EMC Corp. (EMC) Now Covered by Citigroup Inc.
Equities researchers at Citigroup Inc. assumed coverage on shares of EMC Corp. (NYSE:EMC) in a note issued to investors on Tuesday. The firm set a “neutral” rating and a $32.09 price target on the information technology service provider’s stock. Citigroup Inc.’s price target would indicate a potential upside of 10.46% from the company’s current price.
EMC has been the subject of several other research reports. Zacks Investment Research raised EMC Corp. from a “hold” rating to a “buy” rating and set a $29.00 target price for the company in a research note on Tuesday, April 19th. Mizuho cut EMC Corp. from a “buy” rating to a “neutral” rating and set a $29.50 price objective for the company. in a research note on Monday, July 11th. Morgan Stanley cut EMC Corp. from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $69.00 to $60.00 in a research note on Wednesday, June 1st. Drexel Hamilton reissued a “buy” rating on shares of EMC Corp. in a research note on Wednesday, April 20th. Finally, Robert W. Baird reissued an “outperform” rating and issued a $29.00 price objective (up previously from $28.00) on shares of EMC Corp. in a research note on Tuesday, July 19th. One analyst has rated the stock with a sell rating, eighteen have given a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $30.28.
EMC Corp. (NYSE:EMC) remained flat at $29.05 on Tuesday. EMC Corp. has a one year low of $22.99 and a one year high of $29.00. The firm’s 50-day moving average is $28.53 and its 200-day moving average is $27.32.
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EMC Corp. (NYSE:EMC) last released its earnings results on Monday, July 18th. The information technology service provider reported $0.45 EPS for the quarter, topping 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 analysts’ expectations of $6 billion. During the same quarter last year, the firm posted $0.43 earnings per share. The firm’s revenue was up .3% on a year-over-year basis. On average, equities research analysts anticipate that EMC Corp. will post $1.84 earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of EMC. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in EMC Corp. during the fourth quarter valued at approximately $3,852,000. Kellner Capital LLC purchased a new stake in shares of EMC Corp. during the fourth quarter valued at about $6,084,000. Gabelli Securities Inc. purchased a new stake in shares of EMC Corp. during the fourth quarter valued at about $5,698,000. Gamco Investors INC. ET AL raised its stake in shares of EMC Corp. by 79.5% in the fourth quarter. Gamco Investors INC. ET AL now owns 134,800 shares of the information technology service provider’s stock valued at $3,462,000 after buying an additional 59,700 shares during the period. Finally, Gabelli Funds LLC raised its stake in shares of EMC Corp. by 14.8% in the fourth quarter. Gabelli Funds LLC now owns 533,800 shares of the information technology service provider’s stock valued at $13,708,000 after buying an additional 68,800 shares during the period. Institutional investors and hedge funds own 79.86% of the company’s stock.
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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