JAT Capital Mgmt LP Has $2.29 Million Holdings in Western Digital Co. (NASDAQ:WDC)

JAT Capital Mgmt LP decreased its holdings in Western Digital Co. (NASDAQ:WDC - Free Report) by 90.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,424 shares of the data storage provider's stock after selling 381,862 shares during the quarter. Western Digital makes up approximately 0.4% of JAT Capital Mgmt LP's holdings, making the stock its 28th largest holding. JAT Capital Mgmt LP's holdings in Western Digital were worth $2,291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Western Digital by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 42,459,767 shares of the data storage provider's stock worth $2,531,876,000 after purchasing an additional 1,439,149 shares during the period. Geode Capital Management LLC boosted its holdings in Western Digital by 10.4% in the fourth quarter. Geode Capital Management LLC now owns 8,745,264 shares of the data storage provider's stock valued at $520,450,000 after acquiring an additional 823,656 shares during the last quarter. Norges Bank purchased a new stake in Western Digital during the fourth quarter valued at about $352,572,000. Northern Trust Corp increased its stake in Western Digital by 16.4% during the fourth quarter. Northern Trust Corp now owns 3,397,671 shares of the data storage provider's stock worth $202,603,000 after acquiring an additional 478,269 shares during the last quarter. Finally, Parnassus Investments LLC lifted its stake in shares of Western Digital by 24.5% in the 4th quarter. Parnassus Investments LLC now owns 2,980,047 shares of the data storage provider's stock valued at $177,700,000 after purchasing an additional 586,924 shares in the last quarter. Institutional investors and hedge funds own 92.51% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on WDC. Morgan Stanley increased their target price on shares of Western Digital from $46.00 to $54.00 and gave the stock an "overweight" rating in a research report on Thursday. StockNews.com initiated coverage on shares of Western Digital in a research note on Friday. They issued a "hold" rating on the stock. Summit Insights upgraded Western Digital from a "hold" rating to a "buy" rating in a report on Wednesday. Rosenblatt Securities decreased their target price on Western Digital from $76.00 to $50.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, Wells Fargo & Company dropped their target price on Western Digital from $75.00 to $65.00 and set an "overweight" rating on the stock in a report on Thursday. Four research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $65.65.

Western Digital Price Performance

WDC traded up $0.74 on Friday, reaching $44.69. The company had a trading volume of 8,263,182 shares, compared to its average volume of 6,331,025. Western Digital Co. has a one year low of $28.83 and a one year high of $81.55. The company has a market capitalization of $15.54 billion, a P/E ratio of 10.64 and a beta of 1.39. The company has a fifty day moving average of $40.46 and a 200-day moving average of $57.13. The company has a current ratio of 1.99, a quick ratio of 1.26 and a debt-to-equity ratio of 0.60.

Western Digital (NASDAQ:WDC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The data storage provider reported $1.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.06 by $0.30. The firm had revenue of ($1,465.00) million during the quarter, compared to analyst estimates of $2.70 billion. Western Digital had a return on equity of 15.68% and a net margin of 9.95%. The firm's quarterly revenue was down 33.6% on a year-over-year basis. During the same period last year, the company posted $0.63 EPS. As a group, equities research analysts anticipate that Western Digital Co. will post 4.89 earnings per share for the current year.

Western Digital Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.90%. The ex-dividend date is Wednesday, June 4th. Western Digital's dividend payout ratio is presently 47.62%.

Insider Buying and Selling

In other news, SVP Gene M. Zamiska sold 1,659 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $41.36, for a total transaction of $68,616.24. Following the completion of the sale, the senior vice president now owns 43,776 shares in the company, valued at approximately $1,810,575.36. This represents a 3.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.30% of the stock is currently owned by insiders.

About Western Digital

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.