Beacon Investment Advisory Services Inc. acquired a new stake in Eaton Co. PLC (NYSE:ETN) in the 2nd quarter, Holdings Channel reports. The institutional investor acquired 4,379 shares of the industrial products company’s stock, valued at approximately $327,000.
A number of other institutional investors and hedge funds have also modified their holdings of ETN. Sound Shore Management Inc. CT bought a new position in Eaton in the 2nd quarter valued at $122,069,000. Assenagon Asset Management S.A. raised its position in Eaton by 27,710.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,434,178 shares of the industrial products company’s stock valued at $107,190,000 after purchasing an additional 1,429,021 shares during the last quarter. American Century Companies Inc. raised its position in Eaton by 57.8% in the 2nd quarter. American Century Companies Inc. now owns 3,531,120 shares of the industrial products company’s stock valued at $263,916,000 after purchasing an additional 1,293,143 shares during the last quarter. LSV Asset Management raised its position in Eaton by 6,356.8% in the 2nd quarter. LSV Asset Management now owns 1,239,710 shares of the industrial products company’s stock valued at $92,655,000 after purchasing an additional 1,220,510 shares during the last quarter. Finally, Millennium Management LLC raised its position in Eaton by 123.2% in the 1st quarter. Millennium Management LLC now owns 2,050,885 shares of the industrial products company’s stock valued at $163,886,000 after purchasing an additional 1,132,033 shares during the last quarter. Hedge funds and other institutional investors own 80.73% of the company’s stock.
Several brokerages have issued reports on ETN. ValuEngine downgraded Eaton from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Citigroup cut their price objective on Eaton from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday, May 2nd. Barclays lifted their price objective on Eaton from $71.00 to $77.00 and gave the company an “underweight” rating in a research report on Wednesday, August 1st. Zacks Investment Research downgraded Eaton from a “buy” rating to a “hold” rating in a research report on Tuesday, August 7th. Finally, JPMorgan Chase & Co. upgraded Eaton from a “neutral” rating to an “overweight” rating and set a $92.00 price objective for the company in a research report on Monday, August 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $87.61.
ETN stock opened at $82.03 on Wednesday. The firm has a market cap of $35.10 billion, a PE ratio of 17.64, a PEG ratio of 1.47 and a beta of 1.42. Eaton Co. PLC has a twelve month low of $69.82 and a twelve month high of $89.85. The company has a quick ratio of 0.96, a current ratio of 1.47 and a debt-to-equity ratio of 0.40.
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 analysts’ consensus estimates of $1.32 by $0.07. The company had revenue of $5.49 billion during the quarter, compared to the consensus estimate of $5.45 billion. Eaton had a return on equity of 13.11% and a net margin of 14.80%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.15 earnings per share. equities research analysts predict that Eaton Co. PLC will post 5.36 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 17th. Stockholders of record on Friday, August 3rd were given a dividend of $0.66 per share. The ex-dividend date was Thursday, August 2nd. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.22%. Eaton’s payout ratio is currently 56.77%.
In related news, insider Richard M. Eubanks sold 7,175 shares of the company’s stock in a transaction dated Thursday, June 7th. The stock was sold at an average price of $80.21, for a total value of $575,506.75. Following the completion of the sale, the insider now owns 10,964 shares in the company, valued at $879,422.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Uday Yadav sold 9,786 shares of the company’s stock in a transaction dated Tuesday, June 12th. The shares were sold at an average price of $80.32, for a total value of $786,011.52. Following the completion of the sale, the insider now owns 21,559 shares of the company’s stock, valued at approximately $1,731,618.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,683 shares of company stock valued at $2,220,088. 0.50% of the stock is currently owned by corporate insiders.
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.
Want to see what other hedge funds are holding ETN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eaton Co. PLC (NYSE:ETN).
Receive News & Ratings for Eaton Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eaton and related companies with MarketBeat.com's FREE daily email newsletter.