Massachusetts Financial Services Co. MA reduced its position in Eaton Co. PLC (NYSE:ETN) by 1.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,505,361 shares of the industrial products company’s stock after selling 282,942 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Eaton were worth $1,084,130,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Silvant Capital Management LLC bought a new position in Eaton in the 1st quarter valued at about $105,000. Thompson Davis & CO. Inc. bought a new position in Eaton in the 1st quarter valued at about $124,000. Institutional & Family Asset Management LLC bought a new position in Eaton in the 1st quarter valued at about $137,000. Perigon Wealth Management LLC increased its holdings in Eaton by 67.5% in the 1st quarter. Perigon Wealth Management LLC now owns 1,772 shares of the industrial products company’s stock valued at $142,000 after buying an additional 714 shares during the period. Finally, Well Done LLC bought a new position in Eaton in the 1st quarter valued at about $159,000. 78.65% of the stock is currently owned by hedge funds and other institutional investors.
In other Eaton news, Director Michael J. Critelli sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 12th. The shares were sold at an average price of $80.86, for a total transaction of $404,300.00. Following the sale, the director now directly owns 65,566 shares of the company’s stock, valued at approximately $5,301,666.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Richard M. Eubanks sold 7,175 shares of the business’s stock in a transaction that occurred on Thursday, June 7th. The stock was sold at an average price of $80.21, for a total transaction of $575,506.75. Following the sale, the insider now directly owns 10,964 shares in the company, valued at $879,422.44. The disclosure for this sale can be found here. Insiders have sold a total of 27,683 shares of company stock worth $2,220,088 over the last ninety days. 0.50% of the stock is currently owned by insiders.
Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, May 1st. The industrial products company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.03. The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.11 billion. Eaton had a net margin of 14.59% and a return on equity of 12.77%. The firm’s revenue was up 8.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.96 EPS. research analysts anticipate that Eaton Co. PLC will post 5.24 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 17th. Investors of record on Friday, August 3rd will be issued a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 3.31%. The ex-dividend date is Thursday, August 2nd. Eaton’s dividend payout ratio (DPR) is presently 56.77%.
Several equities analysts have commented on the stock. Bank of America raised shares of Eaton from a “neutral” rating to a “buy” rating in a report on Thursday, May 31st. Stifel Nicolaus decreased their target price 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. Citigroup decreased their target price 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. ValuEngine raised shares of Eaton from a “sell” rating to a “hold” rating in a report on Thursday, July 19th. Finally, Barclays lowered shares of Eaton from an “equal weight” rating to an “underweight” rating in a report on Monday, May 7th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $86.63.
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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