Huntington National Bank Lowers Stake in EMC Corp. (EMC)
Huntington National Bank reduced its stake in EMC Corp. (NYSE:EMC) by 50.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 429,055 shares of the information technology service provider’s stock after selling 434,145 shares during the period. Huntington National Bank’s holdings in EMC Corp. were worth $11,658,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the company. Pictet Asset Management Ltd. raised its stake in shares of EMC Corp. by 20.5% in the first quarter. Pictet Asset Management Ltd. now owns 3,813,658 shares of the information technology service provider’s stock valued at $99,651,000 after buying an additional 649,109 shares in the last quarter. Yakira Capital Management Inc. raised its stake in EMC Corp. by 333.3% in the first quarter. Yakira Capital Management Inc. now owns 78,000 shares of the information technology service provider’s stock worth $2,079,000 after buying an additional 60,000 shares during the period. Omni Partners LLP bought a new stake in EMC Corp. during the first quarter worth $3,268,000. State Street Corp raised its stake in EMC Corp. by 0.9% in the first quarter. State Street Corp now owns 73,584,259 shares of the information technology service provider’s stock worth $1,961,026,000 after buying an additional 655,660 shares during the period. Finally, OMERS ADMINISTRATION Corp raised its stake in EMC Corp. by 28.7% in the first quarter. OMERS ADMINISTRATION Corp now owns 224,300 shares of the information technology service provider’s stock worth $5,978,000 after buying an additional 50,000 shares during the period. 79.86% of the stock is owned by institutional investors and hedge funds.
EMC Corp. (NYSE:EMC) remained flat at $29.05 during midday trading on Wednesday. EMC Corp. has a 52 week low of $22.99 and a 52 week high of $29.00. The firm’s 50 day moving average is $28.53 and its 200 day moving average is $27.32.
EMC Corp. (NYSE:EMC) last issued its earnings results on Monday, July 18th. The information technology service provider reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.03. The business earned $6 billion during the quarter, compared to analyst estimates of $6 billion. EMC Corp. had a return on equity of 11.98% and a net margin of 8.55%. EMC Corp.’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the company posted $0.43 EPS. Equities analysts predict that EMC Corp. will post $1.84 EPS for the current fiscal year.
A number of analysts have recently weighed in on EMC shares. 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. Hilliard Lyons lowered EMC Corp. from a “buy” rating to a “neutral” rating in a research note on Thursday, September 1st. Wells Fargo & Co. reissued a “market perform” rating on shares of EMC Corp. in a research note on Wednesday, August 31st. Oppenheimer Holdings Inc. reissued a “buy” rating on shares of EMC Corp. in a research note on Thursday, September 8th. Finally, Robert W. Baird reissued a “hold” rating on shares of EMC Corp. in a research note on Sunday, September 11th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and seven have issued a buy rating to the company’s stock. EMC Corp. has a consensus rating of “Hold” and an average price target of $30.41.
EMC Corp. Company Profile
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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