Wright Investors Service Inc. lifted its holdings in shares of Eaton Co. PLC (NYSE:ETN) by 4.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,934 shares of the industrial products company’s stock after buying an additional 744 shares during the period. Wright Investors Service Inc.’s holdings in Eaton were worth $1,327,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the company. Sigma Planning Corp raised its stake in shares of Eaton by 3.1% during the 2nd quarter. Sigma Planning Corp now owns 22,455 shares of the industrial products company’s stock worth $1,870,000 after buying an additional 683 shares in the last quarter. Anchor Capital Advisors LLC grew its holdings in shares of Eaton by 12.9% in the 2nd quarter. Anchor Capital Advisors LLC now owns 266,496 shares of the industrial products company’s stock worth $22,194,000 after acquiring an additional 30,377 shares during the period. Stephens Inc. AR grew its holdings in shares of Eaton by 2.8% in the 2nd quarter. Stephens Inc. AR now owns 80,977 shares of the industrial products company’s stock worth $6,744,000 after acquiring an additional 2,215 shares during the period. Voit & Company LLC acquired a new stake in shares of Eaton in the 2nd quarter worth approximately $1,074,000. Finally, DekaBank Deutsche Girozentrale grew its holdings in shares of Eaton by 159.3% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 482,691 shares of the industrial products company’s stock worth $40,049,000 after acquiring an additional 296,550 shares during the period. 77.35% of the stock is owned by institutional investors and hedge funds.
ETN has been the topic of a number of research reports. Royal Bank of Canada set a $84.00 price target on Eaton and gave the stock a “hold” rating in a report on Wednesday, July 31st. Deutsche Bank set a $96.00 price target on Eaton and gave the stock a “buy” rating in a report on Wednesday, July 31st. Morgan Stanley upped their price target on Eaton from $88.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Finally, Barclays restated a “sell” rating and issued a $76.00 price target on shares of Eaton in a report on Thursday, June 6th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. Eaton currently has an average rating of “Hold” and an average target price of $88.55.
NYSE:ETN traded up $0.58 during trading hours on Thursday, reaching $75.77. 1,225,003 shares of the company traded hands, compared to its average volume of 2,529,011. The firm’s 50-day simple moving average is $80.65. The stock has a market capitalization of $32.74 billion, a PE ratio of 14.06, a P/E/G ratio of 1.52 and a beta of 1.44. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.18 and a current ratio of 1.83. Eaton Co. PLC has a 1-year low of $64.46 and a 1-year high of $89.46.
Eaton (NYSE:ETN) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.02. The firm had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.63 billion. Eaton had a return on equity of 14.88% and a net margin of 10.16%. Eaton’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.39 EPS. As a group, sell-side analysts predict that Eaton Co. PLC will post 5.88 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, August 2nd will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date of this dividend is Thursday, August 1st. Eaton’s dividend payout ratio (DPR) is presently 52.69%.
In other Eaton news, insider Richard H. Fearon sold 80,592 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $82.75, for a total transaction of $6,668,988.00. Following the sale, the insider now owns 270,097 shares in the company, valued at approximately $22,350,526.75. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Olivier Leonetti bought 630 shares of the stock in a transaction on Friday, May 17th. The shares were bought at an average price of $79.08 per share, for a total transaction of $49,820.40. Following the acquisition, the director now owns 127 shares in the company, valued at approximately $10,043.16. The disclosure for this purchase can be found here. 0.70% 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.
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