Todays Report: The Smith Salley & Associates reduces its investment in EMC Corp. (EMC)

The Smith Salley & Associates reduces its investment in EMC Corp. (EMC)

Smith Salley & Associates decreased its position in EMC Corp. (NYSE:EMC) by 9.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,349 shares of the information technology service provider’s stock after selling 1,286 shares during the period. Smith Salley & Associates’ holdings in EMC Corp. were worth $336,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP bought a new stake in EMC Corp. during the first quarter worth $14,078,000. Simmons Bank bought a new stake in EMC Corp. during the first quarter worth $2,352,000. Geode Capital Management LLC increased its stake in EMC Corp. by 1.8% in the first quarter. Geode Capital Management LLC now owns 16,240,401 shares of the information technology service provider’s stock worth $431,955,000 after buying an additional 291,846 shares during the last quarter. Fairpointe Capital LLC bought a new stake in EMC Corp. during the first quarter worth $490,000. Finally, Pictet Asset Management Ltd. increased its stake in EMC Corp. by 20.5% in the first quarter. Pictet Asset Management Ltd. now owns 3,813,658 shares of the information technology service provider’s stock worth $99,651,000 after buying an additional 649,109 shares during the last quarter. 79.86% of the stock is owned by institutional investors and hedge funds.

Shares of EMC Corp. (NYSE:EMC) remained flat at $29.05 during midday trading on Friday. EMC Corp. has a 1-year low of $22.99 and a 1-year high of $29.13. The firm has a 50-day moving average of $28.52 and a 200-day moving average of $27.28.

EMC Corp. (NYSE:EMC) last posted its quarterly earnings data on Monday, July 18th. The information technology service provider reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.03. The company had revenue of $6 billion for the quarter, compared to analyst estimates of $6 billion. EMC Corp. had a return on equity of 11.98% and a net margin of 8.55%. The business’s revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.43 earnings per share. Equities research analysts predict that EMC Corp. will post $1.84 earnings per share for the current fiscal year.

A number of research firms have recently weighed in on EMC. Oppenheimer Holdings Inc. reissued a “buy” rating on shares of EMC Corp. in a research report on Thursday, September 8th. Robert W. Baird restated a “hold” rating on shares of EMC Corp. in a research note on Sunday, September 11th. Wells Fargo & Co. restated a “market perform” rating on shares of EMC Corp. in a research note on Wednesday, August 31st. Hilliard Lyons cut EMC Corp. from a “buy” rating to a “neutral” rating in a research note on Thursday, September 1st. Finally, Deutsche Bank AG raised their price objective on EMC Corp. from $27.00 to $29.00 and gave the stock a “hold” rating in a research note on Thursday, August 25th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and seven have assigned a buy rating to the company. EMC Corp. presently has a consensus rating of “Hold” and a consensus price target of $30.84.

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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