EMC Co. (NYSE:EMC) was downgraded by investment analysts at Longbow Research from a “buy” rating to a “neutral” rating in a note issued to investors on Friday. They presently have a $28.00 target price on the information technology service provider’s stock. Longbow Research’s price objective would indicate a potential upside of 0.57% from the stock’s previous close.
The analysts wrote, “Valuation has expanded as confidence grew in Dell’s ability to raise the required capital to acquire EMC, through new debt raises and asset sales. Consequently, there is little remaining upside to capture,”
Several other research firms have also commented on EMC. Raymond James lowered shares of EMC from a “strong-buy” rating to an “outperform” rating and set a $29.00 price target for the company. in a report on Thursday, April 7th. Vetr lowered shares of EMC from a “strong-buy” rating to a “buy” rating and set a $28.49 price target for the company. in a report on Monday, March 21st. Maxim Group raised shares of EMC from a “hold” rating to a “buy” rating and decreased their price target for the company from $30.00 to $28.50 in a report on Thursday, January 28th. They noted that the move was a valuation call. Deutsche Bank reaffirmed a “hold” rating and issued a $27.00 price target (up from $26.00) on shares of EMC in a report on Thursday, April 21st. Finally, Brean Capital reaffirmed a “buy” rating on shares of EMC in a report on Thursday, April 21st. Fourteen research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $29.27.
EMC (NYSE:EMC) last released its earnings results on Wednesday, April 20th. The information technology service provider reported $0.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by $0.02. During the same period in the prior year, the firm earned $0.31 earnings per share. The firm had revenue of $5.50 billion for the quarter, compared to the consensus estimate of $5.64 billion. The business’s revenue was down 2.5% on a year-over-year basis. Equities analysts forecast that EMC will post $1.80 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 22nd. Stockholders of record on Friday, July 1st will be paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date is Wednesday, June 29th.
Several institutional investors have made changes to their positions in the stock. Accident Compensation Corp acquired a new position in shares of EMC during the fourth quarter worth about $6,610,000. Mizuho Asset Management Co. Ltd. boosted its position in shares of EMC by 5.2% in the fourth quarter. Mizuho Asset Management Co. Ltd. now owns 66,959 shares of the information technology service provider’s stock worth $1,720,000 after buying an additional 3,289 shares in the last quarter. WealthTrust Fairport LLC boosted its position in shares of EMC by 2.7% in the fourth quarter. WealthTrust Fairport LLC now owns 157,098 shares of the information technology service provider’s stock worth $4,034,000 after buying an additional 4,145 shares in the last quarter. Gofen & Glossberg LLC IL boosted its position in shares of EMC by 14.1% in the fourth quarter. Gofen & Glossberg LLC IL now owns 693,704 shares of the information technology service provider’s stock worth $20,631,000 after buying an additional 85,804 shares in the last quarter. Finally, Gabelli Securities Inc. acquired a new position in shares of EMC during the fourth quarter worth about $5,698,000.
EMC Corporation (EMC) is a service provider to information technology (IT) operations to an as a service model (ITaaS). It develops, delivers and supports the 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 and Pivotal.
