Bridges Investment Management Inc. lowered its holdings in shares of Eaton Co. plc (NYSE:ETN) by 2.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,000 shares of the industrial products company’s stock after selling 935 shares during the quarter. Bridges Investment Management Inc.’s holdings in Eaton were worth $6,360,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in ETN. Oder Investment Management LLC acquired a new stake in Eaton in the 4th quarter valued at approximately $25,000. Jackson Grant Investment Advisers Inc. bought a new position in Eaton in the first quarter valued at $29,000. Charter Oak Capital Management LLC acquired a new position in shares of Eaton during the 4th quarter worth about $30,000. TCI Wealth Advisors Inc. boosted its position in Eaton by 110.8% during the first quarter. TCI Wealth Advisors Inc. now owns 215 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 113 shares during the last quarter. Finally, Allworth Financial LP grew its stake in Eaton by 605.3% in the fourth quarter. Allworth Financial LP now owns 268 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 230 shares in the last quarter. Institutional investors and hedge funds own 77.88% of the company’s stock.
In other Eaton news, insider Brian S. Brickhouse sold 22,758 shares of Eaton stock in a transaction dated Wednesday, March 3rd. The stock was sold at an average price of $135.80, for a total transaction of $3,090,536.40. Following the completion of the transaction, the insider now owns 15,587 shares in the company, valued at approximately $2,116,714.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Uday Yadav sold 11,769 shares of the stock in a transaction that occurred on Thursday, February 25th. The stock was sold at an average price of $132.17, for a total value of $1,555,508.73. Following the completion of the sale, the insider now directly owns 22,436 shares of the company’s stock, valued at $2,965,366.12. The disclosure for this sale can be found here. Insiders have sold 50,994 shares of company stock worth $7,031,994 over the last ninety days. 0.54% of the stock is owned by insiders.
Eaton (NYSE:ETN) last released its earnings results on Tuesday, May 4th. The industrial products company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.25 by $0.19. Eaton had a return on equity of 11.94% and a net margin of 7.53%. The business had revenue of $4.70 billion during the quarter, compared to analysts’ expectations of $4.53 billion. During the same quarter last year, the firm posted $1.09 earnings per share. The firm’s revenue was down 1.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Eaton Co. plc will post 4.17 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 28th. Shareholders of record on Friday, May 14th will be paid a $0.76 dividend. The ex-dividend date is Thursday, May 13th. This represents a $3.04 dividend on an annualized basis and a yield of 2.05%. Eaton’s dividend payout ratio (DPR) is presently 53.62%.
ETN has been the subject of a number of recent analyst reports. Robert W. Baird raised their price objective on Eaton from $140.00 to $151.00 and gave the company a “neutral” rating in a research report on Tuesday, May 4th. Barclays increased their price target on shares of Eaton from $115.00 to $125.00 and gave the company an “underweight” rating in a report on Tuesday, April 6th. Berenberg Bank upgraded Eaton from a “hold” rating to a “buy” rating and set a $160.00 price objective for the company in a report on Monday, March 15th. Evercore ISI boosted their price target on Eaton from $139.00 to $168.00 in a research note on Wednesday, May 12th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their price target on shares of Eaton from $142.00 to $158.00 and gave the company a “buy” rating in a research note on Wednesday, March 31st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $149.29.
Eaton Corporation plc operates as a power management company. Its Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services in North and South America, as well as hazardous duty electrical, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems internationally.
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