North Star Asset Management Inc. acquired a new position in Eaton Co. PLC (NYSE:ETN) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 24,700 shares of the industrial products company’s stock, valued at approximately $1,846,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. BlackRock Inc. grew its holdings in Eaton by 1.9% in the second quarter. BlackRock Inc. now owns 29,464,156 shares of the industrial products company’s stock worth $2,202,152,000 after purchasing an additional 539,852 shares during the period. Boston Partners grew its holdings in Eaton by 5.3% in the second quarter. Boston Partners now owns 8,207,138 shares of the industrial products company’s stock worth $613,401,000 after purchasing an additional 411,336 shares during the period. Bank of New York Mellon Corp grew its holdings in Eaton by 10.9% in the second quarter. Bank of New York Mellon Corp now owns 6,233,875 shares of the industrial products company’s stock worth $465,919,000 after purchasing an additional 611,053 shares during the period. Wells Fargo & Company MN grew its holdings in Eaton by 9.0% in the first quarter. Wells Fargo & Company MN now owns 4,930,724 shares of the industrial products company’s stock worth $394,014,000 after purchasing an additional 407,171 shares during the period. Finally, FMR LLC grew its holdings in Eaton by 13.2% in the second quarter. FMR LLC now owns 4,337,578 shares of the industrial products company’s stock worth $324,191,000 after purchasing an additional 506,129 shares during the period. Institutional investors and hedge funds own 77.55% of the company’s stock.
ETN has been the topic of a number of recent research reports. Citigroup cut their price objective on shares of Eaton from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Wednesday, May 2nd. Barclays cut their price objective on shares of Eaton from $90.00 to $82.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 2nd. Stifel Nicolaus cut their price objective on shares of Eaton from $88.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, May 3rd. Evercore ISI upgraded shares of Eaton from an “in-line” rating to an “outperform” rating in a report on Monday, May 7th. Finally, Bank of America upgraded shares of Eaton from a “neutral” rating to a “buy” rating in a report on Friday, May 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $87.61.
In related news, insider Uday Yadav sold 9,786 shares of the stock in a transaction that occurred on Tuesday, June 12th. The shares were sold at an average price of $80.32, for a total transaction of $786,011.52. Following the transaction, the insider now owns 21,559 shares in the company, valued at $1,731,618.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider William J. Vanlandingham II sold 5,722 shares of the stock in a transaction that occurred on Tuesday, June 5th. The shares were sold at an average price of $79.39, for a total transaction of $454,269.58. Following the transaction, the insider now owns 12,674 shares in the company, valued at approximately $1,006,188.86. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,683 shares of company stock worth $2,220,088. Corporate insiders own 0.50% of the company’s stock.
NYSE:ETN opened at $83.57 on Thursday. Eaton Co. PLC has a 52 week low of $69.82 and a 52 week high of $89.85. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.96 and a current ratio of 1.47. The company has a market cap of $36.00 billion, a PE ratio of 17.97, a PEG ratio of 1.51 and a beta of 1.42.
Eaton (NYSE:ETN) last posted its quarterly earnings results on Tuesday, July 31st. The industrial products company reported $1.39 EPS for the quarter, beating 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 analysts’ expectations of $5.45 billion. During the same quarter in the prior year, the company posted $1.15 earnings per share. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. equities analysts predict that Eaton Co. PLC will post 5.36 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 17th. Stockholders of record on Friday, August 3rd were issued a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend was Thursday, August 2nd. Eaton’s payout ratio is 56.77%.
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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