State of Tennessee Treasury Department boosted its stake in shares of Eaton Co. plc (NYSE:ETN – Free Report) by 174.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 307,740 shares of the industrial products company’s stock after purchasing an additional 195,767 shares during the quarter. State of Tennessee Treasury Department owned about 0.08% of Eaton worth $52,728,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of ETN. RB Capital Management LLC grew its position in shares of Eaton by 3.5% in the first quarter. RB Capital Management LLC now owns 2,759 shares of the industrial products company’s stock valued at $419,000 after purchasing an additional 94 shares during the last quarter. Canada Pension Plan Investment Board increased its position in Eaton by 74.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 101,412 shares of the industrial products company’s stock worth $15,390,000 after buying an additional 43,381 shares during the period. Baird Financial Group Inc. boosted its position in shares of Eaton by 0.6% in the first quarter. Baird Financial Group Inc. now owns 374,204 shares of the industrial products company’s stock valued at $56,790,000 after acquiring an additional 2,057 shares during the period. Mather Group LLC. grew its stake in shares of Eaton by 9.1% in the first quarter. Mather Group LLC. now owns 2,682 shares of the industrial products company’s stock worth $407,000 after acquiring an additional 223 shares during the last quarter. Finally, Ergoteles LLC acquired a new position in Eaton during the 1st quarter valued at $1,188,000. Institutional investors own 81.02% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have recently issued reports on the stock. Royal Bank of Canada boosted their price objective on shares of Eaton from $188.00 to $215.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 2nd. Mizuho lifted their target price on shares of Eaton from $210.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, August 2nd. StockNews.com started coverage on shares of Eaton in a research report on Thursday, August 17th. They issued a “buy” rating for the company. Wolfe Research cut shares of Eaton from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, July 11th. Finally, Morgan Stanley upped their price objective on Eaton from $215.00 to $235.00 and gave the company an “overweight” rating in a research note on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $211.93.
Insider Transactions at Eaton
In related news, insider Taras G. Jr. Szmagala sold 1,869 shares of the business’s stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $226.68, for a total transaction of $423,664.92. Following the transaction, the insider now directly owns 7,431 shares in the company, valued at $1,684,459.08. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, insider Taras G. Jr. Szmagala sold 1,869 shares of Eaton stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $226.68, for a total transaction of $423,664.92. Following the completion of the transaction, the insider now owns 7,431 shares in the company, valued at $1,684,459.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas B. Okray sold 4,950 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $231.09, for a total value of $1,143,895.50. Following the completion of the sale, the insider now owns 7,367 shares in the company, valued at approximately $1,702,440.03. The disclosure for this sale can be found here. Insiders have sold a total of 118,650 shares of company stock worth $26,080,611 in the last 90 days. Corporate insiders own 0.53% of the company’s stock.
Eaton Stock Up 0.5 %
Eaton stock traded up $1.26 during midday trading on Friday, reaching $236.07. The stock had a trading volume of 284,626 shares, compared to its average volume of 1,992,599. Eaton Co. plc has a 1-year low of $129.85 and a 1-year high of $236.15. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.99 and a current ratio of 1.53. The firm’s fifty day simple moving average is $214.20 and its 200-day simple moving average is $187.81. The stock has a market capitalization of $94.19 billion, a P/E ratio of 34.69, a price-to-earnings-growth ratio of 2.27 and a beta of 1.11.
Eaton (NYSE:ETN – Get Free Report) last issued its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $2.21 EPS for the quarter, topping the consensus estimate of $2.11 by $0.10. The firm had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.76 billion. Eaton had a net margin of 12.29% and a return on equity of 19.06%. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.87 EPS. As a group, analysts expect that Eaton Co. plc will post 8.8 EPS for the current fiscal year.
Eaton Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Monday, August 7th were given a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 1.46%. The ex-dividend date was Friday, August 4th. Eaton’s dividend payout ratio (DPR) is 50.81%.
Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.
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