Zimmer Partners LP Buys New Stake in Western Digital Co. (NASDAQ:WDC)

Zimmer Partners LP bought a new stake in Western Digital Co. (NASDAQ:WDC) during the first quarter, Holdings Channel reports. The firm bought 200,000 shares of the data storage provider’s stock, valued at approximately $13,350,000.

Other large investors have also recently bought and sold shares of the company. First Horizon Advisors Inc. grew its stake in Western Digital by 99.5% in the 1st quarter. First Horizon Advisors Inc. now owns 375 shares of the data storage provider’s stock valued at $25,000 after buying an additional 187 shares during the last quarter. Certified Advisory Corp acquired a new stake in Western Digital in the 1st quarter worth $30,000. Meeder Asset Management Inc. grew its position in Western Digital by 87.1% in the 1st quarter. Meeder Asset Management Inc. now owns 466 shares of the data storage provider’s stock worth $31,000 after purchasing an additional 217 shares during the last quarter. O Shaughnessy Asset Management LLC grew its position in Western Digital by 360.6% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 479 shares of the data storage provider’s stock worth $32,000 after purchasing an additional 375 shares during the last quarter. Finally, Pinnacle Bancorp Inc. grew its position in Western Digital by 110.9% in the 1st quarter. Pinnacle Bancorp Inc. now owns 504 shares of the data storage provider’s stock worth $34,000 after purchasing an additional 265 shares during the last quarter. Institutional investors and hedge funds own 77.87% of the company’s stock.

Several analysts have issued reports on the stock. Bank of America raised their price target on shares of Western Digital from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, May 20th. Stifel Nicolaus lifted their target price on shares of Western Digital from $98.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, June 14th. Mizuho lifted their target price on shares of Western Digital from $88.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, May 18th. Citigroup lifted their target price on shares of Western Digital from $80.00 to $90.00 in a research report on Friday, April 30th. Finally, Morgan Stanley lifted their target price on shares of Western Digital from $84.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, April 30th. Four equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $85.09.

WDC stock traded down $1.48 during trading on Thursday, hitting $62.97. 94,419 shares of the stock traded hands, compared to its average volume of 3,015,421. Western Digital Co. has a one year low of $33.53 and a one year high of $78.19. The stock has a market cap of $19.30 billion, a PE ratio of 24.39 and a beta of 1.60. The stock has a 50 day moving average of $71.56. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.19 and a current ratio of 2.01.

Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, April 29th. The data storage provider reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.54. Western Digital had a net margin of 2.13% and a return on equity of 8.34%. The company had revenue of $4.14 billion during the quarter, compared to the consensus estimate of $3.97 billion. As a group, research analysts forecast that Western Digital Co. will post 3 EPS for the current year.

Western Digital Company Profile

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions. 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; flash-based memory wafers; and embedded storage solutions and flash products.

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

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