Riverhead Capital Management LLC increased its position in Eaton Co. PLC (NYSE:ETN) by 118.5% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 155,181 shares of the industrial products company’s stock after acquiring an additional 84,150 shares during the period. Eaton makes up about 0.5% of Riverhead Capital Management LLC’s investment portfolio, making the stock its 29th largest position. Riverhead Capital Management LLC’s holdings in Eaton were worth $12,501,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the company. S&CO Inc. lifted its holdings in shares of Eaton by 2.0% during the first quarter. S&CO Inc. now owns 6,120 shares of the industrial products company’s stock valued at $493,000 after purchasing an additional 120 shares during the last quarter. Cornerstone Advisors Inc. lifted its holdings in shares of Eaton by 11.3% during the first quarter. Cornerstone Advisors Inc. now owns 1,227 shares of the industrial products company’s stock valued at $99,000 after purchasing an additional 125 shares during the last quarter. Orrstown Financial Services Inc. lifted its holdings in shares of Eaton by 1.2% during the first quarter. Orrstown Financial Services Inc. now owns 11,100 shares of the industrial products company’s stock valued at $894,000 after purchasing an additional 129 shares during the last quarter. PagnatoKarp Partners LLC lifted its holdings in shares of Eaton by 2.1% during the first quarter. PagnatoKarp Partners LLC now owns 6,417 shares of the industrial products company’s stock valued at $517,000 after purchasing an additional 130 shares during the last quarter. Finally, Pegasus Asset Management Inc. lifted its holdings in shares of Eaton by 0.4% during the first quarter. Pegasus Asset Management Inc. now owns 30,061 shares of the industrial products company’s stock valued at $2,422,000 after purchasing an additional 132 shares during the last quarter. Institutional investors and hedge funds own 76.71% of the company’s stock.
Eaton stock traded down $0.48 during mid-day trading on Wednesday, hitting $78.73. The company’s stock had a trading volume of 29,071 shares, compared to its average volume of 2,389,159. The company has a market cap of $33.45 billion, a P/E ratio of 14.57, a P/E/G ratio of 1.53 and a beta of 1.45. The company has a current ratio of 1.47, a quick ratio of 0.92 and a debt-to-equity ratio of 0.42. Eaton Co. PLC has a 52-week low of $64.46 and a 52-week high of $89.46.
Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.38 billion. Eaton had a return on equity of 14.56% and a net margin of 10.06%. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.10 EPS. On average, equities analysts forecast that Eaton Co. PLC will post 5.89 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Friday, May 3rd were paid a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend was Thursday, May 2nd. Eaton’s dividend payout ratio is currently 52.69%.
In other news, Director Olivier Leonetti bought 630 shares of the company’s stock in a transaction on Friday, May 17th. The shares were bought at an average cost of $79.08 per share, with a total value of $49,820.40. Following the transaction, the director now directly owns 127 shares in the company, valued at approximately $10,043.16. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Dorothy C. Thompson bought 1,655 shares of the company’s stock in a transaction on Monday, May 13th. The stock was purchased at an average cost of $78.54 per share, for a total transaction of $129,983.70. The disclosure for this purchase can be found here. 0.70% of the stock is currently owned by corporate insiders.
Several equities research analysts have recently commented on the company. Barclays reaffirmed a “sell” rating and set a $76.00 target price on shares of Eaton in a report on Thursday, June 6th. Bank of America downgraded Eaton from a “buy” rating to a “neutral” rating and set a $88.00 target price for the company. in a report on Thursday, April 4th. Vertical Research raised Eaton from a “hold” rating to a “buy” rating in a report on Monday, March 4th. Finally, Wells Fargo & Co upped their target price on Eaton from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Monday, March 4th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $87.00.
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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