Strs Ohio decreased its stake in shares of Eaton Co. PLC (NYSE:ETN) by 21.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 382,275 shares of the industrial products company’s stock after selling 101,563 shares during the quarter. Strs Ohio’s holdings in Eaton were worth $31,835,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in ETN. Arcadia Investment Management Corp MI acquired a new stake in shares of Eaton in the second quarter valued at $25,000. Financial Gravity Wealth Inc. acquired a new position in Eaton during the 1st quarter worth $25,000. Destination Wealth Management grew its stake 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 purchasing an additional 162 shares in the last quarter. Hexavest Inc. acquired a new position in Eaton during the 2nd quarter worth $28,000. Finally, Alera Investment Advisors LLC grew its stake 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 purchasing an additional 174 shares in the last quarter. Hedge funds and other institutional investors own 76.72% of the company’s stock.
Several research analysts recently commented on the company. Morgan Stanley boosted their target price on Eaton from $88.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Deutsche Bank set a $96.00 target price on Eaton and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Royal Bank of Canada set a $84.00 target price on Eaton and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Finally, Barclays reissued a “sell” rating and set a $76.00 target price on shares of Eaton in a research note on Thursday, June 6th. Three equities research 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. The company presently has a consensus rating of “Hold” and a consensus target price of $88.83.
Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $1.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.51 by $0.02. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.63 billion. Eaton had a return on equity of 14.88% and a net margin of 10.16%. Eaton’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the previous year, the business earned $1.39 EPS. As a group, research analysts anticipate that Eaton Co. PLC will post 5.88 earnings per share for the current fiscal 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 issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date of this dividend is Thursday, August 1st. Eaton’s dividend payout ratio (DPR) is 52.69%.
In other Eaton news, insider Richard H. Fearon sold 80,592 shares of Eaton stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $82.75, for a total transaction of $6,668,988.00. Following the completion of the sale, the insider now directly owns 270,097 shares of the company’s stock, valued at approximately $22,350,526.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dorothy C. Thompson purchased 1,655 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were acquired at an average cost of $78.54 per share, with a total value of $129,983.70. The disclosure for this purchase can be found here. 0.70% of the stock is owned by 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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