Financial Gravity Companies Inc. Purchases New Position in Western Digital Corp (WDC)
Financial Gravity Companies Inc. purchased a new position in shares of Western Digital Corp (NASDAQ:WDC) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,248 shares of the data storage provider’s stock, valued at approximately $106,000.
Other large investors have also modified their holdings of the company. M&T Bank Corp lifted its stake in shares of Western Digital by 5.6% in the 4th quarter. M&T Bank Corp now owns 34,598 shares of the data storage provider’s stock worth $1,279,000 after acquiring an additional 1,831 shares during the period. LS Investment Advisors LLC lifted its stake in shares of Western Digital by 11.7% in the 4th quarter. LS Investment Advisors LLC now owns 14,698 shares of the data storage provider’s stock worth $543,000 after acquiring an additional 1,545 shares during the period. IPG Investment Advisors LLC lifted its stake in shares of Western Digital by 34.6% in the 4th quarter. IPG Investment Advisors LLC now owns 485,745 shares of the data storage provider’s stock worth $17,958,000 after acquiring an additional 124,750 shares during the period. Wright Investors Service Inc. lifted its stake in shares of Western Digital by 184.7% in the 4th quarter. Wright Investors Service Inc. now owns 22,517 shares of the data storage provider’s stock worth $832,000 after acquiring an additional 14,609 shares during the period. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Western Digital by 21.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 87,646 shares of the data storage provider’s stock worth $3,240,000 after acquiring an additional 15,740 shares during the period. Hedge funds and other institutional investors own 84.13% of the company’s stock.
WDC has been the subject of a number of research analyst reports. Craig Hallum downgraded shares of Western Digital from a “buy” rating to a “hold” rating and cut their price target for the company from $115.00 to $59.00 in a report on Friday, October 26th. Benchmark reiterated a “hold” rating on shares of Western Digital in a report on Friday, October 26th. Loop Capital cut their price target on shares of Western Digital to $80.00 and set an “average” rating for the company in a report on Friday, October 26th. BMO Capital Markets reiterated a “hold” rating and issued a $60.00 price target on shares of Western Digital in a report on Thursday, October 25th. Finally, JPMorgan Chase & Co. downgraded shares of Western Digital from an “overweight” rating to a “neutral” rating and cut their price target for the company from $117.00 to $62.00 in a report on Friday, October 26th. Two equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twelve have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $68.22.
Western Digital (NASDAQ:WDC) last posted its earnings results on Thursday, January 24th. The data storage provider reported $1.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.27 by $0.18. The firm had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $4.26 billion. Western Digital had a net margin of 4.34% and a return on equity of 28.88%. The firm’s revenue for the quarter was down 20.7% on a year-over-year basis. During the same period last year, the firm posted $3.95 EPS. On average, research analysts forecast that Western Digital Corp will post 4.7 EPS for the current year.
ILLEGAL ACTIVITY WARNING: This news story was originally posted by Watch List News and is owned by of Watch List News. If you are viewing this news story on another website, it was illegally stolen and republished in violation of US & international copyright & trademark legislation. The original version of this news story can be viewed at https://www.watchlistnews.com/financial-gravity-companies-inc-purchases-new-position-in-western-digital-corp-wdc/2812102.html.
Western Digital Profile
Western Digital Corporation develops, manufactures, and sells data storage devices and solutions worldwide. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for computing devices, such as desktop and notebook PCs, security surveillance systems, gaming consoles, and set top boxes; flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, IoT, industrial, and connected home applications; flash-based memory wafers; and embedded storage solutions and iNAND embedded flash products, such as multi-chip package solutions.
Featured Article: What are retained earnings?
Receive News & Ratings for Western Digital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Digital and related companies with MarketBeat.com's FREE daily email newsletter.