Reynders McVeigh Capital Management LLC trimmed its holdings in Eaton Co. PLC (NYSE:ETN) by 6.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,510 shares of the industrial products company’s stock after selling 177 shares during the period. Reynders McVeigh Capital Management LLC’s holdings in Eaton were worth $209,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the stock. Arcadia Investment Management Corp MI purchased a new position in shares of Eaton during the 2nd quarter valued at $25,000. Destination Wealth Management grew its position in shares of Eaton by 103.2% during the 1st quarter. Destination Wealth Management now owns 319 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 162 shares in the last quarter. Hexavest Inc. purchased a new position in shares of Eaton during the 2nd quarter valued at $28,000. Alera Investment Advisors LLC grew its position in shares of Eaton by 82.9% during the 1st quarter. Alera Investment Advisors LLC now owns 384 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 174 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Eaton during the 2nd quarter valued at $33,000. Institutional investors and hedge funds own 77.20% of the company’s stock.
Shares of NYSE ETN traded down $1.78 during mid-day trading on Friday, reaching $76.59. 3,884,795 shares of the company were exchanged, compared to its average volume of 2,576,972. Eaton Co. PLC has a 52 week low of $64.46 and a 52 week high of $89.46. The company has a quick ratio of 1.18, a current ratio of 1.83 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $32.92 billion, a PE ratio of 14.21, a PEG ratio of 1.52 and a beta of 1.44. The company’s 50 day moving average price is $79.76 and its 200 day moving average price is $80.27.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 2nd were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date was Thursday, August 1st. Eaton’s dividend payout ratio is currently 52.69%.
ETN has been the subject of a number of recent analyst reports. Royal Bank of Canada set a $84.00 price target on shares of Eaton and gave the company a “hold” rating in a research report on Wednesday, July 31st. Barclays restated a “sell” rating and set a $76.00 price target on shares of Eaton in a research report on Thursday, June 6th. Deutsche Bank set a $96.00 price target on shares of Eaton and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Morgan Stanley boosted their price target 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. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Eaton has a consensus rating of “Hold” and a consensus price target of $88.55.
In other news, insider Richard H. Fearon sold 80,592 shares of Eaton stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $82.75, for a total transaction of $6,668,988.00. Following the completion of the sale, the insider now directly owns 270,097 shares of the company’s stock, valued at approximately $22,350,526.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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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