Eastern Bank Cuts Stock Position in Donaldson Company, Inc. (NYSE:DCI)

Eastern Bank cut its holdings in shares of Donaldson Company, Inc. (NYSE:DCI - Free Report) by 83.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,264 shares of the industrial products company's stock after selling 71,228 shares during the period. Eastern Bank's holdings in Donaldson were worth $957,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. XTX Topco Ltd purchased a new position in Donaldson in the first quarter valued at $268,000. Meeder Asset Management Inc. acquired a new position in shares of Donaldson during the first quarter worth about $277,000. LPL Financial LLC increased its stake in shares of Donaldson by 3.0% during the first quarter. LPL Financial LLC now owns 69,858 shares of the industrial products company's stock worth $4,685,000 after buying an additional 2,053 shares during the period. Mitchell Sinkler & Starr PA raised its holdings in Donaldson by 18.3% in the first quarter. Mitchell Sinkler & Starr PA now owns 5,635 shares of the industrial products company's stock valued at $378,000 after acquiring an additional 870 shares in the last quarter. Finally, Heartland Advisors Inc. lifted its stake in Donaldson by 1.7% in the first quarter. Heartland Advisors Inc. now owns 202,925 shares of the industrial products company's stock worth $13,608,000 after acquiring an additional 3,449 shares during the last quarter. Institutional investors and hedge funds own 82.81% of the company's stock.

Donaldson Stock Down 1.5%

Shares of NYSE:DCI traded down $1.10 during trading on Friday, hitting $70.87. 527,117 shares of the company were exchanged, compared to its average volume of 587,662. The firm's 50 day moving average price is $70.10 and its 200-day moving average price is $68.60. Donaldson Company, Inc. has a 12-month low of $57.45 and a 12-month high of $78.95. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.94 and a quick ratio of 1.24. The stock has a market capitalization of $8.26 billion, a P/E ratio of 23.78, a PEG ratio of 1.87 and a beta of 0.98.

Donaldson (NYSE:DCI - Get Free Report) last announced its quarterly earnings results on Tuesday, June 3rd. The industrial products company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.95 by $0.04. Donaldson had a net margin of 9.94% and a return on equity of 28.86%. The firm had revenue of $940.10 million for the quarter, compared to analyst estimates of $936.02 million. During the same period last year, the business earned $0.92 EPS. Donaldson's revenue for the quarter was up 1.3% compared to the same quarter last year. On average, research analysts predict that Donaldson Company, Inc. will post 3.64 earnings per share for the current fiscal year.

Donaldson Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 27th. Stockholders of record on Tuesday, August 12th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Tuesday, August 12th. Donaldson's dividend payout ratio is presently 40.27%.

Analyst Ratings Changes

A number of brokerages have commented on DCI. Stifel Nicolaus dropped their price objective on shares of Donaldson from $70.00 to $63.00 and set a "hold" rating on the stock in a research report on Monday, April 14th. Robert W. Baird raised their price target on Donaldson from $76.00 to $78.00 and gave the company an "outperform" rating in a research note on Wednesday, June 4th. Wall Street Zen downgraded Donaldson from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Finally, Morgan Stanley reiterated an "underweight" rating and issued a $69.00 price objective (up previously from $65.00) on shares of Donaldson in a report on Friday, June 6th.

Donaldson Profile

Donaldson Company, Inc manufactures and sells filtration systems and replacement parts worldwide. The company operates through three segments: Mobile Solutions, Industrial Solutions, and Life Sciences. Its Mobile Solutions segment provides replacement filters for air and liquid filtration applications, such as air filtration systems; liquid filtration systems for fuel, lube, and hydraulic applications; exhaust and emissions systems and sensors; indicators; and monitoring systems.