Amalgamated Bank Reduces Holdings in Western Digital Co. (NASDAQ:WDC)

Amalgamated Bank lessened its holdings in Western Digital Co. (NASDAQ:WDC) by 40.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 66,129 shares of the data storage provider’s stock after selling 44,083 shares during the period. Amalgamated Bank’s holdings in Western Digital were worth $5,011,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC raised its position in shares of Western Digital by 1.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 15,962 shares of the data storage provider’s stock worth $1,209,000 after purchasing an additional 203 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in shares of Western Digital by 15.6% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,527 shares of the data storage provider’s stock worth $116,000 after acquiring an additional 206 shares during the last quarter. Mather Group LLC. lifted its position in shares of Western Digital by 10.7% in the second quarter. Mather Group LLC. now owns 2,203 shares of the data storage provider’s stock valued at $167,000 after acquiring an additional 213 shares in the last quarter. Lindbrook Capital LLC boosted its stake in shares of Western Digital by 37.3% during the first quarter. Lindbrook Capital LLC now owns 843 shares of the data storage provider’s stock valued at $58,000 after acquiring an additional 229 shares during the last quarter. Finally, Hanseatic Management Services Inc. increased its position in Western Digital by 2.3% during the 2nd quarter. Hanseatic Management Services Inc. now owns 10,344 shares of the data storage provider’s stock worth $784,000 after purchasing an additional 236 shares in the last quarter. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Western Digital Trading Up 1.2 %

WDC opened at $66.75 on Friday. The firm has a market capitalization of $21.80 billion, a P/E ratio of -13.43 and a beta of 1.39. The firm’s 50 day moving average is $64.68 and its 200-day moving average is $69.49. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.53. Western Digital Co. has a 52-week low of $35.62 and a 52-week high of $81.55.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings data on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.17. The company had revenue of $3.76 billion for the quarter, compared to the consensus estimate of $3.77 billion. Western Digital had a negative return on equity of 2.63% and a negative net margin of 3.75%. Analysts expect that Western Digital Co. will post 7.75 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on WDC shares. Rosenblatt Securities reissued a “buy” rating and issued a $115.00 price objective on shares of Western Digital in a research report on Thursday, August 1st. StockNews.com raised Western Digital from a “sell” rating to a “hold” rating in a research note on Saturday, July 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 price objective on shares of Western Digital in a research report on Tuesday, September 10th. Evercore ISI reiterated an “outperform” rating and set a $85.00 target price on shares of Western Digital in a research report on Thursday, August 15th. Finally, Loop Capital lifted their price target on Western Digital from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, June 4th. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $84.24.

Insider Activity at Western Digital

In other Western Digital news, EVP Robert Soderbery sold 12,154 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $57.09, for a total transaction of $693,871.86. Following the sale, the executive vice president now owns 128,413 shares in the company, valued at $7,331,098.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP Gene M. Zamiska sold 417 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $64.89, for a total transaction of $27,059.13. Following the sale, the senior vice president now directly owns 28,870 shares in the company, valued at approximately $1,873,374.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert Soderbery sold 12,154 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $57.09, for a total value of $693,871.86. Following the transaction, the executive vice president now owns 128,413 shares of the company’s stock, valued at approximately $7,331,098.17. The disclosure for this sale can be found here. Insiders have sold 17,955 shares of company stock valued at $1,053,560 over the last ninety days. Corporate insiders own 0.28% of the company’s stock.

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.