RNC Capital Management LLC Reduces Stock Position in Western Digital Co. (NASDAQ:WDC)

RNC Capital Management LLC lessened its stake in shares of Western Digital Co. (NASDAQ:WDCGet Rating) by 12.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,141 shares of the data storage provider’s stock after selling 565 shares during the quarter. RNC Capital Management LLC’s holdings in Western Digital were worth $270,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Paragon Capital Management Ltd purchased a new stake in shares of Western Digital during the 4th quarter valued at about $28,000. Quadrant Capital Group LLC boosted its holdings in shares of Western Digital by 74.2% during the 4th quarter. Quadrant Capital Group LLC now owns 526 shares of the data storage provider’s stock valued at $34,000 after acquiring an additional 224 shares during the last quarter. Herold Advisors Inc. purchased a new stake in shares of Western Digital during the 3rd quarter valued at about $33,000. Ibex Wealth Advisors purchased a new stake in shares of Western Digital during the 3rd quarter valued at about $34,000. Finally, Gemmer Asset Management LLC lifted its stake in shares of Western Digital by 53.0% in the 4th quarter. Gemmer Asset Management LLC now owns 687 shares of the data storage provider’s stock worth $45,000 after purchasing an additional 238 shares during the period. 79.27% of the stock is currently owned by hedge funds and other institutional investors.

Shares of WDC stock traded up $1.06 on Tuesday, reaching $48.34. The company’s stock had a trading volume of 60,140 shares, compared to its average volume of 3,946,597. The stock’s fifty day simple moving average is $50.01 and its 200-day simple moving average is $55.30. Western Digital Co. has a 1 year low of $43.85 and a 1 year high of $78.19. The company has a current ratio of 1.93, a quick ratio of 1.19 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $15.13 billion, a price-to-earnings ratio of 7.64 and a beta of 1.59.

Western Digital (NASDAQ:WDCGet Rating) last posted its earnings results on Thursday, January 27th. The data storage provider reported $2.03 earnings per share for the quarter, beating analysts’ consensus estimates of $1.92 by $0.11. The firm had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.82 billion. Western Digital had a net margin of 10.52% and a return on equity of 20.03%. Western Digital’s revenue for the quarter was up 22.6% compared to the same quarter last year. During the same period last year, the firm posted $0.48 earnings per share. Equities research analysts forecast that Western Digital Co. will post 7.13 earnings per share for the current year.

WDC has been the topic of several recent research reports. Mizuho lowered their price objective on shares of Western Digital from $78.00 to $72.00 and set a “buy” rating on the stock in a research note on Monday, March 14th. TheStreet upgraded shares of Western Digital from a “c+” rating to a “b” rating in a research note on Thursday, January 27th. UBS Group lowered their price objective on shares of Western Digital from $62.00 to $58.00 in a research note on Thursday, February 10th. StockNews.com initiated coverage on shares of Western Digital in a research note on Thursday, March 31st. They issued a “buy” rating on the stock. Finally, Susquehanna Bancshares cut shares of Western Digital from a “positive” rating to a “neutral” rating and lowered their price objective for the stock from $80.00 to $50.00 in a research note on Thursday, April 14th. Eight analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $70.71.

In other news, insider Srinivasan Sivaram sold 11,380 shares of the business’s stock in a transaction on Tuesday, February 15th. The shares were sold at an average price of $53.37, for a total transaction of $607,350.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paula A. Price sold 4,150 shares of Western Digital stock in a transaction dated Monday, January 31st. The shares were sold at an average price of $51.82, for a total value of $215,053.00. The disclosure for this sale can be found here. 0.17% of the stock is owned by insiders.

Western Digital Company Profile (Get Rating)

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 computing devices, such as desktop and notebook personal computers (PCs), smart video systems, gaming consoles, and set top boxes; 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; and flash-based memory wafers.

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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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