JPMorgan Chase & Co. Has $342,359,000 Stake in Eaton Corp. PLC (ETN)
JPMorgan Chase & Co. reduced its position in shares of Eaton Corp. PLC (NYSE:ETN) by 11.3% during the third quarter, Holdings Channel reports. The fund owned 5,210,137 shares of the company’s stock after selling 661,867 shares during the period. JPMorgan Chase & Co.’s holdings in Eaton Corp. PLC were worth $342,359,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Eaton Corp. PLC by 2.1% in the second quarter. Vanguard Group Inc. now owns 27,938,793 shares of the company’s stock worth $1,668,784,000 after buying an additional 571,217 shares during the last quarter. State Street Corp raised its stake in shares of Eaton Corp. PLC by 0.4% in the second quarter. State Street Corp now owns 19,028,897 shares of the company’s stock worth $1,136,606,000 after buying an additional 69,653 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Eaton Corp. PLC by 0.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 12,135,938 shares of the company’s stock worth $724,880,000 after buying an additional 60,319 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Eaton Corp. PLC by 1.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 10,710,977 shares of the company’s stock worth $639,767,000 after buying an additional 163,162 shares during the last quarter. Finally, FMR LLC raised its stake in shares of Eaton Corp. PLC by 4.7% in the second quarter. FMR LLC now owns 10,010,455 shares of the company’s stock worth $597,924,000 after buying an additional 447,172 shares during the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.
Shares of Eaton Corp. PLC (NYSE:ETN) opened at 65.98 on Tuesday. Eaton Corp. PLC has a 52 week low of $46.19 and a 52 week high of $68.95. The firm has a market cap of $29.80 billion, a PE ratio of 15.59 and a beta of 1.36. The company has a 50 day moving average of $64.07 and a 200 day moving average of $63.59.
Eaton Corp. PLC (NYSE:ETN) last issued its earnings results on Tuesday, November 1st. The company reported $1.15 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.15. The company had revenue of $5 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Eaton Corp. PLC had a net margin of 9.78% and a return on equity of 12.73%. The firm’s revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.96 earnings per share. On average, equities research analysts anticipate that Eaton Corp. PLC will post $4.20 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 18th. Shareholders of record on Monday, November 7th were issued a dividend of $0.57 per share. The ex-dividend date of this dividend was Thursday, November 3rd. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.46%. Eaton Corp. PLC’s dividend payout ratio (DPR) is 53.65%.
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A number of equities research analysts have recently weighed in on ETN shares. Royal Bank Of Canada reduced their price objective on shares of Eaton Corp. PLC from $68.00 to $65.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 2nd. Argus raised shares of Eaton Corp. PLC from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Wednesday, August 10th. They noted that the move was a valuation call. Barclays PLC increased their target price on shares of Eaton Corp. PLC from $67.00 to $69.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 3rd. Jefferies Group reaffirmed a “hold” rating on shares of Eaton Corp. PLC in a research report on Friday, August 5th. Finally, HSBC initiated coverage on shares of Eaton Corp. PLC in a research report on Friday, October 7th. They issued a “buy” rating and a $74.00 target price on the stock. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $64.37.
In other Eaton Corp. PLC news, insider Revathi Advaithi sold 39,008 shares of the stock in a transaction on Friday, November 18th. The shares were sold at an average price of $64.16, for a total transaction of $2,502,753.28. Following the sale, the insider now directly owns 71,397 shares of the company’s stock, valued at $4,580,831.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael J. Critelli sold 13,000 shares of the stock in a transaction on Wednesday, November 9th. The stock was sold at an average price of $64.26, for a total transaction of $835,380.00. Following the sale, the director now directly owns 70,566 shares in the company, valued at $4,534,571.16. 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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