Trillium Asset Management LLC cut its position in shares of Eaton Co. PLC (NYSE:ETN) by 22.2% during the 1st quarter, Holdings Channel reports. The firm owned 178,518 shares of the industrial products company’s stock after selling 50,914 shares during the period. Trillium Asset Management LLC’s holdings in Eaton were worth $14,381,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in ETN. Vanguard Group Inc boosted its holdings in Eaton by 0.5% during the 3rd quarter. Vanguard Group Inc now owns 31,765,973 shares of the industrial products company’s stock valued at $2,755,064,000 after acquiring an additional 150,330 shares during the period. BlackRock Inc. boosted its holdings in Eaton by 6.7% during the 4th quarter. BlackRock Inc. now owns 31,171,908 shares of the industrial products company’s stock valued at $2,140,263,000 after acquiring an additional 1,955,724 shares during the period. Boston Partners boosted its holdings in Eaton by 40.9% during the 1st quarter. Boston Partners now owns 10,269,144 shares of the industrial products company’s stock valued at $827,282,000 after acquiring an additional 2,978,615 shares during the period. Oregon Public Employees Retirement Fund boosted its holdings in Eaton by 8,639.1% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,674,949 shares of the industrial products company’s stock valued at $141,000 after acquiring an additional 9,564,240 shares during the period. Finally, Norges Bank purchased a new stake in Eaton during the 4th quarter valued at about $524,126,000. Hedge funds and other institutional investors own 80.07% of the company’s stock.
ETN has been the subject of several analyst reports. Zacks Investment Research cut Eaton from a “hold” rating to a “sell” rating in a report on Tuesday, January 29th. Bank of America cut Eaton from a “buy” rating to a “neutral” rating and set a $88.00 price objective for the company. in a report on Thursday, April 4th. Robert W. Baird set a $88.00 price objective on Eaton and gave the stock a “buy” rating in a report on Friday, January 25th. Morgan Stanley set a $82.00 price objective on Eaton and gave the stock a “hold” rating in a report on Saturday, February 2nd. Finally, Wells Fargo & Co increased their price objective on Eaton from $85.00 to $90.00 and gave the stock an “outperform” rating in a report on Monday, March 4th. They noted that the move was a valuation call. Three 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 stock. Eaton has a consensus rating of “Hold” and a consensus price target of $86.79.
Eaton (NYSE:ETN) last released its earnings results on Tuesday, April 30th. The industrial products company reported $1.26 EPS for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.01. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.38 billion. Eaton had a return on equity of 14.56% and a net margin of 10.06%. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.10 EPS. Sell-side analysts predict that Eaton Co. PLC will post 5.89 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 3rd will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date of this dividend is Thursday, May 2nd. Eaton’s payout ratio is presently 52.69%.
In other news, Director Dorothy C. Thompson bought 1,655 shares of the stock in a transaction dated Monday, May 13th. The stock was bought at an average price of $78.54 per share, for a total transaction of $129,983.70. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Heath B. Monesmith sold 7,167 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $81.25, for a total value of $582,318.75. Following the completion of the transaction, the insider now owns 26,344 shares of the company’s stock, valued at approximately $2,140,450. The disclosure for this sale can be found here. In the last 90 days, insiders sold 30,589 shares of company stock valued at $2,465,553. 0.70% of the stock is currently owned by company insiders.
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Eaton Company Profile
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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