Victory Capital Management Inc. lifted its stake in Eaton Co. PLC (NYSE:ETN) by 14.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 683,592 shares of the industrial products company’s stock after acquiring an additional 86,979 shares during the quarter. Victory Capital Management Inc.’s holdings in Eaton were worth $56,930,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of ETN. Kings Point Capital Management purchased a new stake in Eaton during the 2nd quarter worth approximately $28,000. CSat Investment Advisory L.P. increased its position in shares of Eaton by 642.2% in the 2nd quarter. CSat Investment Advisory L.P. now owns 809 shares of the industrial products company’s stock valued at $68,000 after purchasing an additional 700 shares during the last quarter. Cubist Systematic Strategies LLC increased its position in shares of Eaton by 45.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 26,073 shares of the industrial products company’s stock valued at $2,171,000 after purchasing an additional 8,136 shares during the last quarter. Wunderlich Capital Managemnt increased its position in shares of Eaton by 4.1% in the 2nd quarter. Wunderlich Capital Managemnt now owns 18,147 shares of the industrial products company’s stock valued at $1,511,000 after purchasing an additional 710 shares during the last quarter. Finally, Marshall Wace LLP increased its position in shares of Eaton by 44.9% in the 2nd quarter. Marshall Wace LLP now owns 17,031 shares of the industrial products company’s stock valued at $1,418,000 after purchasing an additional 5,274 shares during the last quarter. Hedge funds and other institutional investors own 77.40% of the company’s stock.
A number of equities research analysts have commented on the stock. Barclays reissued a “sell” rating and issued a $76.00 price objective on shares of Eaton in a research report on Thursday, June 6th. Robert W. Baird downgraded shares of Eaton from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $89.00 to $82.00 in a research report on Tuesday, September 3rd. Morgan Stanley increased their price objective on shares of Eaton from $88.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Deutsche Bank set a $96.00 price objective on shares of Eaton and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Royal Bank of Canada set a $84.00 target price on shares of Eaton and gave the company a “hold” rating in a research report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. Eaton presently has a consensus rating of “Hold” and an average price target of $87.91.
Eaton (NYSE:ETN) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $1.53 EPS for the quarter, beating the Zacks’ consensus estimate of $1.51 by $0.02. The firm had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.63 billion. Eaton had a net margin of 10.16% and a return on equity of 14.88%. The company’s revenue was up .8% on a year-over-year basis. During the same period last year, the firm posted $1.39 EPS. On average, equities analysts expect that Eaton Co. PLC will post 5.86 EPS for the current year.
In related news, insider Ken D. Semelsberger sold 17,000 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $88.69, for a total transaction of $1,507,730.00. Following the completion of the sale, the insider now owns 69,936 shares in the company, valued at approximately $6,202,623.84. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Joao V. Faria sold 1,000 shares of the stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $86.89, for a total transaction of $86,890.00. Following the sale, the insider now owns 52,841 shares of the company’s stock, valued at approximately $4,591,354.49. The disclosure for this sale can be found here. Insiders sold a total of 101,592 shares of company stock worth $8,501,148 over the last ninety days. Insiders own 0.70% of the company’s stock.
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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