Cornerstone Investment Partners Lowers stake in Western Digital Corp (WDC)

Western Digital Corp (WDC) : Cornerstone Investment Partners reduced its stake in Western Digital Corp by 0.66% during the most recent quarter end. The investment management company now holds a total of 1,009,972 shares of Western Digital Corp which is valued at $55,831,252 after selling 6,717 shares in Western Digital Corp , the firm said in a disclosure report filed with the SEC on Oct 13, 2016.Western Digital Corp makes up approximately 2.46% of Cornerstone Investment Partners’s portfolio.

Other Hedge Funds, Including , Capstone Asset Management Co boosted its stake in WDC in the latest quarter, The investment management firm added 1,207 additional shares and now holds a total of 27,235 shares of Western Digital Corp which is valued at $1,542,046. Western Digital Corp makes up approx 0.05% of Capstone Asset Management Co’s portfolio.Nisa Investment Advisors reduced its stake in WDC by selling 5,125 shares or 2.73% in the most recent quarter. The Hedge Fund company now holds 182,516 shares of WDC which is valued at $10,334,056. Western Digital Corp makes up approx 0.14% of Nisa Investment Advisors’s portfolio.Dynamic Advisors Solutions boosted its stake in WDC in the latest quarter, The investment management firm added 34,894 additional shares and now holds a total of 71,925 shares of Western Digital Corp which is valued at $4,262,276. Western Digital Corp makes up approx 1.63% of Dynamic Advisors Solutions’s portfolio.Harbour Capital Advisors reduced its stake in WDC by selling 6,020 shares or 31.49% in the most recent quarter. The Hedge Fund company now holds 13,095 shares of WDC which is valued at $775,748. Western Digital Corp makes up approx 0.42% of Harbour Capital Advisors’s portfolio.

Western Digital Corp closed down -2.64 points or -4.45% at $56.62 with 63,87,849 shares getting traded on Tuesday. Post opening the session at $59.26, the shares hit an intraday low of $56.05 and an intraday high of $59.35 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Western Digital Corp reported $0.79 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.71. The company had revenue of $3495.00 million for the quarter, compared to analysts expectations of $3446.23 million. The company’s revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.51 EPS.

Many Wall Street Analysts have commented on Western Digital Corp. Company shares were Reiterated by RBC Capital Mkts on Oct 3, 2016 to “Outperform”, Firm has raised the Price Target to $ 65 from a previous price target of $60 .Western Digital Corp was Upgraded by Longbow to ” Buy” on Sep 13, 2016. Company shares were Reiterated by Mizuho on Sep 8, 2016 to “Buy”, Firm has raised the Price Target to $ 60 from a previous price target of $54 .

Western Digital Corporation is a data storage solutions company. The Company is a developer manufacturer and provider of data storage solutions that enable consumers businesses governments and other organizations to create manage experience and preserve digital content. The Company’s Technology product includes: Hard Disk Drives and Solid-State Drives. Hard Disk Drives provide non-volatile data storage. Solid-State Drives are semiconductor and non-volatile media. The Company offers solutions including: Enterprise Storage Solutions Client Desktop and Notebook PCs Branded Product Solutions Consumer Electronics Solutions. The Company’s products are marketed under the HGST WD and G-Technology brand names.

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