Eastern Bank Increased Ford Motor Co (NYSE:F) by $3.67 Million as Shares Declined


Eastern Bank increased its stake in Ford Motor Co (NYSE:F) by 27.95% based on its latest 2016Q2 regulatory filing with the SEC. Eastern Bank bought 282,502 shares as the company’s stock declined 3.36% while stock markets rallied. The institutional investor held 1.29 million shares of the auto manufacturing company at the end of 2016Q2, valued at $17.46 million, up from 1.01M at the end of the previous reported quarter. Eastern Bank who had been investing in Ford Motor Co for a number of months, seems to be bullish on the $50.42B market cap company. The stock is down 2.60% or $0.33 hitting $12.37, despite the positive news. About 28.81M shares traded hands. Ford Motor Company (NYSE:F) has risen 9.58% since February 8, 2016 and is uptrending. It has underperformed by 6.91% the S&P500.

Eastern Bank, which manages about $1.23B US Long portfolio, decreased its stake in Micron Technology Inc (NASDAQ:MU) by 671,685 shares to 21,818 shares, valued at $228,000 in 2016Q2, according to the filing. It also reduced its holding in State Street Corp (NYSE:STT) by 151,418 shares in the quarter, leaving it with 139,555 shares, and cut its stake in Deutsche X (DBJP).

The institutional sentiment decreased to 1.11 in 2016 Q2. Its down 0.14, from 1.25 in 2016Q1. The ratio turned negative, as 65 funds sold all F shares owned while 348 reduced positions. 72 funds bought stakes while 386 increased positions. They now own 2.16 billion shares or 0.10% less from 2.16 billion shares in 2016Q1.

Guardian Investment Management holds 5.11% of its portfolio in F for 36,475 shares. Mount Lucas Management Lp owns 1.87 million shares or 3.99% of their US portfolio. Moreover, Managed Asset Portfolios Llc has 3.87% invested in the company for 702,673 shares. The Washington-based Lesa Sroufe & Co has invested 3.65% in the stock. White Pine Investment Co, a Michigan-based fund reported 472,305 shares.

Out of 14 analysts covering Ford Motor Company (NYSE:F), 7 rate it a “Buy”, 2 “Sell”, while 5 “Hold”. This means 50% are positive. $119 is the highest target while $10 is the lowest. The $22.33 average target is 80.52% above today’s ($12.37) stock price. Ford Motor Company has been the topic of 19 analyst reports since September 25, 2015 according to StockzIntelligence Inc. Citigroup maintained the stock on July 29 with “Neutral” rating. Goldman Sachs downgraded the shares of F in a report on July 29 to “Neutral” rating. Lastly, RBC Capital Markets maintained the stock with “Sector Perform” rating in an April 29 report.

Ford Motor Company is a global automotive and mobility company. The company has a market cap of $50.42 billion. The Company’s principal business includes designing, manufacturing, marketing, financing, and servicing a line of Ford cars, trucks, sports utility vehicles (SUVs), and electrified vehicles, as well as Lincoln luxury vehicles. It has a 5.5 P/E ratio. The Firm operates in two sectors: Automotive and Financial Services.

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