Empowered Funds LLC Reduces Position in Western Digital Co. (NASDAQ:WDC)

Empowered Funds LLC decreased its holdings in Western Digital Co. (NASDAQ:WDC) by 88.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,375 shares of the data storage provider’s stock after selling 73,808 shares during the period. Empowered Funds LLC’s holdings in Western Digital were worth $559,000 at the end of the most recent reporting period.

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

Insider Transactions at Western Digital

In related news, SVP Gene M. Zamiska sold 658 shares of Western Digital stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $69.99, for a total value of $46,053.42. Following the sale, the senior vice president now owns 28,863 shares in the company, valued at $2,020,121.37. The trade was a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last ninety days, insiders sold 1,347 shares of company stock worth $93,027. Company insiders own 0.30% of the company’s stock.

Western Digital Trading Up 5.3 %

Shares of WDC stock opened at $72.03 on Wednesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.99 and a quick ratio of 1.26. The business has a 50-day moving average of $64.57 and a 200 day moving average of $65.37. The stock has a market capitalization of $25.05 billion, a PE ratio of 17.15 and a beta of 1.44. Western Digital Co. has a 1-year low of $52.77 and a 1-year high of $81.55.

Western Digital (NASDAQ:WDC) last issued its earnings results on Wednesday, January 29th. The data storage provider reported $1.55 EPS for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a return on equity of 15.68% and a net margin of 9.95%. As a group, sell-side analysts anticipate that Western Digital Co. will post 4.89 earnings per share for the current year.

Wall Street Analyst Weigh In

WDC has been the subject of several analyst reports. StockNews.com initiated coverage on shares of Western Digital in a report on Tuesday. They issued a “hold” rating for the company. Benchmark lowered Western Digital from a “buy” rating to a “hold” rating and set a $70.00 price objective for the company. in a research note on Thursday, December 19th. Susquehanna reduced their target price on Western Digital from $83.00 to $72.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. BNP Paribas lowered their price target on Western Digital from $95.00 to $90.00 in a report on Thursday, October 24th. Finally, Barclays cut their price objective on Western Digital from $90.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, January 17th. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.42.

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.