Herndon Capital Management LLC Purchases New Stake in Eaton Corp. PLC (ETN)
Herndon Capital Management LLC bought a new stake in shares of Eaton Corp. PLC (NYSE:ETN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 342,732 shares of the company’s stock, valued at approximately $24,481,000.
Other institutional investors also recently bought and sold shares of the company. GW Henssler & Associates Ltd. raised its position in Eaton Corp. PLC by 10.0% in the second quarter. GW Henssler & Associates Ltd. now owns 21,640 shares of the company’s stock valued at $1,293,000 after buying an additional 1,968 shares during the period. Nicolet Bankshares Inc. raised its position in Eaton Corp. PLC by 6.7% in the second quarter. Nicolet Bankshares Inc. now owns 6,218 shares of the company’s stock valued at $371,000 after buying an additional 390 shares during the period. First Citizens Bank & Trust Co. raised its position in Eaton Corp. PLC by 33.8% in the second quarter. First Citizens Bank & Trust Co. now owns 34,865 shares of the company’s stock valued at $2,082,000 after buying an additional 8,800 shares during the period. Quantitative Systematic Strategies LLC raised its position in Eaton Corp. PLC by 10.9% in the second quarter. Quantitative Systematic Strategies LLC now owns 13,381 shares of the company’s stock valued at $791,000 after buying an additional 1,310 shares during the period. Finally, Whittier Trust Co. raised its position in Eaton Corp. PLC by 7.3% in the second quarter. Whittier Trust Co. now owns 186,965 shares of the company’s stock valued at $11,165,000 after buying an additional 12,771 shares during the period. 74.32% of the stock is owned by institutional investors.
Shares of Eaton Corp. PLC (NYSE:ETN) traded up 0.11% during mid-day trading on Tuesday, hitting $63.19. The company had a trading volume of 1,940,772 shares. The firm’s 50-day moving average price is $64.58 and its 200 day moving average price is $63.14. Eaton Corp. PLC has a one year low of $46.19 and a one year high of $68.20. The company has a market capitalization of $28.73 billion, a P/E ratio of 15.60 and a beta of 1.54.
Eaton Corp. PLC (NYSE:ETN) last released its earnings results on Tuesday, August 2nd. The company reported $1.07 EPS for the quarter, hitting analysts’ consensus estimates of $1.07. Eaton Corp. PLC had a net margin of 9.29% and a return on equity of 12.28%. The firm earned $5.10 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the previous year, the business earned $1.16 EPS. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. Analysts predict that Eaton Corp. PLC will post $4.28 earnings per share for the current fiscal year.
ETN has been the subject of a number of recent analyst reports. HSBC initiated coverage on Eaton Corp. PLC in a report on Friday, October 7th. They issued a “buy” rating and a $74.00 price objective for the company. Deutsche Bank AG reissued a “hold” rating and issued a $65.00 price objective on shares of Eaton Corp. PLC in a report on Thursday, August 25th. Argus raised Eaton Corp. PLC from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a report on Wednesday, August 10th. They noted that the move was a valuation call. Jefferies Group reissued a “hold” rating on shares of Eaton Corp. PLC in a report on Friday, August 5th. Finally, Barclays PLC increased their price objective on Eaton Corp. PLC from $67.00 to $69.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 3rd. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $63.35.
In other news, Director Dorothy C. Thompson purchased 550 shares of the firm’s stock in a transaction dated Friday, August 19th. The stock was bought at an average price of $67.32 per share, with a total value of $37,026.00. Following the acquisition, the director now directly owns 550 shares of the company’s stock, valued at $37,026. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Uday Yadav sold 15,713 shares of the business’s stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $67.05, for a total transaction of $1,053,556.65. Following the completion of the transaction, the insider now directly owns 22,601 shares of the company’s stock, valued at approximately $1,515,397.05. The disclosure for this sale can be found here. Company insiders own 0.80% of the company’s stock.
Eaton Corp. PLC Company Profile
Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.
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