Teacher Retirement System of Texas increased its position in shares of Eaton Co. PLC (NYSE:ETN) by 50.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 385,439 shares of the industrial products company’s stock after buying an additional 129,816 shares during the period. Teacher Retirement System of Texas owned about 0.09% of Eaton worth $32,099,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in ETN. Boston Partners increased its stake in Eaton by 40.9% in the first quarter. Boston Partners now owns 10,269,144 shares of the industrial products company’s stock valued at $827,282,000 after purchasing an additional 2,978,615 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Eaton by 5.6% in the fourth quarter. Geode Capital Management LLC now owns 5,457,569 shares of the industrial products company’s stock valued at $374,165,000 after acquiring an additional 288,837 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of Eaton by 1.9% in the first quarter. Wells Fargo & Company MN now owns 4,830,591 shares of the industrial products company’s stock valued at $389,152,000 after acquiring an additional 91,805 shares during the period. Parametric Portfolio Associates LLC boosted its holdings in shares of Eaton by 9.6% in the first quarter. Parametric Portfolio Associates LLC now owns 1,618,972 shares of the industrial products company’s stock valued at $130,424,000 after acquiring an additional 141,272 shares during the period. Finally, Swiss National Bank boosted its holdings in shares of Eaton by 2.7% in the first quarter. Swiss National Bank now owns 1,446,678 shares of the industrial products company’s stock valued at $116,544,000 after acquiring an additional 37,800 shares during the period. Hedge funds and other institutional investors own 77.20% of the company’s stock.
Several equities research analysts have recently weighed in on the company. Deutsche Bank set a $96.00 price objective on Eaton and gave the company a “buy” rating in a report on Wednesday, July 31st. Royal Bank of Canada set a $84.00 price objective on Eaton and gave the company a “hold” rating in a report on Wednesday, July 31st. Barclays reissued a “sell” rating and issued a $76.00 price objective on shares of Eaton in a report on Thursday, June 6th. 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 research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. Eaton presently has an average rating of “Hold” and a consensus target price of $88.55.
Shares of ETN stock traded down $0.65 during mid-day trading on Thursday, reaching $78.00. The stock had a trading volume of 17,568 shares, compared to its average volume of 2,685,407. Eaton Co. PLC has a 12-month low of $64.46 and a 12-month high of $89.46. The company has a market cap of $33.21 billion, a P/E ratio of 14.60, a price-to-earnings-growth ratio of 1.54 and a beta of 1.44. The business has a 50-day simple moving average of $79.94 and a 200 day simple moving average of $80.26. The company has a current ratio of 1.83, a quick ratio of 1.18 and a debt-to-equity ratio of 0.51.
Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.51 by $0.02. The business had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.63 billion. Eaton had a return on equity of 14.88% and a net margin of 10.16%. The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter last year, the business posted $1.39 earnings per share. Research analysts anticipate that Eaton Co. PLC will post 5.87 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, August 2nd were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date was Thursday, August 1st. Eaton’s dividend payout ratio is presently 52.69%.
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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