AXS Investments LLC cut its holdings in Eaton Co. plc (NYSE:ETN – Free Report) by 28.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 195 shares of the industrial products company’s stock after selling 76 shares during the period. AXS Investments LLC’s holdings in Eaton were worth $39,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ETN. RB Capital Management LLC increased its position in shares of Eaton by 3.5% during the first quarter. RB Capital Management LLC now owns 2,759 shares of the industrial products company’s stock valued at $419,000 after acquiring an additional 94 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Eaton by 74.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 101,412 shares of the industrial products company’s stock worth $15,390,000 after purchasing an additional 43,381 shares during the period. Baird Financial Group Inc. increased its holdings in Eaton by 0.6% in the 1st quarter. Baird Financial Group Inc. now owns 374,204 shares of the industrial products company’s stock valued at $56,790,000 after purchasing an additional 2,057 shares during the last quarter. Mather Group LLC. raised its position in Eaton by 9.1% in the first quarter. Mather Group LLC. now owns 2,682 shares of the industrial products company’s stock valued at $407,000 after purchasing an additional 223 shares during the period. Finally, Ergoteles LLC acquired a new position in Eaton during the first quarter worth $1,188,000. Hedge funds and other institutional investors own 81.02% of the company’s stock.
Insider Buying and Selling
In other news, insider Thomas B. Okray sold 4,950 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $231.09, for a total value of $1,143,895.50. Following the completion of the sale, the insider now directly owns 7,367 shares of the company’s stock, valued at $1,702,440.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Eaton news, insider Taras G. Jr. Szmagala sold 1,869 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $226.68, for a total transaction of $423,664.92. Following the completion of the sale, the insider now directly owns 7,431 shares of the company’s stock, valued at approximately $1,684,459.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Thomas B. Okray sold 4,950 shares of Eaton stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $231.09, for a total value of $1,143,895.50. Following the completion of the transaction, the insider now owns 7,367 shares in the company, valued at $1,702,440.03. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by company insiders.
Eaton Stock Performance
Eaton (NYSE:ETN – Get Free Report) last posted its earnings results on Tuesday, October 31st. The industrial products company reported $2.47 EPS for the quarter, beating analysts’ consensus estimates of $2.34 by $0.13. Eaton had a net margin of 13.24% and a return on equity of 19.49%. The firm had revenue of $5.88 billion for the quarter, compared to the consensus estimate of $5.89 billion. During the same period last year, the firm posted $2.02 EPS. The company’s revenue was up 10.7% on a year-over-year basis. Research analysts forecast that Eaton Co. plc will post 9.02 EPS for the current fiscal year.
Eaton Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Monday, November 6th will be given a $0.86 dividend. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.51%. Eaton’s dividend payout ratio (DPR) is presently 46.05%.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. upgraded Eaton from a “neutral” rating to an “overweight” rating and set a $230.00 price objective on the stock in a report on Friday, October 6th. HSBC increased their price target on shares of Eaton from $161.00 to $210.00 and gave the stock a “hold” rating in a research report on Thursday, August 31st. Royal Bank of Canada lifted their price objective on shares of Eaton from $215.00 to $220.00 and gave the company a “sector perform” rating in a report on Wednesday, November 1st. Morgan Stanley raised their price target on shares of Eaton from $235.00 to $238.00 and gave the company an “overweight” rating in a research report on Monday, September 25th. Finally, Wells Fargo & Company cut their price objective on Eaton from $228.00 to $210.00 in a research report on Monday, October 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Eaton presently has an average rating of “Hold” and a consensus target price of $219.23.
Eaton Company Profile
Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.
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