Patton Fund Management Inc. Cuts Stock Position in Western Digital Co. (NASDAQ:WDC)

Patton Fund Management Inc. cut its position in shares of Western Digital Co. (NASDAQ:WDC) by 5.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 83,053 shares of the data storage provider’s stock after selling 4,616 shares during the quarter. Patton Fund Management Inc.’s holdings in Western Digital were worth $5,672,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Western Digital by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 38,579,938 shares of the data storage provider’s stock valued at $2,020,431,000 after buying an additional 215,207 shares during the period. DNB Asset Management AS boosted its holdings in Western Digital by 2.7% during the 2nd quarter. DNB Asset Management AS now owns 7,857,586 shares of the data storage provider’s stock valued at $595,369,000 after acquiring an additional 206,756 shares during the period. Dimensional Fund Advisors LP grew its position in Western Digital by 5.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,881,847 shares of the data storage provider’s stock worth $218,400,000 after acquiring an additional 143,074 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Western Digital by 39.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,861,229 shares of the data storage provider’s stock worth $216,795,000 after purchasing an additional 810,977 shares during the period. Finally, AGF Management Ltd. lifted its position in Western Digital by 28,925.8% in the second quarter. AGF Management Ltd. now owns 2,202,190 shares of the data storage provider’s stock valued at $166,860,000 after purchasing an additional 2,194,603 shares during the last quarter. 92.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on WDC. StockNews.com raised shares of Western Digital from a “sell” rating to a “hold” rating in a research note on Saturday, July 6th. Citigroup decreased their target price on shares of Western Digital from $95.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. TD Cowen decreased their target price on shares of Western Digital from $95.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, September 13th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $115.00 target price on shares of Western Digital in a research note on Thursday, August 1st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 target price on shares of Western Digital in a research note on Tuesday, September 10th. Six investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $84.24.

Western Digital Stock Performance

NASDAQ:WDC traded up $0.47 during mid-day trading on Thursday, reaching $68.26. The company’s stock had a trading volume of 890,044 shares, compared to its average volume of 6,119,881. Western Digital Co. has a 12-month low of $35.62 and a 12-month high of $81.55. The firm’s fifty day moving average price is $64.58 and its two-hundred day moving average price is $69.88. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.53. The stock has a market cap of $23.60 billion, a P/E ratio of -37.25 and a beta of 1.39.

Western Digital (NASDAQ:WDC) last issued its earnings results on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.17. Western Digital had a negative return on equity of 2.63% and a negative net margin of 3.75%. The business had revenue of $3.76 billion during the quarter, compared to analyst estimates of $3.77 billion. On average, equities analysts forecast that Western Digital Co. will post 7.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Robert Soderbery sold 12,154 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $57.09, for a total transaction of $693,871.86. Following the completion of the sale, the executive vice president now owns 128,413 shares of the company’s stock, valued at $7,331,098.17. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, SVP Gene M. Zamiska sold 2,900 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $61.48, for a total transaction of $178,292.00. Following the completion of the transaction, the senior vice president now directly owns 37,448 shares in the company, valued at approximately $2,302,303.04. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 92,955 shares of company stock valued at $6,327,560. 0.30% of the stock is owned by insiders.

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.