Pittenger & Anderson Inc. increased its stake in Eaton Co. (NYSE:ETN) by 7.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 25,740 shares of the industrial products company’s stock after purchasing an additional 1,745 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Eaton were worth $2,057,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in ETN. Independence Bank of Kentucky purchased a new position in shares of Eaton in the fourth quarter valued at $118,000. Delpha Capital Management LLC purchased a new position in shares of Eaton in the fourth quarter valued at $124,000. Thompson Davis & CO. Inc. purchased a new position in shares of Eaton in the first quarter valued at $124,000. Parkside Financial Bank & Trust grew its position in shares of Eaton by 50.4% in the first quarter. Parkside Financial Bank & Trust now owns 2,261 shares of the industrial products company’s stock valued at $181,000 after purchasing an additional 758 shares in the last quarter. Finally, Murphy Capital Management Inc. purchased a new position in shares of Eaton in the fourth quarter valued at $201,000. Institutional investors own 79.23% of the company’s stock.
In other news, insider William J. Vanlandingham II sold 10,174 shares of the company’s stock in a transaction dated Tuesday, March 13th. The stock was sold at an average price of $45.77, for a total value of $465,663.98. Following the completion of the transaction, the insider now directly owns 13,963 shares in the company, valued at approximately $639,086.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ken D. Semelsberger sold 15,595 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $82.67, for a total value of $1,289,238.65. Following the completion of the transaction, the insider now owns 104,613 shares of the company’s stock, valued at $8,648,356.71. The disclosure for this sale can be found here. Insiders sold a total of 29,769 shares of company stock valued at $2,083,823 over the last quarter. Company insiders own 0.50% of the company’s stock.
Eaton stock opened at $76.58 on Tuesday. Eaton Co. has a 52 week low of $76.29 and a 52 week high of $76.92. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.51 and a quick ratio of 1.00. The stock has a market cap of $33.44 billion, a P/E ratio of 15.97, a price-to-earnings-growth ratio of 1.49 and a beta of 1.37.
Eaton (NYSE:ETN) last posted its earnings results on Tuesday, May 1st. The industrial products company reported $1.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.03. Eaton had a return on equity of 12.77% and a net margin of 14.59%. The business had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.11 billion. During the same period in the previous year, the business earned $0.96 earnings per share. The firm’s revenue was up 8.3% on a year-over-year basis. equities research analysts predict that Eaton Co. will post 5.21 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 18th. Stockholders of record on Friday, May 4th will be issued a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Thursday, May 3rd. Eaton’s payout ratio is currently 56.77%.
Several equities analysts have recently weighed in on the company. Evercore ISI upgraded Eaton from an “in-line” rating to an “outperform” rating in a research report on Monday, May 7th. Barclays cut Eaton from an “equal weight” rating to an “underweight” rating in a research report on Monday, May 7th. Stifel Nicolaus reduced their price target on Eaton from $88.00 to $87.00 and set a “buy” rating for the company in a research report on Thursday, May 3rd. Citigroup reduced their price target on Eaton from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday, May 2nd. Finally, Goldman Sachs upgraded Eaton from a “neutral” rating to a “buy” rating and set a $88.00 price target for the company in a research report on Tuesday, April 10th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. Eaton has an average rating of “Hold” and an average price target of $86.33.
Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.
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