Eaton Vance Corp. (EV) Cut to Hold at Zacks Investment Research
According to Zacks, “Eaton Vance Corp.’s principal business is creating, marketing and managing investment funds and providing investment management and counseling services to institutions and individuals.The Company conducts its investment management and counseling business through two wholly-owned subsidiaries, Eaton Vance Management and Boston Management and Research.The Company’s growth has resulted from its ability to develop, offer successfully and manage effectively new funds and to increase the assets of existing Eaton Vance Funds. “
A number of other equities analysts also recently commented on the stock. Credit Suisse Group AG restated a hold rating and set a $37.00 price objective on shares of Eaton Vance Corp. in a research report on Thursday, September 1st. Keefe, Bruyette & Woods upped their price objective on shares of Eaton Vance Corp. from $38.00 to $40.00 and gave the stock a market perform rating in a research report on Friday, August 19th. Finally, Jefferies Group upped their price objective on shares of Eaton Vance Corp. from $34.00 to $38.00 and gave the stock a hold rating in a research report on Tuesday, August 16th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Eaton Vance Corp. presently has an average rating of Hold and a consensus target price of $37.54.
Eaton Vance Corp. (NYSE:EV) opened at 38.86 on Thursday. Eaton Vance Corp. has a 52-week low of $26.44 and a 52-week high of $40.36. The firm has a market capitalization of $4.23 billion, a price-to-earnings ratio of 18.66 and a beta of 1.70. The company’s 50-day moving average is $39.02 and its 200-day moving average is $35.94.
Eaton Vance Corp. (NYSE:EV) last issued its quarterly earnings results on Wednesday, August 17th. The company reported $0.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.01. The firm earned $341.20 million during the quarter. Eaton Vance Corp. had a net margin of 17.83% and a return on equity of 39.06%. The firm’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 EPS. Equities analysts predict that Eaton Vance Corp. will post $2.14 earnings per share for the current year.
In other Eaton Vance Corp. news, Director Brian D. Langstraat sold 38,012 shares of the firm’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $39.79, for a total transaction of $1,512,497.48. Following the sale, the director now directly owns 107,712 shares of the company’s stock, valued at approximately $4,285,860.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Winthrop H. Smith, Jr. sold 8,197 shares of the firm’s stock in a transaction dated Thursday, June 23rd. The stock was sold at an average price of $37.20, for a total transaction of $304,928.40. Following the sale, the director now directly owns 17,197 shares in the company, valued at $639,728.40. The disclosure for this sale can be found here.
Large investors have recently added to or reduced their stakes in the company. Mason Street Advisors LLC purchased a new stake in Eaton Vance Corp. during the second quarter valued at about $1,828,000. Public Employees Retirement System of Ohio boosted its stake in Eaton Vance Corp. by 1.3% in the second quarter. Public Employees Retirement System of Ohio now owns 48,585 shares of the company’s stock valued at $1,717,000 after buying an additional 647 shares in the last quarter. Sterling Capital Management LLC bought a new stake in Eaton Vance Corp. during the second quarter valued at about $1,756,000. Calvert Investment Management Inc. boosted its stake in Eaton Vance Corp. by 8.2% in the second quarter. Calvert Investment Management Inc. now owns 8,736 shares of the company’s stock valued at $309,000 after buying an additional 662 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in Eaton Vance Corp. by 8.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 527,241 shares of the company’s stock valued at $18,633,000 after buying an additional 40,428 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors.
About Eaton Vance Corp.
Eaton Vance Corp. is engaged in business of managing investment funds and providing investment management and advisory services to individuals and institutions. The Company seeks to develop and sustain management expertise across a range of investment disciplines, and offer investment products and services through various distribution channels.
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