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

Posted by on Jul 28th, 2023

Amalgamated Bank lowered its position in Western Digital Co. (NASDAQ:WDC – Free Report) by 26.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 81,341 shares of the data storage provider’s stock after selling 29,497 shares during the period. Amalgamated Bank’s holdings in Western Digital were worth $3,064,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in WDC. Massmutual Trust Co. FSB ADV boosted its stake in Western Digital by 75.3% in the first quarter. Massmutual Trust Co. FSB ADV now owns 661 shares of the data storage provider’s stock valued at $25,000 after acquiring an additional 284 shares in the last quarter. Mizuho Securities Co. Ltd. acquired a new position in shares of Western Digital in the 1st quarter valued at $27,000. CI Investments Inc. increased its holdings in Western Digital by 114.4% during the 4th quarter. CI Investments Inc. now owns 879 shares of the data storage provider’s stock valued at $28,000 after acquiring an additional 469 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Western Digital in the first quarter worth approximately $57,000. Finally, Signaturefd LLC increased its stake in shares of Western Digital by 199.3% in the fourth quarter. Signaturefd LLC now owns 1,218 shares of the data storage provider’s stock worth $38,000 after buying an additional 811 shares during the last quarter. Institutional investors own 83.94% of the company’s stock.

Western Digital Price Performance

Shares of NASDAQ:WDC opened at $41.68 on Friday. The company has a market cap of $13.34 billion, a price-to-earnings ratio of -19.03 and a beta of 1.64. The company has a quick ratio of 0.86, a current ratio of 1.61 and a debt-to-equity ratio of 0.51. The business has a 50 day moving average price of $38.79 and a 200 day moving average price of $38.01. Western Digital Co. has a twelve month low of $29.73 and a twelve month high of $50.95.

Western Digital (NASDAQ:WDC – Get Free Report) last announced its quarterly earnings results on Monday, May 8th. The data storage provider reported ($1.57) earnings per share for the quarter, beating the consensus estimate of ($1.80) by $0.23. Western Digital had a negative net margin of 4.87% and a negative return on equity of 1.90%. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.76 billion. Research analysts predict that Western Digital Co. will post -4.62 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on WDC shares. UBS Group increased their price target on Western Digital from $35.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday. TheStreet downgraded Western Digital from a “c-” rating to a “d+” rating in a research report on Thursday, May 11th. Deutsche Bank Aktiengesellschaft lowered their target price on Western Digital from $40.00 to $36.00 in a research note on Tuesday, May 9th. Bank of America lowered their target price on Western Digital from $50.00 to $41.00 in a research note on Tuesday, May 9th. Finally, Mizuho cut their price objective on Western Digital from $50.00 to $45.00 in a report on Tuesday, May 9th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Western Digital has an average rating of “Hold” and a consensus price target of $44.32.

Western Digital Profile

(Free Report)

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 computing devices, such as desktop and notebook personal computers (PCs), smart video 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, Internet of Things, industrial, and connected home applications; and flash-based memory wafers.

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Institutional Ownership by Quarter for Western Digital (NASDAQ:WDC)

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