Oppenheimer Asset Management Inc. has increased its stake in Emerson Electric Co. (NYSE: EMR) by 2.3% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm now holds 170,725 shares of the industrial products company after acquiring an additional 3,844 shares. The total value of Oppenheimer’s holdings in Emerson Electric is approximately $22,763,000.
Several other institutional investors have also adjusted their positions in Emerson Electric. For instance, the Saudi Central Bank purchased a new stake valued at around $25,000 during the first quarter. Meanwhile, MJT & Associates Financial Advisory Group Inc. acquired shares worth approximately $27,000 in the same period. PFS Partners LLC increased its holdings by 65.9% during the second quarter, now owning 272 shares valued at $36,000 after buying an additional 108 shares. Additionally, Princeton Global Asset Management LLC and Clal Insurance Enterprises Holdings Ltd. have made significant investments, with Clal boosting its stake by an impressive 436.4% in the first quarter.
Currently, institutional investors own approximately 74.30% of Emerson Electric’s stock, indicating strong interest from large financial entities.
Market Performance and Recent Developments
On the market, Emerson Electric’s shares opened at $132.81 on Friday. The stock’s 50-day moving average stands at $131.77, while its 200-day moving average is at $127.14. Over the past year, the stock has experienced a low of $90.06 and a high of $150.27. The company currently has a market capitalization of $74.75 billion and a price-to-earnings ratio of 28.56. Its P/E/G ratio is 2.29, and the stock has a beta of 1.29.
Emerson Electric has also announced a quarterly dividend, which was disbursed on September 10, 2023. Shareholders of record as of August 15, 2023, received a dividend of $0.5275. This equates to an annualized dividend of $2.11 and a dividend yield of 1.6%. The company’s dividend payout ratio is currently 45.38%.
Analyst Ratings and Future Outlook
Recent reports from various research firms highlight a positive outlook for Emerson Electric. The Royal Bank of Canada raised its price target from $154.00 to $155.00, maintaining an “outperform” rating. TD Cowen upgraded the stock to a “strong-buy” rating in July, while Citigroup increased its price objective from $146.00 to $165.00. JPMorgan Chase & Co. adjusted its price target from $135.00 to $151.00 and assigned a “neutral” rating.
Overall, the consensus rating for Emerson Electric is categorized as a “Moderate Buy,” with an average target price of $148.28. Among analysts, two have rated the stock as a Strong Buy, eleven as Buy, six as Hold, and one as Sell.
Emerson Electric Co. is a prominent technology and software company that provides solutions across various sectors, including industrial, commercial, and consumer markets worldwide. The company operates in six segments: Final Control, Control Systems & Software, Measurement & Analytical, AspenTech, Discrete Automation, and Safety & Productivity.
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