Intact Investment Management Inc. Takes $75,000 Position in Western Digital Co. (NASDAQ:WDC)

Intact Investment Management Inc. bought a new position in Western Digital Co. (NASDAQ:WDC) during the third quarter, according to the company in its most recent filing with the SEC. The firm bought 1,100 shares of the data storage provider’s stock, valued at approximately $75,000.

Several other hedge funds have also added to or reduced their stakes in WDC. Eastern Bank purchased a new stake in shares of Western Digital during the third quarter valued at approximately $27,000. Fairfield Financial Advisors LTD purchased a new stake in Western Digital during the 2nd quarter valued at $29,000. Fidelis Capital Partners LLC bought a new stake in Western Digital in the 1st quarter worth $30,000. OFI Invest Asset Management purchased a new position in shares of Western Digital in the second quarter valued at about $34,000. Finally, 1620 Investment Advisors Inc. purchased a new position in shares of Western Digital in the second quarter valued at about $34,000. 92.51% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Robert Soderbery sold 30,767 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $68.01, for a total transaction of $2,092,463.67. Following the transaction, the executive vice president now directly owns 135,398 shares of the company’s stock, valued at $9,208,417.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Robert Soderbery sold 30,767 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $68.01, for a total transaction of $2,092,463.67. Following the transaction, the executive vice president now owns 135,398 shares in the company, valued at $9,208,417.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Goeckeler sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $72.58, for a total transaction of $5,443,500.00. Following the completion of the sale, the chief executive officer now owns 821,630 shares in the company, valued at $59,633,905.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 188,561 shares of company stock valued at $13,309,042. Corporate insiders own 0.30% of the company’s stock.

Western Digital Stock Performance

Shares of Western Digital stock opened at $66.83 on Wednesday. Western Digital Co. has a 1 year low of $41.78 and a 1 year high of $81.55. The firm’s 50-day moving average is $65.74 and its 200 day moving average is $69.49. The stock has a market cap of $23.10 billion, a price-to-earnings ratio of 39.31 and a beta of 1.40. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.91.

Western Digital (NASDAQ:WDC) last posted its quarterly earnings results on Thursday, October 24th. The data storage provider reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.55 by $0.23. Western Digital had a net margin of 4.81% and a return on equity of 8.57%. The firm had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.12 billion. During the same quarter in the prior year, the company posted ($1.97) earnings per share. The business’s revenue for the quarter was up 48.9% on a year-over-year basis. Sell-side analysts anticipate that Western Digital Co. will post 6.56 EPS for the current fiscal year.

Analysts Set New Price Targets

WDC has been the topic of several recent analyst reports. Benchmark reissued a “buy” rating and issued a $92.00 target price on shares of Western Digital in a research note on Friday, October 25th. Morgan Stanley lifted their price objective on Western Digital from $94.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Cantor Fitzgerald boosted their target price on Western Digital from $80.00 to $95.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. UBS Group dropped their price target on Western Digital from $74.00 to $72.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Finally, Susquehanna boosted their price objective on shares of Western Digital from $75.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, Western Digital presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.71.

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.