M&T Bank Corp cut its position in Eaton Co. PLC (NYSE:ETN) by 9.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 135,364 shares of the industrial products company’s stock after selling 13,656 shares during the period. M&T Bank Corp’s holdings in Eaton were worth $11,842,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Quadrant Capital Group LLC raised its position in shares of Eaton by 19.5% during the fourth quarter. Quadrant Capital Group LLC now owns 2,693 shares of the industrial products company’s stock worth $240,000 after purchasing an additional 439 shares during the period. Macquarie Group Ltd. lifted its stake in Eaton by 1.5% in the fourth quarter. Macquarie Group Ltd. now owns 153,807 shares of the industrial products company’s stock valued at $14,569,000 after buying an additional 2,271 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Eaton by 2.8% in the fourth quarter. Franklin Resources Inc. now owns 24,792 shares of the industrial products company’s stock valued at $2,349,000 after buying an additional 682 shares during the period. Fulton Bank N.A. increased its position in shares of Eaton by 103.1% during the first quarter. Fulton Bank N.A. now owns 6,124 shares of the industrial products company’s stock worth $476,000 after acquiring an additional 3,109 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its holdings in shares of Eaton by 7.3% during the first quarter. State of Alaska Department of Revenue now owns 142,548 shares of the industrial products company’s stock worth $11,074,000 after acquiring an additional 9,671 shares during the period. 78.16% of the stock is currently owned by institutional investors.
In related news, insider Richard H. Fearon sold 22,461 shares of Eaton stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $91.01, for a total transaction of $2,044,175.61. Following the completion of the sale, the insider now directly owns 202,445 shares of the company’s stock, valued at approximately $18,424,519.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Michael J. Critelli sold 2,500 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $84.71, for a total value of $211,775.00. Following the completion of the transaction, the director now directly owns 50,566 shares in the company, valued at $4,283,445.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,961 shares of company stock valued at $2,661,001. 0.54% of the stock is currently owned by corporate insiders.
Eaton (NYSE:ETN) last posted its earnings results on Wednesday, July 29th. The industrial products company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.17. Eaton had a return on equity of 12.73% and a net margin of 8.03%. The business had revenue of $3.90 billion for the quarter, compared to analyst estimates of $3.65 billion. During the same period in the previous year, the firm earned $1.53 EPS. The firm’s revenue was down 29.5% compared to the same quarter last year. As a group, research analysts anticipate that Eaton Co. PLC will post 3.78 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 3.14%. The ex-dividend date is Thursday, August 13th. Eaton’s payout ratio is presently 51.50%.
ETN has been the subject of a number of research reports. Oppenheimer reiterated a “buy” rating and set a $100.00 target price on shares of Eaton in a report on Friday. Royal Bank of Canada lifted their target price on Eaton from $81.00 to $87.00 and gave the company a “sector perform” rating in a research report on Thursday. Wells Fargo & Co boosted their target price on Eaton from $92.00 to $110.00 in a research note on Thursday. Deutsche Bank raised their price target on shares of Eaton from $104.00 to $111.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Barclays boosted their price objective on shares of Eaton from $85.00 to $89.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Ten equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $95.59.
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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