Altrius Capital Management Inc lifted its position in shares of Eaton Co. plc (NYSE:ETN – Free Report) by 0.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,260 shares of the industrial products company’s stock after acquiring an additional 216 shares during the period. Eaton makes up approximately 2.3% of Altrius Capital Management Inc’s portfolio, making the stock its 3rd largest position. Altrius Capital Management Inc’s holdings in Eaton were worth $7,895,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Delta Asset Management LLC TN boosted its holdings in Eaton by 0.6% in the second quarter. Delta Asset Management LLC TN now owns 156,181 shares of the industrial products company’s stock worth $31,408,000 after purchasing an additional 954 shares during the last quarter. WFA of San Diego LLC bought a new stake in shares of Eaton in the second quarter worth $40,000. ProShare Advisors LLC increased its position in Eaton by 5.0% during the second quarter. ProShare Advisors LLC now owns 61,466 shares of the industrial products company’s stock valued at $12,361,000 after acquiring an additional 2,935 shares during the last quarter. Profund Advisors LLC lifted its holdings in Eaton by 9.2% in the second quarter. Profund Advisors LLC now owns 4,640 shares of the industrial products company’s stock valued at $933,000 after acquiring an additional 390 shares during the period. Finally, Payden & Rygel grew its stake in shares of Eaton by 2.3% during the 2nd quarter. Payden & Rygel now owns 140,400 shares of the industrial products company’s stock valued at $28,234,000 after purchasing an additional 3,100 shares during the period. 81.02% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several analysts recently issued reports on the stock. Wells Fargo & Company cut their target price on shares of Eaton from $228.00 to $210.00 in a research report on Monday, October 9th. StockNews.com assumed coverage on Eaton in a report on Thursday, October 5th. They issued a “buy” rating on the stock. HSBC boosted their price target on Eaton from $161.00 to $210.00 and gave the company a “hold” rating in a report on Thursday, August 31st. JPMorgan Chase & Co. raised Eaton from a “neutral” rating to an “overweight” rating and set a $230.00 price objective on the stock in a research report on Friday, October 6th. Finally, Mizuho raised their target price on shares of Eaton from $210.00 to $250.00 and gave the stock a “buy” rating in a research note on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $219.23.
Eaton Trading Down 0.7 %
Shares of ETN stock traded down $1.49 on Monday, reaching $226.31. 454,559 shares of the company’s stock were exchanged, compared to its average volume of 2,063,256. The company’s fifty day simple moving average is $213.10 and its 200 day simple moving average is $204.76. The stock has a market capitalization of $90.37 billion, a PE ratio of 30.50, a P/E/G ratio of 2.18 and a beta of 1.07. The company has a current ratio of 1.45, a quick ratio of 0.96 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 52 week low of $150.86 and a 52 week high of $240.44.
Eaton (NYSE:ETN – Get Free Report) last posted its quarterly earnings results on Tuesday, October 31st. The industrial products company reported $2.47 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.13. The firm had revenue of $5.88 billion for the quarter, compared to analysts’ expectations of $5.89 billion. Eaton had a net margin of 13.24% and a return on equity of 19.49%. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.02 earnings per share. As a group, analysts forecast that Eaton Co. plc will post 9.02 EPS for the current year.
Eaton Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Monday, November 6th will be issued a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 1.52%. The ex-dividend date is Friday, November 3rd. Eaton’s dividend payout ratio is 46.05%.
Insider Transactions at Eaton
In related news, insider Thomas B. Okray sold 4,950 shares of the business’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 transaction, the insider now owns 7,367 shares of the company’s stock, valued at $1,702,440.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Eaton news, insider Taras G. Jr. Szmagala sold 1,869 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $226.68, for a total value of $423,664.92. Following the completion of the sale, the insider now directly owns 7,431 shares in the company, valued at $1,684,459.08. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 sale, the insider now owns 7,367 shares of the company’s stock, valued at approximately $1,702,440.03. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.
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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