Axa Reduces Stake in Eaton Co. PLC (ETN)
Axa lessened its holdings in shares of Eaton Co. PLC (NYSE:ETN) by 11.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 845,258 shares of the industrial products company’s stock after selling 110,500 shares during the period. Axa’s holdings in Eaton were worth $73,309,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Financial Architects Inc boosted its holdings in shares of Eaton by 2,675.0% during the 3rd quarter. Financial Architects Inc now owns 1,221 shares of the industrial products company’s stock valued at $106,000 after buying an additional 1,177 shares in the last quarter. Reilly Financial Advisors LLC boosted its holdings in shares of Eaton by 145.3% during the 3rd quarter. Reilly Financial Advisors LLC now owns 1,266 shares of the industrial products company’s stock valued at $110,000 after buying an additional 750 shares in the last quarter. Zions Bancorporation bought a new stake in shares of Eaton during the 2nd quarter valued at $113,000. Fort L.P. bought a new stake in shares of Eaton during the 2nd quarter valued at $116,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in shares of Eaton during the 2nd quarter valued at $123,000. Hedge funds and other institutional investors own 78.44% of the company’s stock.
In other Eaton news, insider Revathi Advaithi sold 15,500 shares of the business’s stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $82.98, for a total value of $1,286,190.00. Following the completion of the transaction, the insider now owns 24,715 shares of the company’s stock, valued at approximately $2,050,850.70. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Richard H. Fearon sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $83.29, for a total value of $2,082,250.00. Following the completion of the transaction, the insider now directly owns 221,459 shares of the company’s stock, valued at approximately $18,445,320.11. The disclosure for this sale can be found here. In the last three months, insiders sold 55,000 shares of company stock valued at $4,617,645. 0.50% of the stock is owned by insiders.
Eaton (NYSE:ETN) last issued its earnings results on Tuesday, October 30th. The industrial products company reported $1.43 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.43. Eaton had a return on equity of 13.48% and a net margin of 10.06%. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.49 billion. During the same quarter in the previous year, the firm earned $1.25 EPS. Eaton’s revenue was up 3.9% on a year-over-year basis. Sell-side analysts forecast that Eaton Co. PLC will post 5.35 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 16th. Shareholders of record on Friday, November 2nd were given a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date was Thursday, November 1st. Eaton’s dividend payout ratio (DPR) is 56.77%.
A number of analysts have recently commented on ETN shares. Royal Bank of Canada restated a “hold” rating and set a $80.00 target price on shares of Eaton in a report on Tuesday, July 31st. Barclays lifted their price target on Eaton from $71.00 to $77.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 1st. Wells Fargo & Co set a $92.00 price target on Eaton and gave the stock a “buy” rating in a research report on Wednesday, August 1st. Zacks Investment Research raised Eaton from a “hold” rating to a “buy” rating and set a $91.00 price target for the company in a research report on Monday, August 6th. Finally, JPMorgan Chase & Co. raised Eaton from a “neutral” rating to an “overweight” rating and set a $92.00 price target for the company in a research report on Monday, August 13th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company. Eaton presently has a consensus rating of “Buy” and a consensus price target of $86.12.
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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