Mutual of America Capital Management LLC Sells 972 Shares of Western Digital Co. (NASDAQ:WDC)

Mutual of America Capital Management LLC lowered its stake in Western Digital Co. (NASDAQ:WDC) by 2.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,204 shares of the data storage provider’s stock after selling 972 shares during the period. Mutual of America Capital Management LLC’s holdings in Western Digital were worth $2,746,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in WDC. Fairfield Financial Advisors LTD bought a new position in shares of Western Digital in the 2nd quarter worth approximately $29,000. Eastern Bank bought a new position in Western Digital in the third quarter worth $27,000. 1620 Investment Advisors Inc. bought a new position in Western Digital in the second quarter worth $34,000. Ashton Thomas Private Wealth LLC purchased a new position in Western Digital during the second quarter valued at $34,000. Finally, OFI Invest Asset Management bought a new stake in shares of Western Digital during the 2nd quarter valued at $34,000. 92.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Susquehanna increased their price target on shares of Western Digital from $75.00 to $83.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. TD Cowen decreased their target price on shares of Western Digital from $95.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Cantor Fitzgerald boosted their price target on Western Digital from $80.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Morgan Stanley raised their price objective on Western Digital from $94.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Citigroup dropped their target price on Western Digital from $95.00 to $85.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Six equities research 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.com, the company has a consensus rating of “Moderate Buy” and an average price target of $87.71.

Insider Activity

In other news, SVP Gene M. Zamiska sold 2,169 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $61.96, for a total transaction of $134,391.24. Following the sale, the senior vice president now directly owns 32,601 shares in the company, valued at $2,019,957.96. This trade represents a 6.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Goeckeler sold 75,000 shares of Western Digital stock in a transaction on Friday, October 25th. The shares were sold at an average price of $72.58, for a total transaction of $5,443,500.00. Following the transaction, the chief executive officer now owns 821,630 shares in the company, valued at approximately $59,633,905.40. This trade represents a 8.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 188,520 shares of company stock valued at $13,306,224 in the last ninety days. Corporate insiders own 0.30% of the company’s stock.

Western Digital Stock Up 0.8 %

Shares of WDC stock opened at $66.43 on Friday. The company has a 50 day simple moving average of $66.48 and a two-hundred day simple moving average of $69.10. The stock has a market cap of $22.97 billion, a P/E ratio of 39.08 and a beta of 1.40. Western Digital Co. has a 12 month low of $46.05 and a 12 month high of $81.55. The company has a current ratio of 1.47, a quick ratio of 0.91 and a debt-to-equity ratio of 0.49.

Western Digital (NASDAQ:WDC) last announced its earnings results on Thursday, October 24th. The data storage provider reported $1.78 EPS for the quarter, topping 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 company had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.12 billion. During the same period last year, the firm earned ($1.97) EPS. Western Digital’s revenue for the quarter was up 48.9% compared to the same quarter last year. On average, research analysts expect that Western Digital Co. will post 6.56 earnings per share for the current year.

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.