Beaconlight Capital LLC Sells 73,378 Shares of Western Digital Co. (NASDAQ:WDC)

Beaconlight Capital LLC lessened its holdings in Western Digital Co. (NASDAQ:WDC) by 53.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 64,278 shares of the data storage provider’s stock after selling 73,378 shares during the period. Western Digital comprises approximately 1.8% of Beaconlight Capital LLC’s holdings, making the stock its 20th biggest position. Beaconlight Capital LLC’s holdings in Western Digital were worth $4,390,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AGF Management Ltd. raised its stake in Western Digital by 28,925.8% during the 2nd quarter. AGF Management Ltd. now owns 2,202,190 shares of the data storage provider’s stock worth $166,860,000 after acquiring an additional 2,194,603 shares during the period. 1832 Asset Management L.P. raised its position in shares of Western Digital by 247.0% during the 2nd quarter. 1832 Asset Management L.P. now owns 1,446,509 shares of the data storage provider’s stock valued at $109,602,000 after purchasing an additional 1,029,658 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Western Digital by 39.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,861,229 shares of the data storage provider’s stock valued at $216,795,000 after buying an additional 810,977 shares in the last quarter. Marshall Wace LLP boosted its holdings in Western Digital by 304.9% in the 2nd quarter. Marshall Wace LLP now owns 709,386 shares of the data storage provider’s stock worth $53,750,000 after buying an additional 534,168 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in Western Digital by 240.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 675,875 shares of the data storage provider’s stock worth $51,211,000 after buying an additional 477,390 shares in the last quarter. Hedge funds and other institutional investors own 92.51% of the company’s stock.

Western Digital Trading Down 1.1 %

NASDAQ:WDC traded down $0.82 during mid-day trading on Wednesday, hitting $72.20. 185,073 shares of the stock traded hands, compared to its average volume of 6,043,525. The company has a quick ratio of 0.91, a current ratio of 1.47 and a debt-to-equity ratio of 0.49. Western Digital Co. has a 52 week low of $46.42 and a 52 week high of $81.55. The stock has a market capitalization of $24.96 billion, a price-to-earnings ratio of 42.95 and a beta of 1.40. The firm’s 50 day moving average is $66.58 and its two-hundred day moving average is $69.06.

Western Digital (NASDAQ:WDC) last released its earnings results on Thursday, October 24th. The data storage provider reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.55 by $0.23. Western Digital had a return on equity of 8.57% and a net margin of 4.81%. The firm had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.12 billion. During the same quarter in the prior year, the firm posted ($1.97) earnings per share. The company’s quarterly revenue was up 48.9% on a year-over-year basis. On average, equities research analysts predict that Western Digital Co. will post 6.56 earnings per share for the current year.

Insider Transactions at Western Digital

In other Western Digital news, EVP Robert Soderbery sold 30,767 shares of Western Digital stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $68.01, for a total transaction of $2,092,463.67. Following the completion of the sale, the executive vice president now directly owns 135,398 shares of the company’s stock, valued at $9,208,417.98. The trade was a 18.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Gene M. Zamiska sold 658 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $69.99, for a total value of $46,053.42. Following the transaction, the senior vice president now directly owns 28,863 shares in the company, valued at $2,020,121.37. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 186,278 shares of company stock worth $13,173,985. 0.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on WDC shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $95.00 price objective on shares of Western Digital in a research note on Tuesday. The Goldman Sachs Group lowered their target price on shares of Western Digital from $79.00 to $72.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Morgan Stanley boosted their price target on shares of Western Digital from $94.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. UBS Group cut their price objective on Western Digital from $74.00 to $72.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Finally, TD Cowen decreased their target price on Western Digital from $95.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, September 13th. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.