Providence Capital Advisors LLC raised its stake in Eaton Co. PLC (NYSE:ETN) by 2.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,049 shares of the industrial products company’s stock after acquiring an additional 746 shares during the quarter. Eaton makes up approximately 1.7% of Providence Capital Advisors LLC’s investment portfolio, making the stock its 10th largest position. Providence Capital Advisors LLC’s holdings in Eaton were worth $2,836,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of ETN. Arcadia Investment Management Corp MI bought a new stake in shares of Eaton during the second quarter worth about $25,000. Hexavest Inc. acquired a new stake in Eaton during the 2nd quarter worth approximately $28,000. Alera Investment Advisors LLC grew its holdings in Eaton by 82.9% during the 1st quarter. Alera Investment Advisors LLC now owns 384 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 174 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Eaton during the 2nd quarter worth approximately $33,000. Finally, Meridian Wealth Management LLC acquired a new position in Eaton in the 1st quarter valued at approximately $34,000. Institutional investors own 77.59% of the company’s stock.
ETN has been the topic of several analyst reports. Royal Bank of Canada set a $84.00 price objective on shares of Eaton and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Morgan Stanley increased their price target on Eaton from $88.00 to $90.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Robert W. Baird downgraded Eaton from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $89.00 to $82.00 in a research report on Tuesday, September 3rd. Deutsche Bank set a $96.00 price objective on Eaton and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Barclays reissued a “sell” rating and set a $76.00 target price on shares of Eaton in a research report on Thursday, June 6th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. Eaton presently has an average rating of “Hold” and a consensus price target of $87.91.
Shares of Eaton stock traded up $1.06 on Wednesday, hitting $87.90. 174,349 shares of the company’s stock traded hands, compared to its average volume of 2,177,494. The company has a fifty day moving average of $79.72 and a two-hundred day moving average of $80.53. Eaton Co. PLC has a one year low of $64.46 and a one year high of $89.46. The company has a market capitalization of $36.46 billion, a price-to-earnings ratio of 16.31, a price-to-earnings-growth ratio of 1.65 and a beta of 1.45. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.83 and a quick ratio of 1.18.
Eaton (NYSE:ETN) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $1.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.51 by $0.02. Eaton had a return on equity of 14.88% and a net margin of 10.16%. The business had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.63 billion. During the same period in the previous year, the company posted $1.39 earnings per share. The firm’s revenue for the quarter was up .8% on a year-over-year basis. Equities research analysts anticipate that Eaton Co. PLC will post 5.87 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 2nd were paid a $0.71 dividend. The ex-dividend date was Thursday, August 1st. This represents a $2.84 annualized dividend and a dividend yield of 3.23%. Eaton’s dividend payout ratio is currently 52.69%.
In other news, insider Richard H. Fearon sold 80,592 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $82.75, for a total value of $6,668,988.00. Following the completion of the sale, the insider now directly owns 270,097 shares in the company, valued at approximately $22,350,526.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Deborah L. Mccoy sold 3,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $79.18, for a total value of $237,540.00. Following the completion of the sale, the director now owns 29,936 shares of the company’s stock, valued at $2,370,332.48. The disclosure for this sale can be found here. Insiders own 0.70% of the company’s stock.
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.
Receive News & Ratings for Eaton Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eaton and related companies with MarketBeat.com's FREE daily email newsletter.