Olstein Capital Management L.P. increased its position in shares of Eaton Co. PLC (NYSE:ETN) by 8.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 76,000 shares of the industrial products company’s stock after acquiring an additional 6,000 shares during the quarter. Olstein Capital Management L.P.’s holdings in Eaton were worth $5,680,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in the company. Silvant Capital Management LLC acquired a new position in Eaton in the first quarter valued at about $105,000. Thompson Davis & CO. Inc. acquired a new position in Eaton in the first quarter valued at about $124,000. Institutional & Family Asset Management LLC acquired a new position in Eaton in the first quarter valued at about $137,000. Perigon Wealth Management LLC lifted its position in Eaton by 67.5% in the first quarter. Perigon Wealth Management LLC now owns 1,772 shares of the industrial products company’s stock valued at $142,000 after buying an additional 714 shares during the last quarter. Finally, Spectrum Management Group Inc. acquired a new position in Eaton in the second quarter valued at about $149,000. 80.73% of the stock is currently owned by hedge funds and other institutional investors.
ETN stock opened at $81.35 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.96 and a current ratio of 1.47. Eaton Co. PLC has a fifty-two week low of $69.82 and a fifty-two week high of $89.85. The company has a market cap of $35.10 billion, a P/E ratio of 17.49, a PEG ratio of 1.47 and a beta of 1.42.
Eaton (NYSE:ETN) last released its earnings results on Tuesday, July 31st. The industrial products company reported $1.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.32 by $0.07. Eaton had a net margin of 14.80% and a return on equity of 13.11%. The firm had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.45 billion. During the same period in the prior year, the firm earned $1.15 earnings per share. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. analysts anticipate that Eaton Co. PLC will post 5.36 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 17th. Investors of record on Friday, August 3rd were paid a dividend of $0.66 per share. The ex-dividend date of this dividend was Thursday, August 2nd. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.25%. Eaton’s payout ratio is 56.77%.
In related news, insider Richard M. Eubanks sold 7,175 shares of the company’s stock in a transaction that occurred on Thursday, June 7th. The shares were sold at an average price of $80.21, for a total transaction of $575,506.75. Following the sale, the insider now directly owns 10,964 shares in the company, valued at $879,422.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Uday Yadav sold 9,786 shares of the company’s stock in a transaction that occurred on Tuesday, June 12th. The stock was sold at an average price of $80.32, for a total transaction of $786,011.52. Following the sale, the insider now owns 21,559 shares in the company, valued at $1,731,618.88. The disclosure for this sale can be found here. Insiders have sold 27,683 shares of company stock worth $2,220,088 over the last 90 days. Insiders own 0.50% of the company’s stock.
A number of research firms have commented on ETN. Zacks Investment Research raised shares of Eaton from a “hold” rating to a “buy” rating and set a $84.00 target price on the stock in a research report on Tuesday, July 3rd. Barclays upped their target price on shares of Eaton from $71.00 to $77.00 and gave the company an “underweight” rating in a research report on Wednesday, August 1st. Royal Bank of Canada reissued a “hold” rating and set a $80.00 price target on shares of Eaton in a research report on Tuesday, July 31st. Stifel Nicolaus reduced their price target on shares of Eaton from $88.00 to $87.00 and set a “buy” rating on the stock in a research report on Thursday, May 3rd. Finally, MED raised shares of Eaton from a “hold” rating to a “buy” rating and set a $86.00 price target on the stock in a research report on Thursday, July 12th. One analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $87.72.
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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