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

Intact Investment Management Inc. bought a new stake in shares of Western Digital Co. (NASDAQ:WDC) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 1,100 shares of the data storage provider’s stock, valued at approximately $75,000.

Several other hedge funds also recently bought and sold shares of WDC. Eastern Bank bought a new stake in Western Digital during the third quarter valued at about $27,000. Fairfield Financial Advisors LTD purchased a new position in Western Digital in the 2nd quarter worth approximately $29,000. Fidelis Capital Partners LLC bought a new position in Western Digital in the 1st quarter worth approximately $30,000. OFI Invest Asset Management bought a new position in Western Digital in the 2nd quarter worth approximately $34,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in Western Digital during the 2nd quarter valued at approximately $34,000. Institutional investors own 92.51% of the company’s stock.

Western Digital Price Performance

Shares of WDC stock opened at $66.83 on Wednesday. The stock has a 50 day moving average price of $65.74 and a 200 day moving average price of $69.49. Western Digital Co. has a 52-week low of $41.78 and a 52-week high of $81.55. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.91 and a current ratio of 1.47. The firm has a market capitalization of $23.10 billion, a P/E ratio of 39.31 and a beta of 1.40.

Western Digital (NASDAQ:WDC) last released its earnings results on Thursday, October 24th. The data storage provider reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.23. The business had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $4.12 billion. Western Digital had a return on equity of 8.57% and a net margin of 4.81%. The business’s revenue for the quarter was up 48.9% compared to the same quarter last year. During the same period last year, the company earned ($1.97) earnings per share. As a group, sell-side analysts predict that Western Digital Co. will post 6.56 earnings per share for the current year.

Insider Buying and Selling at Western Digital

In other news, CEO David Goeckeler sold 75,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $70.32, for a total transaction of $5,274,000.00. Following the transaction, the chief executive officer now directly owns 896,630 shares of the company’s stock, valued at approximately $63,051,021.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO David Goeckeler sold 75,000 shares of the stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $70.32, for a total transaction of $5,274,000.00. Following the transaction, the chief executive officer now owns 896,630 shares of the company’s stock, valued at approximately $63,051,021.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Gene M. Zamiska sold 417 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.89, for a total value of $27,059.13. Following the transaction, the senior vice president now owns 28,870 shares in the company, valued at approximately $1,873,374.30. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 188,561 shares of company stock valued at $13,309,042 in the last three months. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

WDC has been the subject of a number of research reports. UBS Group dropped their target price on shares of Western Digital from $74.00 to $72.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Cantor Fitzgerald lifted their target price on Western Digital from $80.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Citigroup dropped their price target on Western Digital from $95.00 to $85.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Evercore ISI reaffirmed an “outperform” rating and set a $85.00 price objective on shares of Western Digital in a report on Thursday, August 15th. Finally, Summit Insights downgraded Western Digital from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $87.71.

Western Digital 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.