First Manhattan Co. Acquires 162 Shares of Eaton Co. PLC (ETN)

First Manhattan Co. grew its holdings in Eaton Co. PLC (NYSE:ETN) by 13.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,382 shares of the industrial products company’s stock after acquiring an additional 162 shares during the period. First Manhattan Co.’s holdings in Eaton were worth $111,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Eaton by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 31,765,973 shares of the industrial products company’s stock valued at $2,755,064,000 after purchasing an additional 150,330 shares during the period. Vanguard Group Inc raised its position in shares of Eaton by 0.5% during the 3rd quarter. Vanguard Group Inc now owns 31,765,973 shares of the industrial products company’s stock valued at $2,755,064,000 after purchasing an additional 150,330 shares during the period. BlackRock Inc. raised its position in shares of Eaton by 6.7% during the 4th quarter. BlackRock Inc. now owns 31,171,908 shares of the industrial products company’s stock valued at $2,140,263,000 after purchasing an additional 1,955,724 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of Eaton by 8,639.1% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,674,949 shares of the industrial products company’s stock valued at $141,000 after purchasing an additional 9,564,240 shares during the period. Finally, Norges Bank bought a new stake in shares of Eaton during the 4th quarter valued at $524,126,000. Institutional investors and hedge funds own 78.15% of the company’s stock.

In other Eaton news, insider Curtis J. Hutchins sold 12,000 shares of Eaton stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $80.60, for a total value of $967,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Curtis J. Hutchins sold 37,625 shares of Eaton stock in a transaction on Thursday, February 7th. The stock was sold at an average price of $76.02, for a total transaction of $2,860,252.50. Following the completion of the transaction, the insider now directly owns 15,872 shares of the company’s stock, valued at $1,206,589.44. The disclosure for this sale can be found here. Insiders sold a total of 73,214 shares of company stock valued at $5,709,455 over the last three months. Corporate insiders own 0.70% of the company’s stock.

ETN has been the topic of several recent analyst reports. Credit Suisse Group restated an “outperform” rating and set a $80.00 price objective (down from $85.00) on shares of Eaton in a research report on Thursday, January 3rd. Zacks Investment Research downgraded shares of Eaton from a “hold” rating to a “sell” rating in a research report on Thursday, January 3rd. Barclays reduced their price target on shares of Eaton from $75.00 to $73.00 and set an “underweight” rating on the stock in a report on Monday, January 7th. Wolfe Research downgraded shares of Eaton from an “outperform” rating to a “market perform” rating in a report on Tuesday, January 8th. Finally, Robert W. Baird set a $88.00 price target on shares of Eaton and gave the company a “buy” rating in a report on Friday, January 25th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $86.80.

Shares of NYSE ETN opened at $85.21 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.93 and a current ratio of 1.47. The firm has a market capitalization of $36.15 billion, a price-to-earnings ratio of 15.84, a P/E/G ratio of 1.57 and a beta of 1.48. Eaton Co. PLC has a 52-week low of $64.46 and a 52-week high of $89.46.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, January 31st. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.03. Eaton had a net margin of 9.93% and a return on equity of 14.06%. The company had revenue of $5.46 billion for the quarter, compared to the consensus estimate of $5.42 billion. On average, equities analysts forecast that Eaton Co. PLC will post 5.86 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Saturday, March 9th were paid a $0.71 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.33%. Eaton’s payout ratio is currently 52.69%.

COPYRIGHT VIOLATION WARNING: This piece was reported by Baseball Daily News and is owned by of Baseball Daily News. If you are viewing this piece on another publication, it was illegally stolen and republished in violation of U.S. and international copyright & trademark laws. The legal version of this piece can be read at https://www.baseballdailydigest.com/news/2019/04/21/first-manhattan-co-acquires-162-shares-of-eaton-co-plc-etn.html.

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.

Featured Article: Short Selling Stocks, A Beginner’s Guide

Institutional Ownership by Quarter for Eaton (NYSE:ETN)

Receive News & Ratings for Eaton Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eaton and related companies with MarketBeat.com's FREE daily email newsletter.