Amalgamated Bank Trims Stock Position in Western Digital Co. (NASDAQ:WDC)

Amalgamated Bank trimmed its holdings in shares of Western Digital Co. (NASDAQ:WDC) by 3.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,146 shares of the data storage provider’s stock after selling 1,983 shares during the period. Amalgamated Bank’s holdings in Western Digital were worth $4,381,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Fairfield Financial Advisors LTD acquired a new position in Western Digital in the 2nd quarter valued at about $29,000. Eastern Bank purchased a new position in shares of Western Digital during the third quarter valued at approximately $27,000. 1620 Investment Advisors Inc. acquired a new stake in Western Digital during the second quarter worth approximately $34,000. Ashton Thomas Private Wealth LLC purchased a new stake in Western Digital in the 2nd quarter worth approximately $34,000. Finally, OFI Invest Asset Management acquired a new position in Western Digital in the 2nd quarter valued at $34,000. 92.51% of the stock is currently owned by institutional investors and hedge funds.

Western Digital Stock Performance

Shares of WDC stock opened at $69.61 on Friday. 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 stock has a market capitalization of $24.06 billion, a price-to-earnings ratio of 40.95 and a beta of 1.40. Western Digital Co. has a one year low of $43.58 and a one year high of $81.55. The company’s 50-day simple moving average is $66.20 and its 200-day simple moving average is $69.53.

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

Insiders Place Their Bets

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

Analyst Ratings Changes

WDC has been the topic of several analyst reports. Cantor Fitzgerald raised their price objective on Western Digital from $80.00 to $95.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Benchmark reaffirmed a “buy” rating and set a $92.00 price objective on shares of Western Digital in a research note on Friday, October 25th. Wedbush restated an “outperform” rating and issued a $95.00 target price on shares of Western Digital in a report on Friday, October 25th. Evercore ISI reaffirmed an “outperform” rating and set a $85.00 price target on shares of Western Digital in a research note on Thursday, August 15th. Finally, Barclays boosted their price objective on shares of Western Digital from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average 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.