US Bancorp DE raised its stake in shares of Eaton Co. PLC (NYSE:ETN) by 2.0% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 347,916 shares of the industrial products company’s stock after purchasing an additional 6,901 shares during the period. US Bancorp DE owned approximately 0.08% of Eaton worth $28,974,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the business. Sontag Advisory LLC bought a new position in shares of Eaton in the second quarter worth $242,000. AXA boosted its holdings in shares of Eaton by 0.9% during the second quarter. AXA now owns 693,000 shares of the industrial products company’s stock worth $57,713,000 after purchasing an additional 6,397 shares during the period. United Capital Financial Advisers LLC boosted its holdings in shares of Eaton by 1.9% during the second quarter. United Capital Financial Advisers LLC now owns 228,062 shares of the industrial products company’s stock worth $18,993,000 after purchasing an additional 4,280 shares during the period. Profund Advisors LLC boosted its holdings in shares of Eaton by 2.5% during the second quarter. Profund Advisors LLC now owns 8,165 shares of the industrial products company’s stock worth $680,000 after purchasing an additional 200 shares during the period. Finally, Providence Capital Advisors LLC boosted its holdings in shares of Eaton by 2.2% during the second quarter. Providence Capital Advisors LLC now owns 34,049 shares of the industrial products company’s stock worth $2,836,000 after purchasing an additional 746 shares during the period. Institutional investors and hedge funds own 77.59% of the company’s stock.
In related news, insider Richard H. Fearon sold 80,592 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $82.75, for a total value of $6,668,988.00. Following the sale, the insider now owns 270,097 shares in the company, valued at $22,350,526.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Deborah L. Mccoy sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $79.18, for a total transaction of $237,540.00. Following the completion of the sale, the director now owns 29,936 shares in the company, valued at approximately $2,370,332.48. The disclosure for this sale can be found here. Insiders sold 84,592 shares of company stock worth $6,993,418 in the last 90 days. 0.70% of the stock is currently owned by corporate insiders.
Shares of ETN traded up $0.17 on Friday, hitting $87.47. 3,100,092 shares of the stock traded hands, compared to its average volume of 2,059,253. The company has a market capitalization of $36.67 billion, a PE ratio of 16.23, a P/E/G ratio of 1.70 and a beta of 1.45. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.18 and a current ratio of 1.83. The business has a 50 day simple moving average of $79.95 and a 200 day simple moving average of $80.60. Eaton Co. PLC has a one year low of $64.46 and a one year high of $89.46.
Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $1.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.51 by $0.02. Eaton had a net margin of 10.16% and a return on equity of 14.88%. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.63 billion. During the same quarter last year, the firm earned $1.39 earnings per share. The firm’s quarterly revenue was up .8% compared to the same quarter last year. On average, equities analysts expect that Eaton Co. PLC will post 5.86 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 2nd were issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.25%. The ex-dividend date was Thursday, August 1st. Eaton’s dividend payout ratio is currently 52.69%.
ETN has been the subject of a number of analyst reports. Deutsche Bank set a $96.00 target price on shares of Eaton and gave the stock a “buy” rating in a report on Wednesday, July 31st. Barclays reaffirmed a “sell” rating and set a $76.00 target price on shares of Eaton in a research note on Thursday, June 6th. Morgan Stanley raised their target price on shares of Eaton from $88.00 to $90.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Royal Bank of Canada set a $84.00 target price on shares of Eaton and gave the company a “hold” rating in a research note on Wednesday, July 31st. Finally, Robert W. Baird downgraded shares of Eaton from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $89.00 to $82.00 in a research note on Tuesday, September 3rd. Three analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $87.91.
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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