Zimmer Partners LP Takes $13.35 Million Position in Western Digital Co. (NASDAQ:WDC)

Zimmer Partners LP acquired a new stake in shares of Western Digital Co. (NASDAQ:WDC) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 200,000 shares of the data storage provider’s stock, valued at approximately $13,350,000. Zimmer Partners LP owned approximately 0.07% of Western Digital at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in WDC. First Horizon Advisors Inc. raised its holdings in shares of Western Digital by 99.5% during the 1st quarter. First Horizon Advisors Inc. now owns 375 shares of the data storage provider’s stock valued at $25,000 after buying an additional 187 shares in the last quarter. Childress Capital Advisors LLC purchased a new position in shares of Western Digital during the fourth quarter valued at approximately $29,000. Freedman Financial Associates Inc. purchased a new position in shares of Western Digital during the fourth quarter valued at approximately $30,000. Capital Asset Advisory Services LLC purchased a new position in shares of Western Digital during the fourth quarter valued at approximately $30,000. Finally, Certified Advisory Corp purchased a new position in shares of Western Digital during the first quarter valued at approximately $30,000. 77.87% of the stock is currently owned by institutional investors.

NASDAQ:WDC traded down $1.48 during trading hours on Thursday, hitting $62.97. 94,419 shares of the stock were exchanged, compared to its average volume of 3,015,421. Western Digital Co. has a 52-week low of $33.53 and a 52-week high of $78.19. The business’s fifty day simple moving average is $71.56. The company has a current ratio of 2.01, a quick ratio of 1.19 and a debt-to-equity ratio of 0.87. The firm has a market cap of $19.30 billion, a P/E ratio of 24.39 and a beta of 1.60.

Western Digital (NASDAQ:WDC) last issued its earnings results on Thursday, April 29th. The data storage provider reported $1.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.54. Western Digital had a return on equity of 8.34% and a net margin of 2.13%. The business had revenue of $4.14 billion for the quarter, compared to analysts’ expectations of $3.97 billion. As a group, sell-side analysts expect that Western Digital Co. will post 3 earnings per share for the current fiscal year.

Several research firms have commented on WDC. Morgan Stanley boosted their target price on Western Digital from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Friday, April 30th. upped their price target on Western Digital from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, April 30th. Susquehanna upped their price target on Western Digital from $100.00 to $124.00 and gave the company a “positive” rating in a report on Monday, April 19th. Loop Capital upped their price target on Western Digital from $65.00 to $90.00 and gave the company a “buy” rating in a report on Friday, April 30th. Finally, Benchmark upped their price target on Western Digital from $87.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, May 27th. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Western Digital has an average rating of “Buy” and an average target price of $85.09.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions. 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; flash-based memory wafers; and embedded storage solutions and flash products.

Read More: Most Active Stocks: Dollar Volume vs Share Volume

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

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.