Trust Investment Advisors acquired a new position in Eaton Co. PLC (NYSE:ETN) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 11,370 shares of the industrial products company’s stock, valued at approximately $986,000.
A number of other institutional investors also recently added to or reduced their stakes in ETN. Stephens Inc. AR raised its stake in shares of Eaton by 5.2% during the 2nd quarter. Stephens Inc. AR now owns 75,832 shares of the industrial products company’s stock worth $5,668,000 after buying an additional 3,775 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Eaton by 10.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,233,875 shares of the industrial products company’s stock worth $465,919,000 after buying an additional 611,053 shares during the period. South Texas Money Management Ltd. raised its stake in shares of Eaton by 13.9% during the 2nd quarter. South Texas Money Management Ltd. now owns 437,414 shares of the industrial products company’s stock worth $32,692,000 after buying an additional 53,275 shares during the period. Trexquant Investment LP raised its stake in shares of Eaton by 53.7% during the 3rd quarter. Trexquant Investment LP now owns 23,869 shares of the industrial products company’s stock worth $2,070,000 after buying an additional 8,336 shares during the period. Finally, OppenheimerFunds Inc. raised its stake in shares of Eaton by 44.2% during the 2nd quarter. OppenheimerFunds Inc. now owns 996,721 shares of the industrial products company’s stock worth $74,495,000 after buying an additional 305,393 shares during the period. Institutional investors and hedge funds own 77.44% of the company’s stock.
Shares of ETN traded up $0.33 during midday trading on Friday, reaching $73.62. The company had a trading volume of 19,836 shares, compared to its average volume of 2,237,597. Eaton Co. PLC has a 1-year low of $67.70 and a 1-year high of $89.85. The company has a market capitalization of $32.50 billion, a PE ratio of 15.84, a price-to-earnings-growth ratio of 1.37 and a beta of 1.51. The company has a quick ratio of 0.96, a current ratio of 1.49 and a debt-to-equity ratio of 0.40.
Eaton (NYSE:ETN) last issued its earnings results on Tuesday, October 30th. The industrial products company reported $1.43 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.43. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.49 billion. Eaton had a return on equity of 13.48% and a net margin of 10.06%. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period last year, the company earned $1.25 EPS. As a group, equities analysts anticipate that Eaton Co. PLC will post 5.35 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 16th. Shareholders of record on Friday, November 2nd were given a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date of this dividend was Thursday, November 1st. Eaton’s dividend payout ratio is currently 56.77%.
In other Eaton news, insider Ken D. Semelsberger sold 11,500 shares of the stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $86.57, for a total value of $995,555.00. Following the sale, the insider now owns 78,883 shares of the company’s stock, valued at approximately $6,828,901.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is owned by company insiders.
Several research analysts have recently weighed in on the company. Stephens assumed coverage on Eaton in a research note on Monday, November 19th. They set an “overweight” rating and a $96.00 target price for the company. Wells Fargo & Co reaffirmed a “buy” rating on shares of Eaton in a research note on Wednesday, September 26th. Citigroup reduced their price objective on Eaton from $92.00 to $88.00 and set a “buy” rating for the company in a research note on Friday, November 2nd. Deutsche Bank increased their price objective on Eaton from $92.00 to $95.00 and gave the company a “buy” rating in a research note on Thursday, August 16th. Finally, Gordon Haskett started coverage on Eaton in a research note on Friday, October 12th. They issued a “sell” rating for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the company. Eaton currently has a consensus rating of “Buy” and an average price target of $86.67.
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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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