Lazard Asset Management LLC purchased a new position in shares of Emerald Expositions Events, Inc. (NYSE:EEX) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,397,353 shares of the company’s stock, valued at approximately $30,602,000. Lazard Asset Management LLC owned approximately 1.94% of Emerald Expositions Events at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of EEX. Spark Investment Management LLC acquired a new position in shares of Emerald Expositions Events during the second quarter worth $2,525,000. State of New Jersey Common Pension Fund D acquired a new position in shares of Emerald Expositions Events during the second quarter worth $2,190,000. First Manhattan Co. acquired a new position in shares of Emerald Expositions Events during the second quarter worth $2,538,000. Schwab Charles Investment Management Inc. acquired a new position in shares of Emerald Expositions Events during the second quarter worth $1,150,000. Finally, Rhumbline Advisers acquired a new position in shares of Emerald Expositions Events during the second quarter worth $376,000. 26.69% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently issued reports on EEX. Zacks Investment Research downgraded Emerald Expositions Events from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Citigroup Inc. began coverage on Emerald Expositions Events in a research report on Wednesday, May 24th. They set a “buy” rating and a $25.00 price target on the stock. Finally, Royal Bank Of Canada reduced their price target on Emerald Expositions Events from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 30th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Emerald Expositions Events currently has a consensus rating of “Buy” and an average price target of $24.28.
Shares of Emerald Expositions Events, Inc. (NYSE:EEX) opened at 22.60 on Thursday. Emerald Expositions Events, Inc. has a one year low of $18.67 and a one year high of $23.37. The stock has a market capitalization of $1.63 billion and a price-to-earnings ratio of 87.60. The stock’s 50 day moving average is $21.86 and its 200-day moving average is $21.71.
Emerald Expositions Events (NYSE:EEX) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.18 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.18. The firm had revenue of $74.14 million during the quarter, compared to analyst estimates of $74.81 million. On average, equities research analysts predict that Emerald Expositions Events, Inc. will post $1.06 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Thursday, August 17th were issued a $0.07 dividend. The ex-dividend date of this dividend was Tuesday, August 15th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.24%.
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About Emerald Expositions Events
Emerald Expositions Events, Inc (Emerald), formerly Expo Event Holdco, Inc, is an operator of business-to-business (B2B) trade shows. The Company operates across multiple sectors, which includes: Gift, Home and General Merchandise; Sports; Design and Construction; Technology; Jewelry; Other Trade Shows; and Other Events.
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