Western Digital Corp (WDC) Shares Up Despite Revenue Miss

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How have hedgies been trading Western Digital Corp. (NASDAQ:WDC)?

At the end of the first quarter, a total of 56 of the hedge funds tracked by Insider Monkey held long positions in this stock, an increase of ten from the fourth quarter. With hedgies’ sentiment swirling, there exists an “upper tier” of notable hedge fund managers who were increasing their stakes considerably.

Of the funds tracked by Insider Monkey, Citadel Investment Group, managed by Ken Griffin, holds the most valuable position in Western Digital Corp. (NASDAQ:WDC). Citadel Investment Group has a $279.4 million position in the stock with 3.07 million shares comprising 0.3% of its 13F portfolio. Coming in second is AQR Capital Management, led by Cliff Asness, holding a $245.7 million position; 0.6% of its 13F portfolio is allocated to the company. Some other peers that hold long positions contain Curtis Macnguyen’s Ivory Capital (Investment Mgmt), Robert Rodriguez and Steven Romick’s First Pacific Advisors LLC, and Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital.

With a general bullishness amongst the heavyweights, some big names were leading the bulls’ herd. David Warren‘s DW Partners initiated a $16.9 million position during the quarter. The other funds with new positions in the stock are Bart Baum’s Ionic Capital Management, Brian Taylor’s Pine River Capital Management, and Daniel S. Och’s OZ Management.

Considering the positive hedge fund sentiment and positive fiscal fourth quarter 2015 financial results, we recommend initiating a new position in the company at the still-depressed share price.

Disclosure: None

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