Wasatch Advisors Inc. decreased its stake in Eaton Co. PLC (NYSE:ETN) by 11.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 68,741 shares of the industrial products company’s stock after selling 8,516 shares during the period. Wasatch Advisors Inc.’s holdings in Eaton were worth $5,538,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Financial Gravity Wealth Inc. acquired a new position in Eaton during the first quarter worth about $25,000. Destination Wealth Management raised its position in Eaton by 103.2% during the first quarter. Destination Wealth Management now owns 319 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 162 shares during the last quarter. Athena Capital Advisors LLC acquired a new position in Eaton during the fourth quarter worth about $27,000. Bremer Trust National Association acquired a new position in Eaton during the fourth quarter worth about $29,000. Finally, Berman Capital Advisors LLC acquired a new position in Eaton during the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 77.87% of the company’s stock.
A number of equities analysts have issued reports on ETN shares. Vertical Research upgraded shares of Eaton from a “hold” rating to a “buy” rating in a research report on Monday, March 4th. Robert W. Baird set a $89.00 target price on shares of Eaton and gave the stock a “buy” rating in a research report on Saturday, February 2nd. Wells Fargo & Co lifted their target price on shares of Eaton from $85.00 to $90.00 and gave the stock an “outperform” rating in a research report on Monday, March 4th. They noted that the move was a valuation call. Morgan Stanley set a $82.00 target price on shares of Eaton and gave the stock a “hold” rating in a research report on Saturday, February 2nd. Finally, Bank of America cut shares of Eaton from a “buy” rating to a “neutral” rating and set a $88.00 target price for the company. in a research report on Thursday, April 4th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. Eaton currently has an average rating of “Hold” and a consensus price target of $86.79.
In other news, insider Joao V. Faria sold 4,301 shares of Eaton stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $80.00, for a total transaction of $344,080.00. Following the completion of the sale, the insider now directly owns 58,688 shares in the company, valued at $4,695,040. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Curtis J. Hutchins sold 12,000 shares of Eaton stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $80.60, for a total transaction of $967,200.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,890 shares of company stock valued at $2,809,633. Insiders own 0.70% of the company’s stock.
Shares of NYSE ETN traded up $0.16 during midday trading on Friday, reaching $77.23. 30,206 shares of the stock were exchanged, compared to its average volume of 2,458,406. The company has a market cap of $33.81 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 1.55 and a beta of 1.47. Eaton Co. PLC has a 52-week low of $64.46 and a 52-week high of $89.46. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.47 and a quick ratio of 0.92.
Eaton (NYSE:ETN) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.38 billion. Eaton had a net margin of 10.06% and a return on equity of 14.56%. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.10 earnings per share. On average, analysts anticipate that Eaton Co. PLC will post 5.89 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Friday, May 3rd were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Thursday, May 2nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.68%. Eaton’s dividend payout ratio (DPR) is presently 52.69%.
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Eaton Company Profile
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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