Kornitzer Capital Management Inc. KS raised its stake in shares of Eaton Co. PLC (NYSE:ETN) by 10.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,781 shares of the industrial products company’s stock after purchasing an additional 270 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Eaton were worth $232,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. CWM LLC grew its holdings in Eaton by 0.9% during the 2nd quarter. CWM LLC now owns 33,034 shares of the industrial products company’s stock worth $2,751,000 after acquiring an additional 280 shares during the period. Covenant Multifamily Offices LLC acquired a new stake in Eaton during the 2nd quarter worth about $286,000. Janus Henderson Group PLC grew its holdings in Eaton by 22.4% during the 2nd quarter. Janus Henderson Group PLC now owns 174,309 shares of the industrial products company’s stock worth $14,523,000 after acquiring an additional 31,915 shares during the period. Advisor Group Inc. grew its holdings in Eaton by 10.6% during the 2nd quarter. Advisor Group Inc. now owns 78,267 shares of the industrial products company’s stock worth $6,525,000 after acquiring an additional 7,514 shares during the period. Finally, Sequoia Financial Advisors LLC grew its holdings in Eaton by 48.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,082 shares of the industrial products company’s stock worth $506,000 after acquiring an additional 1,972 shares during the period. 77.35% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have weighed in on ETN. Deutsche Bank set a $96.00 price target on Eaton and gave the stock a “buy” rating in a report on Wednesday, July 31st. Barclays reiterated a “sell” rating and set a $76.00 price target on shares of Eaton in a report on Thursday, June 6th. Royal Bank of Canada set a $84.00 price target on Eaton and gave the stock a “hold” rating in a report on Wednesday, July 31st. Finally, Morgan Stanley increased their price target on Eaton from $88.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $88.55.
Eaton (NYSE:ETN) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $1.53 EPS for the quarter, beating the Thomson Reuters’ 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%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period last year, the business posted $1.39 EPS. Analysts expect that Eaton Co. PLC will post 5.87 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 2nd were paid a $0.71 dividend. The ex-dividend date was Thursday, August 1st. This represents a $2.84 annualized dividend and a dividend yield of 3.67%. Eaton’s dividend payout ratio is presently 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 transaction, the insider now owns 270,097 shares in the company, valued at approximately $22,350,526.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joao V. Faria sold 4,301 shares of Eaton stock in a transaction dated Tuesday, May 21st. The shares were 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 disclosure for this sale can be found here. Company 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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