Eaton Vance Corporation (EV) Cut to Strong Sell at BidaskClub
Eaton Vance Corporation (NYSE:EV) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Saturday.
EV has been the topic of a number of other research reports. Credit Suisse Group lifted their target price on Eaton Vance Corporation from $46.00 to $50.00 and gave the company a “neutral” rating in a research report on Friday, August 11th. Jefferies Group LLC reiterated a “hold” rating and issued a $46.00 target price on shares of Eaton Vance Corporation in a research report on Friday. Zacks Investment Research cut Eaton Vance Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $50.00 target price on shares of Eaton Vance Corporation in a research report on Tuesday, May 23rd. Finally, J P Morgan Chase & Co reiterated an “underweight” rating and issued a $47.00 target price (up previously from $40.00) on shares of Eaton Vance Corporation in a research report on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Eaton Vance Corporation has a consensus rating of “Hold” and a consensus price target of $50.07.
Eaton Vance Corporation (EV) traded up 0.26% during midday trading on Friday, hitting $46.76. 477,061 shares of the stock traded hands. Eaton Vance Corporation has a 12-month low of $34.44 and a 12-month high of $50.10. The stock has a market capitalization of $5.18 billion, a PE ratio of 20.50 and a beta of 1.84. The firm’s 50 day moving average is $48.18 and its 200-day moving average is $45.98.
Eaton Vance Corporation (NYSE:EV) last posted its quarterly earnings results on Wednesday, May 24th. The asset manager reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. The business had revenue of $374.60 million during the quarter, compared to the consensus estimate of $373.28 million. Eaton Vance Corporation had a return on equity of 36.63% and a net margin of 18.39%. Eaton Vance Corporation’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.48 earnings per share. On average, analysts anticipate that Eaton Vance Corporation will post $2.55 EPS for the current fiscal year.
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In other news, Director Winthrop H. Smith, Jr. sold 21,885 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,051,136.55. Following the sale, the director now directly owns 15,420 shares in the company, valued at $740,622.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Dorothy E. Puhy sold 2,563 shares of the business’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $48.46, for a total value of $124,202.98. Following the sale, the director now owns 14,473 shares in the company, valued at $701,361.58. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 127,943 shares of company stock worth $6,149,649.
Several hedge funds have recently added to or reduced their stakes in the company. WFG Advisors LP boosted its stake in Eaton Vance Corporation by 0.6% in the second quarter. WFG Advisors LP now owns 2,337 shares of the asset manager’s stock valued at $111,000 after buying an additional 14 shares during the period. TrimTabs Asset Management LLC boosted its stake in Eaton Vance Corporation by 88.8% in the first quarter. TrimTabs Asset Management LLC now owns 2,705 shares of the asset manager’s stock valued at $122,000 after buying an additional 1,272 shares during the period. Mn Services Vermogensbeheer B.V. boosted its stake in Eaton Vance Corporation by 5.1% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,028 shares of the asset manager’s stock valued at $127,000 after buying an additional 148 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in Eaton Vance Corporation by 20.9% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,901 shares of the asset manager’s stock valued at $130,000 after buying an additional 501 shares during the period. Finally, Nordea Investment Management AB boosted its stake in Eaton Vance Corporation by 131.9% in the first quarter. Nordea Investment Management AB now owns 3,341 shares of the asset manager’s stock valued at $150,000 after buying an additional 1,900 shares during the period. Institutional investors own 71.01% of the company’s stock.
About Eaton Vance Corporation
Eaton Vance Corp. is engaged in the business of managing investment funds and providing investment management and advisory services to high-net-worth individuals and institutions. The Company operates as an investment advisor to funds and separate accounts. The Company, through its subsidiaries and other affiliates, manages active equity, income and alternative strategies across a range of investment styles and asset classes, including the United States and global equities, floating-rate bank loans, municipal bonds, global income, high-yield and investment grade bonds.
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