Fisher Asset Management LLC lessened its holdings in shares of Eaton Co. plc (NYSE:ETN – Get Rating) by 18.2% in the first quarter, Holdings Channel reports. The firm owned 3,037 shares of the industrial products company’s stock after selling 677 shares during the period. Fisher Asset Management LLC’s holdings in Eaton were worth $461,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Financial Management Professionals Inc. grew its position in Eaton by 288.6% in the first quarter. Financial Management Professionals Inc. now owns 171 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 127 shares in the last quarter. Steward Financial Group LLC acquired a new stake in Eaton in the first quarter valued at approximately $32,000. Baldwin Brothers LLC MA grew its position in Eaton by 63.0% in the first quarter. Baldwin Brothers LLC MA now owns 220 shares of the industrial products company’s stock valued at $33,000 after acquiring an additional 85 shares in the last quarter. TFO TDC LLC acquired a new stake in Eaton in the first quarter valued at approximately $39,000. Finally, Ahrens Investment Partners LLC grew its position in Eaton by 182.4% in the first quarter. Ahrens Investment Partners LLC now owns 257 shares of the industrial products company’s stock valued at $39,000 after acquiring an additional 166 shares in the last quarter. Institutional investors and hedge funds own 79.10% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Eaton from $178.00 to $156.00 and set a “buy” rating for the company in a research report on Wednesday, July 13th. Royal Bank of Canada raised their price target on shares of Eaton from $139.00 to $145.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Citigroup raised their price target on shares of Eaton from $150.00 to $170.00 in a research report on Thursday. Mizuho raised their price target on shares of Eaton from $145.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Morgan Stanley raised their price target on shares of Eaton from $170.00 to $176.00 and gave the stock an “overweight” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $161.33.
Eaton Stock Performance
Eaton (NYSE:ETN – Get Rating) last posted its earnings results on Tuesday, August 2nd. The industrial products company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.05. The company had revenue of $5.21 billion for the quarter, compared to analysts’ expectations of $5.22 billion. Eaton had a return on equity of 17.04% and a net margin of 11.70%. The firm’s quarterly revenue was down .1% compared to the same quarter last year. During the same period last year, the business posted $1.72 earnings per share. On average, research analysts predict that Eaton Co. plc will post 7.51 EPS for the current year.
Eaton Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 26th. Stockholders of record on Friday, August 12th will be issued a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date is Thursday, August 11th. Eaton’s dividend payout ratio (DPR) is 56.15%.
In other news, insider Boise April Miller sold 12,283 shares of the firm’s stock in a transaction on Friday, May 27th. The stock was sold at an average price of $138.66, for a total transaction of $1,703,160.78. Following the transaction, the insider now directly owns 11,435 shares of the company’s stock, valued at $1,585,577.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.56% of the company’s stock.
Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.
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