Bank of New York Mellon Corp Purchases 810,977 Shares of Western Digital Co. (NASDAQ:WDC)

Bank of New York Mellon Corp raised its position in Western Digital Co. (NASDAQ:WDC) by 39.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,861,229 shares of the data storage provider’s stock after acquiring an additional 810,977 shares during the period. Bank of New York Mellon Corp’s holdings in Western Digital were worth $216,795,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in WDC. Massmutual Trust Co. FSB ADV grew its stake in Western Digital by 15.6% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,527 shares of the data storage provider’s stock worth $116,000 after buying an additional 206 shares during the last quarter. Mather Group LLC. raised its position in shares of Western Digital by 10.7% in the 2nd quarter. Mather Group LLC. now owns 2,203 shares of the data storage provider’s stock valued at $167,000 after purchasing an additional 213 shares during the last quarter. Lindbrook Capital LLC boosted its stake in Western Digital by 37.3% in the 1st quarter. Lindbrook Capital LLC now owns 843 shares of the data storage provider’s stock worth $58,000 after purchasing an additional 229 shares in the last quarter. Signaturefd LLC grew its position in Western Digital by 10.9% during the 4th quarter. Signaturefd LLC now owns 2,577 shares of the data storage provider’s stock worth $135,000 after purchasing an additional 254 shares during the last quarter. Finally, Czech National Bank increased its stake in Western Digital by 0.5% during the 1st quarter. Czech National Bank now owns 57,050 shares of the data storage provider’s stock valued at $3,893,000 after purchasing an additional 261 shares in the last quarter. 92.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

WDC has been the topic of several research reports. Citigroup upped their target price on Western Digital from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Evercore ISI reaffirmed an “outperform” rating and set a $85.00 target price on shares of Western Digital in a report on Thursday, August 15th. StockNews.com upgraded shares of Western Digital from a “sell” rating to a “hold” rating in a report on Saturday, July 6th. Loop Capital lifted their price objective on shares of Western Digital from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, June 4th. Finally, Argus raised their target price on shares of Western Digital from $68.00 to $88.00 and gave the stock a “buy” rating in a report on Monday, April 29th. Six analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Western Digital presently has an average rating of “Moderate Buy” and a consensus target price of $84.18.

Western Digital Trading Down 2.6 %

Shares of NASDAQ WDC traded down $1.66 during midday trading on Monday, reaching $62.69. 3,222,354 shares of the stock were exchanged, compared to its average volume of 6,500,285. Western Digital Co. has a twelve month low of $35.62 and a twelve month high of $81.55. The stock has a market capitalization of $21.53 billion, a P/E ratio of -12.95 and a beta of 1.37. The company has a 50 day simple moving average of $70.23 and a 200 day simple moving average of $68.67. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.83 and a current ratio of 1.32.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings data on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.17. Western Digital had a negative return on equity of 2.63% and a negative net margin of 3.75%. The business had revenue of $3.76 billion during the quarter, compared to analysts’ expectations of $3.77 billion. As a group, equities analysts expect that Western Digital Co. will post 8.73 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Gene M. Zamiska sold 417 shares of Western Digital stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.89, for a total value of $27,059.13. Following the transaction, the senior vice president now directly owns 28,870 shares in the company, valued at approximately $1,873,374.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Western Digital news, SVP Gene M. Zamiska sold 417 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $64.89, for a total value of $27,059.13. Following the completion of the sale, the senior vice president now owns 28,870 shares of the company’s stock, valued at $1,873,374.30. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Robert Soderbery sold 12,154 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $57.09, for a total transaction of $693,871.86. Following the transaction, the executive vice president now directly owns 128,413 shares in the company, valued at $7,331,098.17. The disclosure for this sale can be found here. Insiders have sold a total of 39,643 shares of company stock valued at $2,711,171 over the last quarter. Company insiders own 0.28% of the company’s stock.

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.