Meadow Creek Investment Management LLC Has $4.10 Million Stock Position in Ecolab Inc. (NYSE:ECL)
Meadow Creek Investment Management LLC boosted its stake in Ecolab Inc. (NYSE:ECL) by 36.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,740 shares of the basic materials company’s stock after acquiring an additional 5,542 shares during the period. Meadow Creek Investment Management LLC’s holdings in Ecolab were worth $4,095,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in ECL. Certified Advisory Corp bought a new position in Ecolab during the second quarter worth $25,000. Krane Funds Advisors LLC acquired a new position in shares of Ecolab during the 2nd quarter valued at $25,000. Permanens Capital L.P. acquired a new position in shares of Ecolab during the 1st quarter valued at $26,000. Next Capital Management LLC bought a new position in Ecolab during the second quarter worth $27,000. Finally, Advisory Alpha LLC bought a new position in shares of Ecolab during the 1st quarter worth about $28,000. Institutional investors and hedge funds own 76.12% of the company’s stock.
In related news, EVP Darrell R. Brown sold 2,280 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $207.95, for a total transaction of $474,126.00. Following the transaction, the executive vice president now directly owns 8,061 shares of the company’s stock, valued at $1,676,284.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Timothy P. Mulhere sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $198.17, for a total transaction of $1,981,700.00. Following the transaction, the executive vice president now directly owns 13,066 shares in the company, valued at $2,589,289.22. The disclosure for this sale can be found here. Insiders have sold a total of 65,180 shares of company stock worth $13,192,499 over the last ninety days. Insiders own 1.52% of the company’s stock.
Ecolab (NYSE:ECL) last announced its earnings results on Tuesday, July 30th. The basic materials company reported $1.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.41 by $0.01. Ecolab had a return on equity of 19.81% and a net margin of 10.12%. The company had revenue of $3.76 billion for the quarter, compared to analysts’ expectations of $3.79 billion. During the same quarter in the previous year, the firm earned $1.27 earnings per share. Ecolab’s quarterly revenue was up 1.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Ecolab Inc. will post 5.91 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, September 17th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date is Monday, September 16th. Ecolab’s dividend payout ratio is 35.05%.
ECL has been the subject of a number of research analyst reports. Canaccord Genuity boosted their target price on Ecolab from $198.00 to $222.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Nomura raised their price objective on Ecolab from $208.00 to $210.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Credit Suisse Group set a $181.00 price objective on Ecolab and gave the company a “neutral” rating in a report on Wednesday, July 31st. BMO Capital Markets upped their target price on Ecolab from $180.00 to $208.00 and gave the stock a “market perform” rating in a research report on Monday, August 5th. Finally, Citigroup increased their target price on Ecolab from $190.00 to $206.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Twelve equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $192.00.
Ecolab Inc provides water, hygiene, and energy technologies and services worldwide. The company operates through Global Industrial, Global Institutional, Global Energy, and Other segments. The Global Industrial segment offers water treatment and process applications, and cleaning and sanitizing solutions primarily to industrial customers within the manufacturing, food and beverage processing, transportation, chemical, primary metals and mining, power generation, pulp and paper, pharmaceutical, and commercial laundry.
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