RNC Capital Management LLC Purchases 2,802 Shares of Western Digital Co. (NASDAQ:WDC)

RNC Capital Management LLC increased its position in shares of Western Digital Co. (NASDAQ:WDC) by 2.9% in the 4th quarter, HoldingsChannel reports. The fund owned 100,554 shares of the data storage provider’s stock after acquiring an additional 2,802 shares during the period. RNC Capital Management LLC’s holdings in Western Digital were worth $5,266,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of WDC. American Century Companies Inc. raised its stake in shares of Western Digital by 292.1% during the 1st quarter. American Century Companies Inc. now owns 30,302 shares of the data storage provider’s stock worth $1,504,000 after acquiring an additional 22,573 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Western Digital during the 1st quarter worth approximately $57,000. Acadian Asset Management LLC raised its stake in shares of Western Digital by 1,535.0% during the 1st quarter. Acadian Asset Management LLC now owns 8,649 shares of the data storage provider’s stock worth $426,000 after acquiring an additional 8,120 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Western Digital by 7.0% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 41,869 shares of the data storage provider’s stock worth $2,079,000 after acquiring an additional 2,755 shares in the last quarter. Finally, Great West Life Assurance Co. Can raised its stake in shares of Western Digital by 1.9% during the 1st quarter. Great West Life Assurance Co. Can now owns 197,219 shares of the data storage provider’s stock worth $10,331,000 after acquiring an additional 3,642 shares in the last quarter. Institutional investors own 92.51% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Cantor Fitzgerald assumed coverage on shares of Western Digital in a research note on Tuesday, January 23rd. They set an “overweight” rating and a $70.00 price objective for the company. Deutsche Bank Aktiengesellschaft upgraded shares of Western Digital from a “hold” rating to a “buy” rating and upped their price target for the company from $45.00 to $65.00 in a research note on Tuesday, January 16th. Rosenblatt Securities upped their price target on shares of Western Digital from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, March 6th. Evercore ISI assumed coverage on shares of Western Digital in a research note on Wednesday. They set an “outperform” rating and a $80.00 price target on the stock. Finally, Mizuho upped their price target on shares of Western Digital from $62.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $63.00.

Western Digital Price Performance

Shares of NASDAQ WDC opened at $67.64 on Thursday. The company’s fifty day moving average price is $59.26 and its 200 day moving average price is $51.06. Western Digital Co. has a 1 year low of $31.97 and a 1 year high of $69.28. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.67 and a quick ratio of 0.98.

Western Digital (NASDAQ:WDC) last announced its quarterly earnings results on Monday, January 29th. The data storage provider reported ($0.69) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.30) by $0.61. Western Digital had a negative net margin of 19.90% and a negative return on equity of 19.45%. The firm had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $3 billion. During the same period in the prior year, the firm posted ($0.69) earnings per share. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. Equities analysts forecast that Western Digital Co. will post -2.31 earnings per share for the current fiscal 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.