American National Bank grew its holdings in shares of Eaton Co. plc (NYSE:ETN – Free Report) by 1.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,934 shares of the industrial products company’s stock after acquiring an additional 52 shares during the period. American National Bank’s holdings in Eaton were worth $590,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. FSM Wealth Advisors LLC lifted its stake in shares of Eaton by 8.4% in the second quarter. FSM Wealth Advisors LLC now owns 1,379 shares of the industrial products company’s stock worth $280,000 after acquiring an additional 107 shares during the period. Contravisory Investment Management Inc. increased its position in shares of Eaton by 2.6% during the second quarter. Contravisory Investment Management Inc. now owns 2,544 shares of the industrial products company’s stock worth $512,000 after buying an additional 65 shares during the period. Thrive Wealth Management LLC bought a new position in Eaton during the second quarter worth $231,000. Advisory Resource Group lifted its holdings in Eaton by 1.4% in the second quarter. Advisory Resource Group now owns 4,431 shares of the industrial products company’s stock valued at $891,000 after buying an additional 61 shares during the period. Finally, Legacy Bridge LLC grew its holdings in Eaton by 2.9% during the 2nd quarter. Legacy Bridge LLC now owns 9,714 shares of the industrial products company’s stock worth $1,953,000 after acquiring an additional 275 shares during the period. Institutional investors and hedge funds own 81.02% of the company’s stock.
Insider Activity at Eaton
In other Eaton news, insider Thomas B. Okray sold 4,950 shares of the company’s stock in a transaction dated Thursday, August 31st. The stock was 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 $1,702,440.03. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Thomas B. Okray sold 4,950 shares of the stock in a transaction 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 directly owns 7,367 shares of the company’s stock, valued at $1,702,440.03. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Craig Arnold sold 100,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $219.45, for a total value of $21,945,000.00. Following the sale, the insider now directly owns 516,875 shares in the company, valued at $113,428,218.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 116,650 shares of company stock worth $25,686,391. Corporate insiders own 0.53% of the company’s stock.
Eaton Price Performance
Eaton (NYSE:ETN – Get Free Report) last posted its earnings results on Tuesday, August 1st. The industrial products company reported $2.21 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.10. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.76 billion. Eaton had a return on equity of 19.06% and a net margin of 12.29%. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.87 EPS. Analysts anticipate that Eaton Co. plc will post 8.81 earnings per share for the current fiscal year.
Eaton Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Monday, August 7th were issued a $0.86 dividend. The ex-dividend date of this dividend was Friday, August 4th. This represents a $3.44 dividend on an annualized basis and a yield of 1.57%. Eaton’s dividend payout ratio is currently 50.81%.
Analysts Set New Price Targets
Several equities research analysts have recently commented on the company. Barclays boosted their price objective on Eaton from $170.00 to $198.00 and gave the company an “underweight” rating in a report on Wednesday, August 2nd. Argus upped their target price on shares of Eaton from $195.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Royal Bank of Canada increased their price objective on shares of Eaton from $188.00 to $215.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 2nd. Wolfe Research cut Eaton from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, July 11th. Finally, Citigroup increased their target price on shares of Eaton from $190.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, July 18th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Eaton has a consensus rating of “Hold” and a consensus price target of $211.93.
Eaton Company Profile
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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