Robeco Institutional Asset Management B.V. cut its holdings in shares of Eaton Co. PLC (NYSE:ETN) by 1.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 517,695 shares of the industrial products company’s stock after selling 9,668 shares during the period. Robeco Institutional Asset Management B.V. owned about 0.12% of Eaton worth $43,113,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Financial Gravity Wealth Inc. bought a new stake in Eaton during the 1st quarter worth approximately $25,000. Destination Wealth Management grew its position in Eaton by 103.2% during the 1st quarter. Destination Wealth Management now owns 319 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 162 shares during the last quarter. Hexavest Inc. bought a new stake in Eaton during the 2nd quarter worth approximately $28,000. Alera Investment Advisors LLC grew its position in Eaton by 82.9% during the 1st quarter. Alera Investment Advisors LLC now owns 384 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 174 shares during the last quarter. Finally, Paragon Capital Management LLC bought a new stake in Eaton during the 1st quarter worth approximately $32,000. Institutional investors and hedge funds own 76.83% of the company’s stock.
ETN traded down $0.58 during mid-day trading on Friday, reaching $79.39. The stock had a trading volume of 812,339 shares, compared to its average volume of 2,075,290. The company has a market cap of $35.17 billion, a PE ratio of 14.73, a P/E/G ratio of 1.62 and a beta of 1.47. The company has a quick ratio of 0.92, a current ratio of 1.83 and a debt-to-equity ratio of 0.51. The stock has a fifty day moving average price of $81.15. Eaton Co. PLC has a 52 week low of $64.46 and a 52 week high of $89.46.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Friday, August 2nd will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date is Thursday, August 1st. Eaton’s dividend payout ratio (DPR) is currently 52.69%.
A number of equities research analysts recently commented on ETN shares. Morgan Stanley increased their price target on Eaton from $88.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Barclays reiterated a “sell” rating and issued a $76.00 price objective on shares of Eaton in a research report on Thursday, June 6th. Royal Bank of Canada set a $84.00 price objective on Eaton and gave the company a “hold” rating in a research report on Wednesday. Deutsche Bank set a $96.00 price objective on Eaton and gave the company a “buy” rating in a research report on Wednesday. Finally, Bank of America lowered Eaton from a “buy” rating to a “neutral” rating and set a $88.00 price objective on the stock. in a research report on Thursday, April 4th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $89.00.
In other news, insider Joao V. Faria sold 4,301 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $80.00, for a total value of $344,080.00. Following the transaction, the insider now owns 58,688 shares of the company’s stock, valued at approximately $4,695,040. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Dorothy C. Thompson purchased 1,655 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was bought at an average cost of $78.54 per share, for a total transaction of $129,983.70. The disclosure for this purchase can be found here. Corporate insiders own 0.70% of the company’s stock.
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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