Eaton Corporation, PLC (ETN) Stake Decreased by Cigna Investments Inc. New
Cigna Investments Inc. New decreased its stake in Eaton Corporation, PLC (NYSE:ETN) by 5.0% during the second quarter, Holdings Channel reports. The institutional investor owned 17,142 shares of the industrial products company’s stock after selling 911 shares during the period. Cigna Investments Inc. New’s holdings in Eaton Corporation, PLC were worth $1,334,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. Iowa State Bank increased its stake in Eaton Corporation, PLC by 2.4% in the first quarter. Iowa State Bank now owns 42,011 shares of the industrial products company’s stock valued at $3,115,000 after buying an additional 995 shares in the last quarter. Tompkins Financial Corp purchased a new stake in Eaton Corporation, PLC during the first quarter valued at about $124,000. Atria Investments LLC increased its stake in Eaton Corporation, PLC by 31.6% in the first quarter. Atria Investments LLC now owns 32,685 shares of the industrial products company’s stock valued at $2,424,000 after buying an additional 7,849 shares in the last quarter. Hays Advisory LLC increased its stake in Eaton Corporation, PLC by 10.1% in the first quarter. Hays Advisory LLC now owns 3,756 shares of the industrial products company’s stock valued at $279,000 after buying an additional 346 shares in the last quarter. Finally, Visionary Asset Management Inc. increased its stake in Eaton Corporation, PLC by 2.3% in the first quarter. Visionary Asset Management Inc. now owns 47,705 shares of the industrial products company’s stock valued at $3,537,000 after buying an additional 1,063 shares in the last quarter. 76.59% of the stock is owned by institutional investors and hedge funds.
Eaton Corporation, PLC (NYSE ETN) opened at 73.14 on Thursday. Eaton Corporation, PLC has a 52 week low of $59.07 and a 52 week high of $81.63. The company has a market cap of $32.53 billion, a price-to-earnings ratio of 16.77 and a beta of 1.35. The stock has a 50 day moving average of $77.68 and a 200 day moving average of $75.02.
Eaton Corporation, PLC (NYSE:ETN) last issued its earnings results on Tuesday, August 1st. The industrial products company reported $1.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.16 by $0.01. The business had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.14 billion. Eaton Corporation, PLC had a return on equity of 12.93% and a net margin of 9.95%. The firm’s revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.07 EPS. Equities research analysts predict that Eaton Corporation, PLC will post $4.61 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Stockholders of record on Friday, August 4th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.28%. The ex-dividend date is Wednesday, August 2nd. Eaton Corporation, PLC’s dividend payout ratio (DPR) is currently 54.79%.
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Several analysts recently issued reports on the stock. Royal Bank Of Canada reaffirmed a “hold” rating and set a $78.00 price objective on shares of Eaton Corporation, PLC in a report on Wednesday, July 12th. Wolfe Research assumed coverage on shares of Eaton Corporation, PLC in a report on Tuesday, July 11th. They set a “market perform” rating for the company. Stifel Nicolaus reaffirmed a “hold” rating and set a $80.00 price objective on shares of Eaton Corporation, PLC in a report on Friday, July 7th. BidaskClub cut shares of Eaton Corporation, PLC from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Zacks Investment Research cut shares of Eaton Corporation, PLC from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $78.54.
About Eaton Corporation, PLC
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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