Regentatlantic Capital LLC trimmed its stake in shares of Eaton Co. PLC (NYSE:ETN) by 1.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,968 shares of the industrial products company’s stock after selling 787 shares during the quarter. Regentatlantic Capital LLC’s holdings in Eaton were worth $3,578,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Financial Gravity Wealth Inc. acquired a new stake in shares of Eaton during the first quarter worth $25,000. Arcadia Investment Management Corp MI acquired a new stake in shares of Eaton during the second quarter worth $25,000. Destination Wealth Management raised its holdings in shares of Eaton by 103.2% during the first quarter. Destination Wealth Management now owns 319 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 162 shares during the period. Hexavest Inc. acquired a new stake in shares of Eaton during the second quarter worth $28,000. Finally, Alera Investment Advisors LLC raised its holdings in shares of Eaton by 82.9% during the first quarter. Alera Investment Advisors LLC now owns 384 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 174 shares during the period. Hedge funds and other institutional investors own 76.83% of the company’s stock.
A number of analysts have weighed in on ETN shares. Morgan Stanley increased their target price on shares of Eaton from $88.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday. Deutsche Bank set a $96.00 target price on shares of Eaton and gave the stock a “buy” rating in a report on Wednesday. Barclays reissued a “sell” rating and set a $76.00 target price on shares of Eaton in a report on Thursday, June 6th. Finally, Royal Bank of Canada set a $84.00 price objective on shares of Eaton and gave the stock a “hold” rating in a report on Wednesday. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $89.00.
Eaton (NYSE:ETN) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $1.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.51 by $0.02. Eaton had a net margin of 10.16% and a return on equity of 14.88%. The business had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.63 billion. During the same quarter last year, the company earned $1.39 EPS. The company’s revenue for the quarter was up .8% compared to the same quarter last year. Analysts predict that Eaton Co. PLC will post 5.87 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, August 2nd will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $2.84 annualized dividend and a yield of 3.58%. Eaton’s payout ratio is 52.69%.
In related news, Director Dorothy C. Thompson bought 1,655 shares of the stock in a transaction on Monday, May 13th. The shares were purchased at an average price of $78.54 per share, with a total value of $129,983.70. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Richard H. Fearon sold 80,592 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $82.75, for a total transaction of $6,668,988.00. Following the transaction, the insider now directly owns 270,097 shares in the company, valued at approximately $22,350,526.75. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by company insiders.
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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