Inscription Capital LLC purchased a new position in shares of Eaton Co. plc (NYSE:ETN) during the second quarter, Holdings Channel reports. The firm purchased 4,806 shares of the industrial products company’s stock, valued at approximately $712,000.
A number of other hedge funds have also modified their holdings of ETN. Bessemer Group Inc. lifted its position in shares of Eaton by 283.1% in the second quarter. Bessemer Group Inc. now owns 2,455,214 shares of the industrial products company’s stock valued at $363,814,000 after acquiring an additional 1,814,350 shares in the last quarter. Clearbridge Investments LLC lifted its position in shares of Eaton by 256.8% in the second quarter. Clearbridge Investments LLC now owns 1,537,683 shares of the industrial products company’s stock valued at $227,854,000 after acquiring an additional 1,106,756 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of Eaton by 16.1% in the first quarter. Nuveen Asset Management LLC now owns 5,686,468 shares of the industrial products company’s stock valued at $786,325,000 after acquiring an additional 787,040 shares in the last quarter. Morgan Stanley lifted its position in shares of Eaton by 21.9% in the first quarter. Morgan Stanley now owns 3,941,977 shares of the industrial products company’s stock valued at $545,098,000 after acquiring an additional 707,368 shares in the last quarter. Finally, Amundi Asset Management US Inc. lifted its position in shares of Eaton by 36.3% in the first quarter. Amundi Asset Management US Inc. now owns 2,591,896 shares of the industrial products company’s stock valued at $358,412,000 after acquiring an additional 690,837 shares in the last quarter. Institutional investors own 77.63% of the company’s stock.
Several research firms have recently weighed in on ETN. Morgan Stanley decreased their target price on Eaton from $187.00 to $175.00 and set an “overweight” rating on the stock in a research report on Thursday, October 7th. UBS Group increased their price target on Eaton from $165.00 to $186.00 and gave the company a “buy” rating in a report on Wednesday, August 11th. Argus increased their price target on Eaton from $165.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, August 10th. Wells Fargo & Company assumed coverage on Eaton in a report on Thursday, October 7th. They issued an “equal weight” rating and a $159.00 price target for the company. Finally, Citigroup increased their price target on Eaton from $180.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $163.39.
Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, August 3rd. The industrial products company reported $1.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.15. Eaton had a return on equity of 15.03% and a net margin of 9.86%. The business had revenue of $5.22 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same period in the previous year, the firm posted $0.70 earnings per share. The company’s revenue was up 35.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Eaton Co. plc will post 6.82 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 27th. Stockholders of record on Friday, August 13th were paid a $0.76 dividend. The ex-dividend date of this dividend was Thursday, August 12th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 1.98%. Eaton’s payout ratio is presently 71.70%.
In other Eaton news, insider Uday Yadav sold 32,189 shares of Eaton stock in a transaction dated Thursday, August 12th. The stock was sold at an average price of $166.43, for a total transaction of $5,357,215.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christopher M. Connor purchased 1,000 shares of the firm’s stock in a transaction on Wednesday, August 11th. The shares were acquired at an average cost of $167.34 per share, with a total value of $167,340.00. The disclosure for this purchase can be found here. Insiders sold 41,919 shares of company stock valued at $6,980,872 over the last ninety days. Insiders own 0.53% of the company’s stock.
Eaton Corp. Plc is a power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: Electrical Americas and Electrical Global, Hydraulics, Aerospace, Vehicle, and eMobility. The Electrical Americas and Electrical Global segment engages in sales contracts for electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality, wiring devices, circuit protection, utility power distribution, power reliability equipment, and service.
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