Johnston Asset Management LLC Reduces Stake in EMC Corp. (EMC)
Johnston Asset Management LLC decreased its position in EMC Corp. (NYSE:EMC) by 51.3% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 396,452 shares of the information technology service provider’s stock after selling 417,291 shares during the period. Johnston Asset Management LLC’s holdings in EMC Corp. were worth $10,772,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Renaissance Technologies LLC purchased a new position in EMC Corp. during the first quarter worth approximately $186,561,000. NN Investment Partners Holdings N.V. purchased a new position in EMC Corp. during the first quarter worth approximately $128,074,000. Samlyn Capital LLC purchased a new position in EMC Corp. during the first quarter worth approximately $79,006,000. York Capital Management Global Advisors LLC boosted its position in EMC Corp. by 30.4% in the first quarter. York Capital Management Global Advisors LLC now owns 11,013,526 shares of the information technology service provider’s stock worth $293,510,000 after buying an additional 2,567,922 shares during the period. Finally, Nordea Investment Management AB boosted its position in EMC Corp. by 9.8% in the second quarter. Nordea Investment Management AB now owns 24,662,903 shares of the information technology service provider’s stock worth $670,091,000 after buying an additional 2,206,074 shares during the period. Institutional investors own 79.86% of the company’s stock.
Shares of EMC Corp. (NYSE:EMC) remained flat at $29.05 on Tuesday. EMC Corp. has a one year low of $22.99 and a one year high of $29.00. The firm has a 50-day moving average of $28.53 and a 200-day moving average of $27.32.
EMC Corp. (NYSE:EMC) last announced its quarterly earnings data on Monday, July 18th. The information technology service provider reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.03. EMC Corp. had a net margin of 8.55% and a return on equity of 11.98%. The business earned $6 billion during the quarter, compared to the consensus estimate of $6 billion. During the same quarter in the prior year, the firm earned $0.43 EPS. The company’s revenue for the quarter was up .3% compared to the same quarter last year. Equities analysts predict that EMC Corp. will post $1.84 earnings per share for the current year.
EMC has been the topic of a number of research reports. Robert W. Baird restated a “hold” rating on shares of EMC Corp. in a research note on Sunday, September 11th. Drexel Hamilton reiterated a “buy” rating on shares of EMC Corp. in a research note on Sunday, July 24th. Wells Fargo & Co. reiterated a “market perform” rating on shares of EMC Corp. in a research note on Wednesday, August 31st. Deutsche Bank AG increased their price objective on EMC Corp. from $27.00 to $29.00 and gave the company a “hold” rating in a research note on Thursday, August 25th. Finally, Argus reiterated a “hold” rating on shares of EMC Corp. in a research note on Friday, July 22nd. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $30.27.
About EMC Corp.
EMC Corporation (EMC) develops, delivers and supports the information technology (IT) industry’s range of information infrastructure and virtual infrastructure technologies, solutions and services. EMC manages the Company as part of a federation of businesses: EMC Information Infrastructure, VMware Virtual Infrastructure, Pivotal and Virtustream.
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