Regent Investment Management LLC cut its holdings in shares of Eaton Co. PLC (NYSE:ETN) by 4.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,693 shares of the industrial products company’s stock after selling 164 shares during the quarter. Regent Investment Management LLC’s holdings in Eaton were worth $323,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Eaton by 6.8% during the first quarter. BlackRock Inc. now owns 32,923,575 shares of the industrial products company’s stock worth $2,557,831,000 after buying an additional 2,093,926 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Eaton by 0.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 15,680,919 shares of the industrial products company’s stock worth $1,218,252,000 after buying an additional 56,850 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Eaton by 23.1% in the first quarter. JPMorgan Chase & Co. now owns 15,427,881 shares of the industrial products company’s stock valued at $1,198,592,000 after purchasing an additional 2,896,266 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Eaton by 19.9% in the first quarter. Bank of New York Mellon Corp now owns 6,562,088 shares of the industrial products company’s stock valued at $509,808,000 after purchasing an additional 1,087,478 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Eaton by 4.2% in the first quarter. Geode Capital Management LLC now owns 6,096,934 shares of the industrial products company’s stock valued at $472,909,000 after purchasing an additional 246,616 shares in the last quarter. Institutional investors own 78.16% of the company’s stock.
A number of brokerages recently commented on ETN. JPMorgan Chase & Co. lowered Eaton from an “overweight” rating to a “neutral” rating and cut their target price for the company from $110.00 to $91.00 in a research note on Monday, April 13th. Wells Fargo & Co upped their target price on Eaton from $92.00 to $110.00 in a research note on Thursday. Gordon Haskett upgraded Eaton from a “hold” rating to a “buy” rating and cut their target price for the company from $98.00 to $92.00 in a research note on Friday, April 3rd. Barclays upped their target price on Eaton from $85.00 to $89.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Finally, Stephens cut Eaton from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $93.00 to $81.00 in a research report on Monday, May 4th. Ten research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Eaton currently has a consensus rating of “Buy” and an average target price of $95.59.
Shares of ETN stock opened at $93.13 on Friday. The stock’s fifty day moving average is $89.39 and its 200-day moving average is $87.38. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.28 and a current ratio of 1.50. The stock has a market capitalization of $37.79 billion, a PE ratio of 24.97, a PEG ratio of 2.34 and a beta of 1.14. Eaton Co. PLC has a 52 week low of $56.42 and a 52 week high of $105.78.
Eaton (NYSE:ETN) last announced its earnings results on Wednesday, July 29th. The industrial products company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.53 by $0.17. The company had revenue of $3.90 billion for the quarter, compared to analysts’ expectations of $3.65 billion. Eaton had a return on equity of 12.73% and a net margin of 8.03%. The business’s revenue for the quarter was down 29.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.53 earnings per share. As a group, analysts forecast that Eaton Co. PLC will post 3.66 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend is Thursday, August 13th. Eaton’s payout ratio is presently 51.50%.
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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