Whittier Trust Co. boosted its stake in shares of Eaton Co. PLC (NYSE:ETN) by 0.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 185,783 shares of the industrial products company’s stock after purchasing an additional 498 shares during the quarter. Whittier Trust Co.’s holdings in Eaton were worth $15,472,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in ETN. Comerica Securities Inc. boosted its holdings in shares of Eaton by 7.6% in the 4th quarter. Comerica Securities Inc. now owns 5,112 shares of the industrial products company’s stock valued at $351,000 after buying an additional 361 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Eaton by 5.6% in the 4th quarter. Geode Capital Management LLC now owns 5,457,569 shares of the industrial products company’s stock valued at $374,165,000 after buying an additional 288,837 shares in the last quarter. Actinver Wealth Management Inc. bought a new stake in shares of Eaton in the 4th quarter valued at about $251,000. First Hawaiian Bank boosted its holdings in shares of Eaton by 20.5% in the 1st quarter. First Hawaiian Bank now owns 11,245 shares of the industrial products company’s stock valued at $906,000 after buying an additional 1,915 shares in the last quarter. Finally, Fulton Bank N.A. boosted its holdings in shares of Eaton by 21.7% in the 1st quarter. Fulton Bank N.A. now owns 5,108 shares of the industrial products company’s stock valued at $411,000 after buying an additional 912 shares in the last quarter. Institutional investors and hedge funds own 76.83% of the company’s stock.
In other Eaton news, insider Joao V. Faria sold 4,301 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $80.00, for a total transaction of $344,080.00. Following the completion of the transaction, the insider now directly owns 58,688 shares of the company’s stock, valued at approximately $4,695,040. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Olivier Leonetti purchased 630 shares of Eaton stock in a transaction on Friday, May 17th. The shares were acquired at an average cost of $79.08 per share, with a total value of $49,820.40. Following the completion of the transaction, the director now directly owns 127 shares in the company, valued at approximately $10,043.16. The disclosure for this purchase can be found here. Company insiders own 0.70% of the company’s stock.
Eaton (NYSE:ETN) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. Eaton had a net margin of 10.16% and a return on equity of 14.80%. The company had revenue of $5.53 billion during the quarter, compared to analyst estimates of $5.63 billion. During the same period last year, the firm posted $1.39 EPS. Eaton’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, analysts expect that Eaton Co. PLC will post 5.88 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, August 2nd will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date is Thursday, August 1st. Eaton’s dividend payout ratio is presently 52.69%.
ETN has been the topic of a number of recent analyst reports. Royal Bank of Canada set a $84.00 price target on shares of Eaton and gave the company a “hold” rating in a report on Wednesday. Barclays reiterated a “sell” rating and issued a $76.00 target price on shares of Eaton in a research note on Thursday, June 6th. Bank of America cut shares of Eaton from a “buy” rating to a “neutral” rating and set a $88.00 target price for the company. in a research note on Thursday, April 4th. Deutsche Bank set a $96.00 target price on shares of Eaton and gave the stock a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley lifted their target price on shares of Eaton from $88.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $89.00.
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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