Pinebridge Investments L.P. lowered its stake in shares of Emerson Electric Company (NYSE:EMR) by 5.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 278,440 shares of the industrial products company’s stock after selling 14,979 shares during the period. Pinebridge Investments L.P.’s holdings in Emerson Electric were worth $17,497,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC purchased a new stake in shares of Emerson Electric in the second quarter valued at about $109,000. Intellectus Partners LLC lifted its holdings in shares of Emerson Electric by 0.3% in the second quarter. Intellectus Partners LLC now owns 2,094 shares of the industrial products company’s stock valued at $125,000 after purchasing an additional 7 shares in the last quarter. Mountain Capital Investment Advisors Inc purchased a new stake in shares of Emerson Electric in the second quarter valued at about $129,000. AT Bancorp purchased a new stake in shares of Emerson Electric in the second quarter valued at about $139,000. Finally, Harbour Capital Advisors LLC purchased a new stake in shares of Emerson Electric in the first quarter valued at about $147,000. 69.20% of the stock is currently owned by hedge funds and other institutional investors.
EMR has been the topic of several recent research reports. Cowen reaffirmed a “buy” rating and issued a $72.00 price target on shares of Emerson Electric in a report on Wednesday, December 6th. Zacks Investment Research downgraded shares of Emerson Electric from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Robert W. Baird reissued a “hold” rating and set a $70.00 price objective on shares of Emerson Electric in a research note on Friday, November 10th. Goldman Sachs Group reissued a “neutral” rating and set a $66.00 price objective on shares of Emerson Electric in a research note on Friday, December 8th. Finally, Royal Bank of Canada reissued a “neutral” rating on shares of Emerson Electric in a research note on Thursday, November 9th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $67.09.
Emerson Electric (NYSE:EMR) last issued its quarterly earnings results on Tuesday, November 7th. The industrial products company reported $0.83 EPS for the quarter, hitting the consensus estimate of $0.83. Emerson Electric had a net margin of 9.94% and a return on equity of 20.47%. The firm had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.43 billion. During the same quarter in the prior year, the business posted $0.74 earnings per share. Emerson Electric’s revenue for the quarter was up 12.8% compared to the same quarter last year. equities research analysts expect that Emerson Electric Company will post 2.96 EPS for the current fiscal year.
In other news, VP Frank J. Dellaquila sold 2,100 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $64.77, for a total value of $136,017.00. Following the transaction, the vice president now directly owns 178,743 shares in the company, valued at approximately $11,577,184.11. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Bell Katherine Button sold 7,909 shares of the stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $64.78, for a total transaction of $512,345.02. Following the completion of the sale, the vice president now directly owns 44,628 shares in the company, valued at approximately $2,891,001.84. The disclosure for this sale can be found here. Insiders have sold 27,017 shares of company stock valued at $1,771,129 in the last ninety days. 0.84% of the stock is currently owned by company insiders.
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About Emerson Electric
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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