1ST Source Bank Takes Position in Ecolab Inc. (NYSE:ECL)
1ST Source Bank purchased a new position in Ecolab Inc. (NYSE:ECL) during the second quarter, Holdings Channel reports. The fund purchased 1,580 shares of the basic materials company’s stock, valued at approximately $210,000.
Other institutional investors have also recently made changes to their positions in the company. FUKOKU MUTUAL LIFE INSURANCE Co boosted its position in shares of Ecolab by 60.0% in the first quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 800 shares of the basic materials company’s stock worth $100,000 after buying an additional 300 shares in the last quarter. JNBA Financial Advisors boosted its position in shares of Ecolab by 2.5% in the first quarter. JNBA Financial Advisors now owns 871 shares of the basic materials company’s stock worth $109,000 after buying an additional 21 shares in the last quarter. Harfst & Associates Inc. purchased a new position in shares of Ecolab during the first quarter worth $117,000. Guardian Life Insurance Co. of America boosted its position in shares of Ecolab by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,012 shares of the basic materials company’s stock worth $127,000 after buying an additional 7 shares in the last quarter. Finally, State of Alaska Department of Revenue purchased a new position in shares of Ecolab during the first quarter worth $134,000. 75.66% of the stock is currently owned by institutional investors.
Shares of Ecolab Inc. (NYSE ECL) opened at 129.81 on Friday. Ecolab Inc. has a 52 week low of $110.65 and a 52 week high of $134.89. The firm has a 50-day moving average of $132.19 and a 200 day moving average of $127.80. The firm has a market capitalization of $37.56 billion, a price-to-earnings ratio of 29.68 and a beta of 0.98.
Ecolab (NYSE:ECL) last announced its earnings results on Tuesday, August 1st. The basic materials company reported $1.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.12 by $0.01. The company had revenue of $3.46 billion during the quarter, compared to the consensus estimate of $3.40 billion. Ecolab had a net margin of 9.66% and a return on equity of 18.93%. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.08 earnings per share. On average, equities analysts predict that Ecolab Inc. will post $4.80 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Tuesday, September 19th will be issued a $0.37 dividend. The ex-dividend date is Monday, September 18th. This represents a $1.48 annualized dividend and a dividend yield of 1.14%. Ecolab’s dividend payout ratio is currently 33.79%.
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A number of equities analysts have recently weighed in on the stock. Deutsche Bank AG lifted their price target on shares of Ecolab from $132.00 to $134.00 and gave the stock a “hold” rating in a research report on Wednesday, August 2nd. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $141.00 price target (up from $133.00) on shares of Ecolab in a research report on Friday, June 2nd. Zacks Investment Research cut shares of Ecolab from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Credit Suisse Group set a $128.00 price target on shares of Ecolab and gave the stock a “hold” rating in a research report on Thursday, August 3rd. Finally, Canaccord Genuity lifted their price target on shares of Ecolab from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, July 28th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $133.43.
In other news, EVP Christophe Beck sold 6,959 shares of the stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $127.11, for a total value of $884,558.49. Following the completion of the sale, the executive vice president now owns 42,419 shares in the company, valued at $5,391,879.09. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michael A. Hickey sold 13,700 shares of the stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $131.30, for a total transaction of $1,798,810.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,810 shares of company stock valued at $5,897,361. 1.49% of the stock is currently owned by corporate insiders.
Ecolab Inc provides water, hygiene and energy technologies and services. The Company’s cleaning and sanitizing programs and products, pest elimination services and equipment maintenance and repair services support customers in the foodservice, food and beverage processing, hospitality, healthcare, government and education, retail, textile care and commercial facilities management sectors in over 170 countries.
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