Adviser Investments LLC raised its position in Eaton Co. plc (NYSE:ETN) by 16.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,148 shares of the industrial products company’s stock after acquiring an additional 8,845 shares during the period. Adviser Investments LLC’s holdings in Eaton were worth $8,732,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also modified their holdings of the company. Oder Investment Management LLC acquired a new position in Eaton during the 4th quarter valued at about $25,000. Jackson Grant Investment Advisers Inc. purchased a new stake in shares of Eaton during the first quarter worth about $29,000. Charter Oak Capital Management LLC acquired a new position in shares of Eaton during the fourth quarter valued at about $30,000. TCI Wealth Advisors Inc. raised its position in shares of Eaton by 110.8% in the 1st 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 boosted its stake in Eaton by 605.3% in the 4th quarter. Allworth Financial LP now owns 268 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 230 shares in the last quarter. 77.88% of the stock is currently owned by institutional investors and hedge funds.
In other Eaton news, insider Uday Yadav sold 11,769 shares of the company’s stock in a transaction on Thursday, February 25th. The shares were sold at an average price of $132.17, for a total transaction of $1,555,508.73. Following the completion of the transaction, the insider now directly owns 22,436 shares in the company, valued at $2,965,366.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brian S. Brickhouse sold 7,659 shares of the stock in a transaction on Friday, May 14th. The shares were sold at an average price of $148.16, for a total transaction of $1,134,757.44. Following the transaction, the insider now directly owns 18,235 shares in the company, valued at $2,701,697.60. The disclosure for this sale can be found here. Insiders have sold 58,653 shares of company stock worth $8,166,751 in the last quarter. 0.54% of the stock is currently owned by company insiders.
Eaton (NYSE:ETN) last released its quarterly earnings data on Tuesday, May 4th. The industrial products company reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.19. Eaton had a net margin of 7.53% and a return on equity of 11.94%. The company had revenue of $4.70 billion during the quarter, compared to analysts’ expectations of $4.53 billion. During the same quarter in the previous year, the company earned $1.09 earnings per share. The firm’s revenue for the quarter was down 1.9% on a year-over-year basis. On average, sell-side analysts anticipate that Eaton Co. plc will post 4.17 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 28th. Investors of record on Friday, May 14th will be issued a $0.76 dividend. The ex-dividend date of this dividend is Thursday, May 13th. This represents a $3.04 dividend on an annualized basis and a yield of 2.06%. Eaton’s payout ratio is 53.62%.
Several research firms have recently commented on ETN. Oppenheimer lifted their price objective on shares of Eaton from $145.00 to $160.00 and gave the stock an “outperform” rating in a research note on Monday. Evercore ISI lifted their price target on Eaton from $139.00 to $168.00 in a research report on Wednesday, May 12th. Berenberg Bank upgraded Eaton from a “hold” rating to a “buy” rating and set a $160.00 price target on the stock in a research note on Monday, March 15th. Royal Bank of Canada boosted their price target on Eaton from $134.00 to $145.00 and gave the company a “sector perform” rating in a research note on Wednesday, May 5th. Finally, Credit Suisse Group boosted their price target on Eaton from $140.00 to $158.00 and gave the company an “outperform” rating in a research note on Tuesday, May 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price 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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