Covington Capital Management Has $5.92 Million Position in Emerson Electric Co. (EMR)
Covington Capital Management cut its stake in Emerson Electric Co. (NYSE:EMR) by 2.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 84,980 shares of the industrial products company’s stock after selling 1,925 shares during the period. Covington Capital Management’s holdings in Emerson Electric were worth $5,922,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Richard C. Young & CO. LTD. lifted its position in shares of Emerson Electric by 11.6% during the second quarter. Richard C. Young & CO. LTD. now owns 33,661 shares of the industrial products company’s stock worth $2,007,000 after purchasing an additional 3,495 shares during the last quarter. BlackRock Inc. lifted its position in shares of Emerson Electric by 1.9% during the second quarter. BlackRock Inc. now owns 40,954,867 shares of the industrial products company’s stock worth $2,441,728,000 after purchasing an additional 778,791 shares during the last quarter. Amalgamated Bank lifted its position in shares of Emerson Electric by 59.7% during the second quarter. Amalgamated Bank now owns 72,874 shares of the industrial products company’s stock worth $4,345,000 after purchasing an additional 27,232 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of Emerson Electric by 4.6% during the second quarter. ProShare Advisors LLC now owns 1,031,907 shares of the industrial products company’s stock worth $61,522,000 after purchasing an additional 45,569 shares during the last quarter. Finally, Verity Asset Management Inc. lifted its position in shares of Emerson Electric by 4.5% during the second quarter. Verity Asset Management Inc. now owns 7,130 shares of the industrial products company’s stock worth $427,000 after purchasing an additional 308 shares during the last quarter. Institutional investors own 69.96% of the company’s stock.
Emerson Electric Co. (EMR) traded down $0.05 during mid-day trading on Wednesday, hitting $71.18. The company had a trading volume of 71,064 shares, compared to its average volume of 3,580,729. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.32 and a quick ratio of 1.02. The company has a market capitalization of $45,220.00, a P/E ratio of 28.04, a P/E/G ratio of 2.18 and a beta of 1.15. Emerson Electric Co. has a 12-month low of $56.77 and a 12-month high of $74.45.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 9th. Investors of record on Friday, February 16th were issued a $0.485 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.94 annualized dividend and a dividend yield of 2.73%. Emerson Electric’s payout ratio is currently 76.38%.
Several analysts have recently weighed in on EMR shares. Vertical Research upgraded Emerson Electric from a “hold” rating to a “buy” rating in a research report on Tuesday, January 2nd. Edward Jones downgraded Emerson Electric from a “buy” rating to a “hold” rating in a research report on Friday, November 17th. Cowen upgraded Emerson Electric from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $61.00 to $71.00 in a research report on Tuesday, November 28th. Goldman Sachs Group reiterated a “neutral” rating and set a $66.00 target price on shares of Emerson Electric in a research report on Friday, December 8th. Finally, JPMorgan Chase & Co. started coverage on Emerson Electric in a research report on Wednesday, November 29th. They set a “neutral” rating for the company. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $70.72.
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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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