First Citizens Bank & Trust Co. raised its stake in shares of Eaton Co. PLC (NYSE:ETN) by 2.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 53,076 shares of the industrial products company’s stock after buying an additional 1,197 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Eaton were worth $4,276,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in ETN. Bank of New York Mellon Corp lifted its holdings in shares of Eaton by 9.4% during the third quarter. Bank of New York Mellon Corp now owns 6,820,730 shares of the industrial products company’s stock worth $591,563,000 after buying an additional 586,855 shares in the last quarter. First Republic Investment Management Inc. grew its holdings in shares of Eaton by 7.5% during the third quarter. First Republic Investment Management Inc. now owns 60,530 shares of the industrial products company’s stock worth $5,250,000 after purchasing an additional 4,203 shares during the last quarter. LPL Financial LLC grew its holdings in shares of Eaton by 1.8% during the third quarter. LPL Financial LLC now owns 129,066 shares of the industrial products company’s stock worth $11,194,000 after purchasing an additional 2,343 shares during the last quarter. BlueMountain Capital Management LLC bought a new stake in shares of Eaton during the third quarter worth about $761,000. Finally, Rampart Investment Management Company LLC lifted its stake in shares of Eaton by 43.6% in the third quarter. Rampart Investment Management Company LLC now owns 6,452 shares of the industrial products company’s stock worth $379,450,000 after acquiring an additional 1,960 shares during the period. Institutional investors and hedge funds own 78.20% of the company’s stock.
Several brokerages have issued reports on ETN. Barclays dropped their price target on Eaton from $75.00 to $73.00 and set an “underweight” rating on the stock in a research note on Monday, January 7th. Wolfe Research downgraded Eaton from an “outperform” rating to a “market perform” rating in a research note on Tuesday, January 8th. Zacks Investment Research cut Eaton from a “hold” rating to a “sell” rating in a research report on Wednesday, January 16th. Robert W. Baird set a $88.00 price objective on Eaton and gave the stock a “buy” rating in a report on Friday, January 25th. Finally, Morgan Stanley set a $82.00 price objective on Eaton and gave the company a “hold” rating in a research report on Saturday, February 2nd. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $86.79.
Eaton (NYSE:ETN) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. Eaton had a return on equity of 14.56% and a net margin of 10.06%. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.38 billion. During the same quarter last year, the firm earned $1.10 EPS. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. As a group, equities research analysts predict that Eaton Co. PLC will post 5.86 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Friday, May 3rd will be paid a $0.71 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 3.43%. Eaton’s dividend payout ratio (DPR) is 52.69%.
In other news, insider Curtis J. Hutchins sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $80.60, for a total transaction of $967,200.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Curtis J. Hutchins sold 37,625 shares of the firm’s stock in a transaction dated Thursday, February 7th. The shares were sold at an average price of $76.02, for a total value of $2,860,252.50. Following the sale, the insider now owns 15,872 shares in the company, 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 in the last 90 days. 0.70% of the stock is currently owned by company insiders.
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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