Quantinno Capital Management LP Grows Stock Position in Western Digital Co. (NASDAQ:WDC)

Quantinno Capital Management LP increased its position in shares of Western Digital Co. (NASDAQ:WDC) by 68.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 20,570 shares of the data storage provider’s stock after buying an additional 8,378 shares during the quarter. Quantinno Capital Management LP’s holdings in Western Digital were worth $1,405,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in WDC. Fairfield Financial Advisors LTD acquired a new stake in Western Digital in the 2nd quarter valued at approximately $29,000. Eastern Bank purchased a new stake in shares of Western Digital during the third quarter worth $27,000. True Wealth Design LLC increased its position in shares of Western Digital by 2,184.2% during the third quarter. True Wealth Design LLC now owns 434 shares of the data storage provider’s stock worth $30,000 after acquiring an additional 415 shares during the period. 1620 Investment Advisors Inc. purchased a new stake in shares of Western Digital during the second quarter worth $34,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of Western Digital during the second quarter worth $34,000. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Western Digital Stock Performance

WDC stock opened at $65.99 on Friday. The company has a quick ratio of 0.91, a current ratio of 1.47 and a debt-to-equity ratio of 0.49. The firm has a 50 day moving average of $67.69 and a two-hundred day moving average of $68.92. The company has a market capitalization of $22.81 billion, a price-to-earnings ratio of 38.82 and a beta of 1.42. Western Digital Co. has a 12 month low of $48.96 and a 12 month high of $81.55.

Western Digital (NASDAQ:WDC) last released its earnings results on Thursday, October 24th. The data storage provider reported $1.78 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $4.12 billion. During the same period in the prior year, the company earned ($1.97) EPS. The business’s quarterly revenue was up 48.9% compared to the same quarter last year. As a group, equities analysts anticipate that Western Digital Co. will post 6.56 EPS for the current fiscal year.

Insider Activity

In related news, CEO David Goeckeler sold 75,000 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $70.32, for a total value of $5,274,000.00. Following the completion of the transaction, the chief executive officer now owns 896,630 shares of the company’s stock, valued at $63,051,021.60. The trade was a 7.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert Soderbery sold 30,767 shares of the firm’s 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 completion of the transaction, the executive vice president now owns 135,398 shares of the company’s stock, valued at approximately $9,208,417.98. This trade represents a 18.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 184,107 shares of company stock worth $13,042,381 over the last ninety days. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

WDC has been the topic of several recent analyst reports. Wedbush reissued an “outperform” rating and issued a $95.00 target price on shares of Western Digital in a report on Friday, November 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $95.00 target price on shares of Western Digital in a report on Tuesday, November 26th. BNP Paribas dropped their target price on Western Digital from $95.00 to $90.00 in a report on Thursday, October 24th. Morgan Stanley increased their target price on Western Digital from $94.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $115.00 target price on shares of Western Digital in a report on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average 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.