General American Investors Co. Inc. trimmed its position in shares of Eaton Co. PLC (NYSE:ETN) by 13.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 129,131 shares of the industrial products company’s stock after selling 20,000 shares during the period. General American Investors Co. Inc.’s holdings in Eaton were worth $11,200,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of ETN. Sound Shore Management Inc. CT purchased a new stake in shares of Eaton during the 2nd quarter worth approximately $122,069,000. Assenagon Asset Management S.A. raised its holdings in shares of Eaton by 27,710.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,434,178 shares of the industrial products company’s stock worth $107,190,000 after acquiring an additional 1,429,021 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Eaton by 57.8% during the 2nd quarter. American Century Companies Inc. now owns 3,531,120 shares of the industrial products company’s stock worth $263,916,000 after acquiring an additional 1,293,143 shares in the last quarter. LSV Asset Management raised its holdings in shares of Eaton by 6,356.8% during the 2nd quarter. LSV Asset Management now owns 1,239,710 shares of the industrial products company’s stock worth $92,655,000 after acquiring an additional 1,220,510 shares in the last quarter. Finally, Epoch Investment Partners Inc. raised its holdings in shares of Eaton by 29.3% during the 2nd quarter. Epoch Investment Partners Inc. now owns 3,039,776 shares of the industrial products company’s stock worth $227,193,000 after acquiring an additional 688,549 shares in the last quarter. 77.80% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have recently issued reports on the company. UBS Group raised Eaton from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $91.00 to $100.00 in a report on Friday, September 21st. Wells Fargo & Co reaffirmed a “buy” rating on shares of Eaton in a report on Wednesday, September 26th. Deutsche Bank upped their price objective on Eaton from $95.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, September 28th. Barclays upped their price objective on Eaton from $71.00 to $77.00 and gave the stock an “underweight” rating in a report on Wednesday, August 1st. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $80.00 price objective on shares of Eaton in a report on Tuesday, July 31st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $89.06.
Eaton (NYSE:ETN) last released its earnings results on Tuesday, July 31st. The industrial products company reported $1.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.32 by $0.07. The firm had revenue of $5.49 billion for the quarter, compared to the consensus estimate of $5.45 billion. Eaton had a return on equity of 13.11% and a net margin of 14.80%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.15 EPS. On average, equities analysts expect that Eaton Co. PLC will post 5.37 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 16th. Stockholders of record on Friday, November 2nd will be given a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend is Thursday, November 1st. Eaton’s dividend payout ratio is currently 56.77%.
In other news, Director Deborah L. Mccoy sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, September 6th. The stock was sold at an average price of $84.55, for a total transaction of $253,650.00. Following the transaction, the director now owns 32,936 shares of the company’s stock, valued at approximately $2,784,738.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ken D. Semelsberger sold 11,500 shares of the business’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $86.57, for a total value of $995,555.00. Following the transaction, the insider now directly owns 78,883 shares in the company, valued at approximately $6,828,901.31. The disclosure for this sale can be found here. In the last three months, insiders have sold 55,000 shares of company stock worth $4,617,645. Corporate insiders own 0.50% of the company’s stock.
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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