Emerson Electric Co. (NYSE:EMR) Stake Lowered by ProVise Management Group LLC
ProVise Management Group LLC decreased its position in shares of Emerson Electric Co. (NYSE:EMR) by 23.5% during the first quarter, Holdings Channel reports. The institutional investor owned 26,738 shares of the industrial products company’s stock after selling 8,225 shares during the period. ProVise Management Group LLC’s holdings in Emerson Electric were worth $1,831,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc raised its position in shares of Emerson Electric by 2.4% during the 3rd quarter. Vanguard Group Inc now owns 51,601,229 shares of the industrial products company’s stock valued at $3,951,622,000 after purchasing an additional 1,214,362 shares during the period. BlackRock Inc. raised its position in shares of Emerson Electric by 7.3% during the 1st quarter. BlackRock Inc. now owns 45,135,139 shares of the industrial products company’s stock valued at $3,090,402,000 after purchasing an additional 3,058,256 shares during the period. Northern Trust Corp raised its position in shares of Emerson Electric by 2.1% during the 4th quarter. Northern Trust Corp now owns 9,421,260 shares of the industrial products company’s stock valued at $562,921,000 after purchasing an additional 192,698 shares during the period. Geode Capital Management LLC raised its position in shares of Emerson Electric by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 7,394,814 shares of the industrial products company’s stock valued at $441,115,000 after purchasing an additional 355,369 shares during the period. Finally, Norges Bank bought a new stake in shares of Emerson Electric during the 4th quarter valued at $430,663,000. Hedge funds and other institutional investors own 70.52% of the company’s stock.
Several analysts have recently commented on the stock. Citigroup upgraded shares of Emerson Electric from a “neutral” rating to a “buy” rating and raised their price objective for the company from $67.00 to $81.00 in a research report on Monday, April 8th. Zacks Investment Research upgraded shares of Emerson Electric from a “hold” rating to a “buy” rating and set a $79.00 price objective on the stock in a research report on Tuesday, April 2nd. Finally, Credit Suisse Group decreased their price objective on shares of Emerson Electric from $80.00 to $74.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 5th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the stock. Emerson Electric currently has an average rating of “Buy” and an average target price of $75.47.
Emerson Electric (NYSE:EMR) last posted its earnings results on Tuesday, May 7th. The industrial products company reported $0.84 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.84. The company had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.64 billion. Emerson Electric had a net margin of 12.81% and a return on equity of 24.63%. Emerson Electric’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the company posted $0.76 earnings per share. On average, equities research analysts forecast that Emerson Electric Co. will post 3.65 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 17th were paid a $0.49 dividend. The ex-dividend date was Thursday, May 16th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.13%. Emerson Electric’s payout ratio is currently 57.99%.
In other Emerson Electric news, VP Bell Katherine Button sold 15,791 shares of Emerson Electric stock in a transaction on Friday, June 7th. The shares were sold at an average price of $63.91, for a total value of $1,009,202.81. Following the completion of the transaction, the vice president now directly owns 30,304 shares of the company’s stock, valued at approximately $1,936,728.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.07% of the company’s stock.
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About Emerson Electric
Emerson Electric Co, a technology and engineering company, provides various solutions to industrial, commercial, and consumer markets worldwide. The company's Automation Solutions segment offers products and integrated solutions, including measurement and analytical instrumentation; valves, actuators, and regulators; industrial solutions; and process control systems and solutions.
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