Company Update: EMC Corporation (NYSE:EMC) – EMC Applauds ISS Endorsing Dell Deal; Shares Still Well Below Offer Price

[at Barrons.com] – Shares of storage equipment giant EMC (EMC) are unchanged in late trading at $27.33, after the company announced prominent shareholder advisory firm Institutional Shareholder Services recommended that EMC holders vote in favor of the proposed $67-billion acquisition of EMC by privately held Dell, when ballots are counted at a special meeting EMC will hold on July 19th. EMC said ISS joins Glass Lewis and Egan-Jones in voting for the deal, which was announced back on October 12th. EMC CEO Joe Tucci said the company was “incredibly pleased” ISS threw its support to the deal, and that it’s “another very strong indicator that the coming together of EMC and Dell is the best strategic option for all stakeholders.” Details about the special meeting including how to register and participate, can be found on EMC’s Web site. Read more on this. EMC Corporation (EMC) , currently valued at $53.42B, opened at $27.35. Looking at the stock, its one day range is $27.29 to $27.40 with its 52-week range being $22.66 to $28.77. EMC shares are currently priced at 15.17x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 13.55x earnings multiple. The company pays shareholders $0.46 per share annually in dividends, yielding 1.69%. According to a consensus of 24 analysts, the earnings estimate of $0.42 per share would be $0.01 worse than the year-ago quarter and a $0.00 sequential decrease. The full-year EPS estimate is $1.80 which would be a $0.02 worse than last year’s full-year earnings. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $6.00 Billion. If realized, that would be a 1.15% decrease over the year-ago quarter. Recently, Sterne Agee CRT downgraded EMC from Buy to Neutral (Jun 2, 2016). Previously, UBS downgraded EMC from Buy to Neutral. With the above information in mind, readers should note that the average price target is $28.91, which is 5.70% above where the stock opened this morning. See more in (NYSE:EMC) Similar Articles: Market Update: EMC Corporation (NYSE:EMC) – Dell Said to Boost Bond Deal for EMC Buyout to $20 Billion Stock Update: EMC Corporation (NYSE:EMC) – EMC: Raymond James Slightly Less Bullish as Price Nears Dell Takeout Value Stock Update: EMC Corporation (NYSE:EMC) – Michael Dell to employees: Ignore media reports on EMC deal