KLP Kapitalforvaltning AS Makes New Investment in Western Digital Co. (NASDAQ:WDC)

KLP Kapitalforvaltning AS acquired a new stake in Western Digital Co. (NASDAQ:WDC) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 123,523 shares of the data storage provider’s stock, valued at approximately $7,366,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. AMF Tjanstepension AB bought a new position in Western Digital in the fourth quarter valued at $94,181,000. Sachem Head Capital Management LP boosted its stake in shares of Western Digital by 75.2% during the 3rd quarter. Sachem Head Capital Management LP now owns 2,030,000 shares of the data storage provider’s stock worth $138,629,000 after buying an additional 871,500 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Western Digital by 24.6% in 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 in the last quarter. Holocene Advisors LP increased its position in shares of Western Digital by 25.7% in the third 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 during the last quarter. Finally, Parnassus Investments LLC raised its holdings in Western Digital by 24.5% during the fourth quarter. Parnassus Investments LLC now owns 2,980,047 shares of the data storage provider’s stock worth $177,700,000 after acquiring an additional 586,924 shares in the last quarter. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Western Digital Stock Performance

NASDAQ:WDC opened at $44.31 on Tuesday. 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 50 day simple moving average of $57.45 and a 200 day simple moving average of $62.98. Western Digital Co. has a 1-year low of $39.42 and a 1-year high of $81.55. The stock has a market cap of $15.41 billion, a P/E ratio of 10.55 and a beta of 1.42.

Western Digital (NASDAQ:WDC) last announced its 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 net margin of 9.95% and a return on equity of 15.68%. Research analysts anticipate that Western Digital Co. will post 4.89 earnings per share for the current year.

Insider Buying and Selling at Western Digital

In other Western Digital news, SVP Gene M. Zamiska sold 1,659 shares of Western Digital stock in a transaction on Friday, March 7th. The stock was sold at an average price of $41.36, for a total value of $68,616.24. Following the completion of the transaction, the senior vice president now directly owns 43,776 shares of the company’s stock, valued at $1,810,575.36. The trade was a 3.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Wells Fargo & Company decreased their price target on Western Digital from $85.00 to $75.00 and set an “overweight” rating for the company in a research note on Tuesday, February 25th. Rosenblatt Securities decreased 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 note on Wednesday, January 29th. UBS Group dropped their price target on shares of Western Digital from $74.00 to $50.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. StockNews.com cut shares of Western Digital from a “buy” rating to a “hold” rating in a research note on Monday. Finally, Benchmark lowered shares of Western Digital from a “buy” rating to a “hold” rating and set a $70.00 price objective on the stock. in a research note on Thursday, December 19th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $80.21.

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.