PineBridge Investments L.P. lowered its position in EMC Corp. (NYSE:EMC) by 36.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,471 shares of the information technology service provider’s stock after selling 4,891 shares during the period. PineBridge Investments L.P.’s holdings in EMC Corp. were worth $230,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the company. Renaissance Technologies LLC acquired a new position in shares of EMC Corp. during the first quarter worth about $186,561,000. Emerald Acquisition Ltd. acquired a new position in shares of EMC Corp. during the second quarter worth about $142,378,000. NN Investment Partners Holdings N.V. acquired a new position in shares of EMC Corp. during the first quarter worth about $128,074,000. Samlyn Capital LLC acquired a new position in shares of EMC Corp. during the first quarter worth about $79,006,000. Finally, York Capital Management Global Advisors LLC raised its position in shares of EMC Corp. by 30.4% in the first quarter. York Capital Management Global Advisors LLC now owns 11,013,526 shares of the information technology service provider’s stock worth $293,510,000 after buying an additional 2,567,922 shares during the period. Institutional investors and hedge funds own 79.86% of the company’s stock.
EMC Corp. (NYSE:EMC) opened at 29.05 on Tuesday. EMC Corp. has a 1-year low of $22.99 and a 1-year high of $29.00. The stock has a 50 day moving average price of $28.53 and a 200 day moving average price of $27.32.
EMC Corp. (NYSE:EMC) last announced its earnings results on Monday, July 18th. The information technology service provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.42 by $0.03. EMC Corp. had a return on equity of 11.98% and a net margin of 8.55%. The business earned $6 billion during the quarter, compared to the consensus estimate of $6 billion. During the same period in the prior year, the business posted $0.43 earnings per share. EMC Corp.’s revenue was up .3% compared to the same quarter last year. Equities research analysts predict that EMC Corp. will post $1.84 EPS for the current year.
A number of equities analysts have recently issued reports on EMC shares. Robert W. Baird restated a “hold” rating on shares of EMC Corp. in a research report on Sunday, September 11th. Drexel Hamilton reaffirmed a “buy” rating on shares of EMC Corp. in a report on Sunday, July 24th. Wells Fargo & Co. reaffirmed a “market perform” rating on shares of EMC Corp. in a report on Wednesday, August 31st. Deutsche Bank AG increased their price target on EMC Corp. from $27.00 to $29.00 and gave the stock a “hold” rating in a report on Thursday, August 25th. Finally, Argus reaffirmed a “hold” rating on shares of EMC Corp. in a report on Friday, July 22nd. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $30.27.
About EMC Corp.
EMC Corporation (EMC) develops, delivers and supports the information technology (IT) industry’s range of information infrastructure and virtual infrastructure technologies, solutions and services. EMC manages the Company as part of a federation of businesses: EMC Information Infrastructure, VMware Virtual Infrastructure, Pivotal and Virtustream.
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