CIBC Asset Management Inc Increases Position in Western Digital Co. (NASDAQ:WDC)

CIBC Asset Management Inc grew its stake in Western Digital Co. (NASDAQ:WDC) by 9.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 52,068 shares of the data storage provider’s stock after acquiring an additional 4,535 shares during the quarter. CIBC Asset Management Inc’s holdings in Western Digital were worth $3,105,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. grew its stake in Western Digital by 32.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 45,131 shares of the data storage provider’s stock worth $2,691,000 after buying an additional 11,013 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Western Digital by 6.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 841,700 shares of the data storage provider’s stock worth $50,191,000 after buying an additional 50,188 shares during the last quarter. Aigen Investment Management LP grew its stake in Western Digital by 124.2% during the 3rd quarter. Aigen Investment Management LP now owns 21,412 shares of the data storage provider’s stock worth $1,462,000 after buying an additional 11,860 shares during the last quarter. Avala Global LP grew its stake in Western Digital by 49.0% during the 3rd quarter. Avala Global LP now owns 1,147,700 shares of the data storage provider’s stock worth $78,376,000 after buying an additional 377,500 shares during the last quarter. Finally, Swedbank AB grew its stake in Western Digital by 19.7% during the 3rd quarter. Swedbank AB now owns 291,777 shares of the data storage provider’s stock worth $19,925,000 after buying an additional 47,965 shares during the last quarter. 92.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Western Digital news, SVP Gene M. Zamiska sold 658 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $69.99, for a total transaction of $46,053.42. Following the completion of the sale, the senior vice president now directly owns 28,863 shares in the company, valued at approximately $2,020,121.37. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.30% of the stock is currently owned by insiders.

Western Digital Stock Performance

NASDAQ WDC opened at $71.29 on Friday. The stock has a market capitalization of $24.80 billion, a price-to-earnings ratio of 16.97 and a beta of 1.44. Western Digital Co. has a twelve month low of $52.77 and a twelve month high of $81.55. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60. The stock has a 50-day moving average of $64.70 and a 200 day moving average of $65.45.

Western Digital (NASDAQ:WDC) last released its quarterly earnings results on Wednesday, January 29th. The data storage provider reported $1.55 earnings per share for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.36). Western Digital had a return on equity of 15.68% and a net margin of 9.95%. Sell-side analysts anticipate that Western Digital Co. will post 4.89 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on WDC shares. Morgan Stanley lowered their price target on Western Digital from $100.00 to $93.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Susquehanna lowered their price target on Western Digital from $83.00 to $72.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Benchmark cut Western Digital from a “buy” rating to a “hold” rating and set a $70.00 price target for the company. in a research report on Thursday, December 19th. Bank of America lowered their price target on Western Digital from $89.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Finally, Wells Fargo & Company lowered their price target on Western Digital from $95.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Western Digital presently has an average rating of “Moderate Buy” and a consensus price target of $84.42.

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.