Penobscot Investment Management Company Inc. continued to hold its position in shares of Ecolab Inc. (NYSE:ECL) during the second quarter, Holdings Channel reports. The firm owned 19,495 shares of the company’s stock at the end of the second quarter. Penobscot Investment Management Company Inc.’s holdings in Ecolab were worth $2,312,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Sumitomo Mitsui Asset Management Company LTD raised its position in shares of Ecolab by 0.3% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 113,423 shares of the company’s stock valued at $13,451,000 after buying an additional 293 shares in the last quarter. GW Henssler & Associates Ltd. raised its position in shares of Ecolab by 3.7% in the second quarter. GW Henssler & Associates Ltd. now owns 86,578 shares of the company’s stock valued at $10,268,000 after buying an additional 3,100 shares in the last quarter. Hedeker Wealth LLC bought a new position in shares of Ecolab during the second quarter valued at about $1,082,000. Concert Wealth Management Inc. bought a new position in shares of Ecolab during the second quarter valued at about $220,000. Finally, Gluskin Sheff & Assoc Inc. raised its position in shares of Ecolab by 11.2% in the second quarter. Gluskin Sheff & Assoc Inc. now owns 36,273 shares of the company’s stock valued at $4,302,000 after buying an additional 3,640 shares in the last quarter. 74.79% of the stock is currently owned by institutional investors and hedge funds.
Ecolab Inc. (NYSE:ECL) traded up 0.19% during trading on Wednesday, hitting $116.82. 779,145 shares of the stock traded hands. The company has a market cap of $34.06 billion, a P/E ratio of 36.63 and a beta of 0.87. Ecolab Inc. has a 52-week low of $98.62 and a 52-week high of $124.60. The firm has a 50-day moving average price of $119.64 and a 200 day moving average price of $118.67.
Ecolab (NYSE:ECL) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $1.08 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.08. The company had revenue of $3.32 billion for the quarter, compared to analysts’ expectations of $3.33 billion. Ecolab had a net margin of 7.20% and a return on equity of 19.24%. Ecolab’s revenue was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.08 EPS. On average, equities analysts expect that Ecolab Inc. will post $4.44 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 17th. Investors of record on Tuesday, September 20th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend was Friday, September 16th. Ecolab’s payout ratio is 43.89%.
A number of research analysts have weighed in on the stock. Zacks Investment Research raised shares of Ecolab from a “hold” rating to a “buy” rating and set a $136.00 price objective on the stock in a research note on Tuesday, October 4th. Macquarie assumed coverage on shares of Ecolab in a research note on Thursday, August 25th. They issued an “outperform” rating and a $143.00 price objective on the stock. Nomura raised their price objective on shares of Ecolab from $94.00 to $98.00 and gave the company a “reduce” rating in a research note on Monday, August 22nd. Credit Suisse Group AG reissued a “hold” rating and set a $120.00 price target on shares of Ecolab in a research report on Wednesday, August 3rd. Finally, Oppenheimer Holdings Inc. raised their price target on shares of Ecolab from $120.00 to $129.00 and gave the company an “outperform” rating in a research report on Wednesday, August 3rd. Two analysts have rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the stock. Ecolab has a consensus rating of “Buy” and an average target price of $127.68.
In related news, EVP Christophe Beck sold 5,789 shares of the company’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $122.70, for a total value of $710,310.30. Following the transaction, the executive vice president now owns 32,475 shares in the company, valued at approximately $3,984,682.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Douglas M. Baker, Jr. sold 25,800 shares of the company’s stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $122.41, for a total transaction of $3,158,178.00. Following the completion of the transaction, the chairman now owns 456,349 shares in the company, valued at approximately $55,861,681.09. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.
Ecolab Company Profile
Ecolab Inc provides water, hygiene and energy technologies and services. The Company’s segments include Global Industrial, Global Institutional, Global Energy, Other and Corporate. The Global Industrial segment consists of the Water, Food and Beverage, Paper and Textile Care operating units. The Global Institutional segment consists of the Institutional, Specialty and Healthcare operating units.
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