Summit Financial Group Inc. Purchases Shares of 17,553 Emerson Electric Company (EMR)
Summit Financial Group Inc. purchased a new position in shares of Emerson Electric Company (NYSE:EMR) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 17,553 shares of the industrial products company’s stock, valued at approximately $1,046,000.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Washington Trust Bank lifted its position in Emerson Electric by 0.4% during the 2nd quarter. Washington Trust Bank now owns 4,040 shares of the industrial products company’s stock worth $241,000 after acquiring an additional 16 shares in the last quarter. RB Capital Management LLC lifted its position in Emerson Electric by 0.6% during the 2nd quarter. RB Capital Management LLC now owns 4,475 shares of the industrial products company’s stock worth $267,000 after acquiring an additional 26 shares in the last quarter. Guardian Life Insurance Co. of America lifted its position in Emerson Electric by 1.1% during the 1st quarter. Guardian Life Insurance Co. of America now owns 2,491 shares of the industrial products company’s stock worth $149,000 after acquiring an additional 28 shares in the last quarter. Busey Trust CO lifted its position in Emerson Electric by 0.5% during the 2nd quarter. Busey Trust CO now owns 6,834 shares of the industrial products company’s stock worth $407,000 after acquiring an additional 31 shares in the last quarter. Finally, Stock Yards Bank & Trust Co. lifted its position in Emerson Electric by 0.6% during the 2nd quarter. Stock Yards Bank & Trust Co. now owns 6,978 shares of the industrial products company’s stock worth $416,000 after acquiring an additional 41 shares in the last quarter. 70.03% of the stock is currently owned by hedge funds and other institutional investors.
In other Emerson Electric news, insider Robert T. Sharp sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $58.99, for a total value of $117,980.00. Following the completion of the sale, the insider now owns 64,290 shares in the company, valued at approximately $3,792,467.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.79% of the stock is currently owned by company insiders.
Several research firms recently commented on EMR. BidaskClub lowered Emerson Electric from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $67.00 target price (up from $64.00) on shares of Emerson Electric in a research report on Monday, October 2nd. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $62.00 target price (up from $61.00) on shares of Emerson Electric in a research report on Wednesday, August 2nd. Berenberg Bank reaffirmed a “sell” rating and issued a $53.00 target price on shares of Emerson Electric in a research report on Friday, August 11th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $68.00 target price on shares of Emerson Electric in a research report on Wednesday, July 19th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the stock. Emerson Electric has an average rating of “Hold” and an average target price of $60.68.
Shares of Emerson Electric Company (NYSE EMR) opened at 63.70 on Friday. The company has a market capitalization of $40.77 billion, a P/E ratio of 28.42 and a beta of 1.22. The stock has a 50 day moving average price of $61.17 and a 200-day moving average price of $59.90. Emerson Electric Company has a one year low of $49.22 and a one year high of $64.36.
Emerson Electric (NYSE:EMR) last announced its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $0.68 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.68. Emerson Electric had a return on equity of 22.32% and a net margin of 8.89%. The company had revenue of $4.04 billion during the quarter, compared to the consensus estimate of $3.99 billion. During the same quarter last year, the company earned $0.68 EPS. The company’s quarterly revenue was up 9.9% on a year-over-year basis. Equities research analysts predict that Emerson Electric Company will post $2.61 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Friday, August 11th were given a $0.48 dividend. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.01%. Emerson Electric’s dividend payout ratio is currently 85.33%.
Emerson Electric Company Profile
Emerson Electric Co is a diversified global manufacturing company, which provides solutions to customers by bringing technology and engineering together in the industrial, commercial and consumer markets around the world. The Company operates through four segments based on the nature of the products and services rendered: Process Management, Industrial Automation, Climate Technologies and Commercial & Residential Solutions.
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