Commonwealth Equity Services LLC lessened its position in Eaton Co. plc (NYSE:ETN – Free Report) by 2.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 137,055 shares of the industrial products company’s stock after selling 3,302 shares during the period. Commonwealth Equity Services LLC’s holdings in Eaton were worth $27,562,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. State Street Corp grew its holdings in Eaton by 8.9% during the first quarter. State Street Corp now owns 16,538,340 shares of the industrial products company’s stock worth $2,833,676,000 after purchasing an additional 1,358,584 shares during the period. Morgan Stanley lifted its position in shares of Eaton by 26.2% in the fourth quarter. Morgan Stanley now owns 12,542,343 shares of the industrial products company’s stock valued at $1,968,521,000 after buying an additional 2,602,246 shares during the last quarter. FMR LLC boosted its stake in shares of Eaton by 208.8% during the 1st quarter. FMR LLC now owns 10,075,604 shares of the industrial products company’s stock worth $1,726,354,000 after acquiring an additional 6,812,750 shares during the period. Geode Capital Management LLC increased its holdings in shares of Eaton by 2.0% during the 1st quarter. Geode Capital Management LLC now owns 7,084,548 shares of the industrial products company’s stock worth $1,210,672,000 after acquiring an additional 136,334 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Eaton by 5.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,369,719 shares of the industrial products company’s stock valued at $849,465,000 after acquiring an additional 302,429 shares during the period. 81.02% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities analysts have commented on ETN shares. Barclays upped their price objective on shares of Eaton from $185.00 to $187.00 and gave the company an “underweight” rating in a report on Wednesday, November 1st. Royal Bank of Canada upped their price target on shares of Eaton from $215.00 to $220.00 and gave the company a “sector perform” rating in a research note on Wednesday, November 1st. Morgan Stanley raised their price objective on shares of Eaton from $235.00 to $238.00 and gave the stock an “overweight” rating in a research report on Monday, September 25th. HSBC upped their target price on Eaton from $161.00 to $210.00 and gave the company a “hold” rating in a research report on Thursday, August 31st. Finally, Argus lifted their price target on Eaton from $195.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $219.23.
Insider Activity at Eaton
In other Eaton news, insider Thomas B. Okray sold 4,950 shares of the company’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $231.09, for a total transaction of $1,143,895.50. Following the completion of the sale, the insider now directly owns 7,367 shares in the company, valued at $1,702,440.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Thomas B. Okray sold 4,950 shares of the business’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $231.09, for a total transaction of $1,143,895.50. Following the completion of the transaction, the insider now owns 7,367 shares of the company’s stock, valued at approximately $1,702,440.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Taras G. Jr. Szmagala sold 1,869 shares of Eaton stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $226.68, for a total transaction of $423,664.92. Following the sale, the insider now directly owns 7,431 shares in the company, valued at $1,684,459.08. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by insiders.
Eaton Price Performance
Shares of NYSE ETN opened at $227.80 on Monday. The business has a fifty day moving average price of $213.10 and a two-hundred day moving average price of $204.76. The stock has a market capitalization of $90.96 billion, a PE ratio of 30.50, a P/E/G ratio of 2.18 and a beta of 1.07. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.45 and a quick ratio of 0.96. Eaton Co. plc has a fifty-two week low of $150.86 and a fifty-two week high of $240.44.
Eaton (NYSE:ETN – Get Free Report) last posted its quarterly earnings results on Tuesday, October 31st. The industrial products company reported $2.47 EPS for the quarter, beating analysts’ consensus estimates of $2.34 by $0.13. The business had revenue of $5.88 billion during the quarter, compared to the consensus estimate of $5.89 billion. Eaton had a return on equity of 19.49% and a net margin of 13.24%. Eaton’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.02 earnings per share. As a group, equities analysts predict that Eaton Co. plc will post 9.02 earnings per share for the current fiscal year.
Eaton Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Monday, November 6th will be given a dividend of $0.86 per share. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $3.44 annualized dividend and a dividend yield of 1.51%. Eaton’s dividend payout ratio is 46.05%.
Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.
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