fifth Third Bancorp Acquires 917 Shares of Western Digital Co. (NASDAQ:WDC)

Fifth Third Bancorp grew its holdings in shares of Western Digital Co. (NASDAQ:WDC) by 7.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,269 shares of the data storage provider’s stock after purchasing an additional 917 shares during the quarter. Fifth Third Bancorp’s holdings in Western Digital were worth $791,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Sachem Head Capital Management LP raised its holdings in Western Digital by 75.2% during the third quarter. Sachem Head Capital Management LP now owns 2,030,000 shares of the data storage provider’s stock valued at $138,629,000 after buying an additional 871,500 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Western Digital by 24.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,711,428 shares of the data storage provider’s stock valued at $253,453,000 after acquiring an additional 732,344 shares during the last quarter. Holocene Advisors LP raised its stake in shares of Western Digital by 25.7% in the 3rd quarter. Holocene Advisors LP now owns 3,192,762 shares of the data storage provider’s stock valued at $218,034,000 after acquiring an additional 651,847 shares in the last quarter. State Street Corp lifted its holdings in Western Digital by 3.2% in the 3rd quarter. State Street Corp now owns 13,572,686 shares of the data storage provider’s stock worth $926,879,000 after purchasing an additional 423,651 shares during the last quarter. Finally, Maple Rock Capital Partners Inc. boosted its position in Western Digital by 13.2% during the third quarter. Maple Rock Capital Partners Inc. now owns 3,287,400 shares of the data storage provider’s stock worth $224,497,000 after purchasing an additional 383,390 shares during the period. Institutional investors and hedge funds own 92.51% of the company’s stock.

Insider Buying and Selling

In other news, SVP Gene M. Zamiska sold 658 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $69.99, for a total transaction of $46,053.42. Following the sale, the senior vice president now owns 28,863 shares in the company, valued at approximately $2,020,121.37. This represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 1,347 shares of company stock worth $93,027 in the last quarter. 0.30% of the stock is owned by corporate insiders.

Western Digital Stock Down 0.1 %

NASDAQ WDC opened at $62.80 on Thursday. Western Digital Co. has a 1-year low of $52.77 and a 1-year high of $81.55. 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 stock’s 50 day moving average is $65.70 and its two-hundred day moving average is $65.62. The company has a market capitalization of $21.71 billion, a price-to-earnings ratio of 36.94 and a beta of 1.43.

Western Digital (NASDAQ:WDC) last announced its quarterly 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 net margin of 4.81% and a return on equity of 8.57%. Equities analysts forecast that Western Digital Co. will post 5.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. UBS Group reduced their price objective on shares of Western Digital from $74.00 to $72.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Rosenblatt Securities cut their target price on shares of Western Digital from $115.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday. Wedbush reaffirmed an “outperform” rating and issued a $95.00 price target on shares of Western Digital in a research report on Friday, November 29th. Cantor Fitzgerald reissued an “overweight” rating and set a $95.00 price objective on shares of Western Digital in a research report on Friday, January 17th. Finally, The Goldman Sachs Group decreased their target price on Western Digital from $81.00 to $70.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $85.68.

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.