Western Digital Co. (NASDAQ:WDC) Stock Holdings Boosted by State of Michigan Retirement System

State of Michigan Retirement System lifted its stake in shares of Western Digital Co. (NASDAQ:WDC) by 17.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 104,657 shares of the data storage provider’s stock after acquiring an additional 15,700 shares during the quarter. State of Michigan Retirement System’s holdings in Western Digital were worth $6,241,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Private Advisor Group LLC raised its holdings in shares of Western Digital by 27.7% during the third quarter. Private Advisor Group LLC now owns 4,317 shares of the data storage provider’s stock worth $295,000 after acquiring an additional 936 shares in the last quarter. Janney Montgomery Scott LLC increased its position in Western Digital by 137.9% during the third quarter. Janney Montgomery Scott LLC now owns 43,575 shares of the data storage provider’s stock worth $2,976,000 after buying an additional 25,262 shares during the last quarter. Van ECK Associates Corp increased its position in Western Digital by 6.0% during the third quarter. Van ECK Associates Corp now owns 4,696 shares of the data storage provider’s stock worth $313,000 after buying an additional 267 shares during the last quarter. Asset Management One Co. Ltd. grew its position in shares of Western Digital by 5.4% in the third quarter. Asset Management One Co. Ltd. now owns 132,201 shares of the data storage provider’s stock valued at $9,028,000 after purchasing an additional 6,762 shares during the last quarter. Finally, Radnor Capital Management LLC acquired a new stake in shares of Western Digital in the third quarter valued at about $246,000. 92.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on WDC shares. Barclays lowered their price target on Western Digital from $90.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, January 17th. Wedbush restated an “outperform” rating and set a $95.00 price target on shares of Western Digital in a research note on Monday, February 10th. Rosenblatt Securities cut their target price on shares of Western Digital from $115.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. StockNews.com assumed coverage on shares of Western Digital in a research note on Wednesday, February 26th. They issued a “buy” rating for the company. Finally, Robert W. Baird dropped their price objective on shares of Western Digital from $100.00 to $80.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $83.05.

Western Digital Price Performance

Shares of WDC stock opened at $41.45 on Friday. Western Digital Co. has a 12-month low of $39.58 and a 12-month high of $61.16. The firm has a market capitalization of $14.42 billion, a price-to-earnings ratio of 9.87 and a beta of 1.42. The company has a quick ratio of 1.26, a current ratio of 1.99 and a debt-to-equity ratio of 0.60. The firm has a fifty day moving average of $62.44 and a 200-day moving average of $64.86.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.91 by ($0.36). Western Digital had a net margin of 9.95% and a return on equity of 15.68%. On average, equities research analysts forecast that Western Digital Co. will post 4.89 earnings per share for the current year.

About Western Digital

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.