Fmr LLC lifted its stake in shares of Eaton Co. plc (NYSE:ETN) by 17.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,567,477 shares of the industrial products company’s stock after purchasing an additional 237,065 shares during the quarter. Fmr LLC owned 0.39% of Eaton worth $232,268,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in ETN. First PREMIER Bank bought a new stake in shares of Eaton during the 2nd quarter valued at $34,000. Jones Financial Companies Lllp increased its stake in Eaton by 163.2% in the 2nd quarter. Jones Financial Companies Lllp now owns 300 shares of the industrial products company’s stock worth $44,000 after acquiring an additional 186 shares during the last quarter. Credit Agricole S A bought a new position in Eaton in the 1st quarter worth about $47,000. TCI Wealth Advisors Inc. increased its stake in Eaton by 48.4% in the 2nd quarter. TCI Wealth Advisors Inc. now owns 319 shares of the industrial products company’s stock worth $47,000 after acquiring an additional 104 shares during the last quarter. Finally, KB Financial Partners LLC bought a new position in Eaton in the 1st quarter worth about $55,000. Institutional investors own 77.63% of the company’s stock.
In other news, insider Joao V. Faria sold 2,201 shares of the stock in a transaction that occurred on Thursday, August 5th. The stock was sold at an average price of $163.01, for a total value of $358,785.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Christopher M. Connor bought 1,000 shares of the firm’s stock in a transaction dated Wednesday, August 11th. The stock was purchased at an average cost of $167.34 per share, with a total value of $167,340.00. The disclosure for this purchase can be found here. Insiders sold a total of 41,919 shares of company stock valued at $6,980,872 in the last three months. Corporate insiders own 0.53% of the company’s stock.
Eaton (NYSE:ETN) last released its quarterly earnings data on Tuesday, August 3rd. The industrial products company reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.15. Eaton had a return on equity of 15.03% and a net margin of 9.86%. The business had revenue of $5.22 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter last year, the business posted $0.70 EPS. The business’s revenue was up 35.2% on a year-over-year basis. Sell-side analysts predict that Eaton Co. plc will post 6.82 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 27th. Shareholders of record on Friday, August 13th were issued a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend was Thursday, August 12th. Eaton’s dividend payout ratio (DPR) is currently 71.70%.
ETN has been the topic of a number of research analyst reports. Royal Bank of Canada upped their target price on Eaton from $146.00 to $154.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 4th. Barclays cut their price objective on Eaton from $165.00 to $163.00 and set an “equal weight” rating for the company in a report on Monday, October 4th. Morgan Stanley cut their price objective on Eaton from $187.00 to $175.00 and set an “overweight” rating for the company in a report on Thursday, October 7th. Argus upped their price objective on Eaton from $165.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday, August 10th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Eaton from $166.00 to $169.00 and gave the stock a “buy” rating in a report on Wednesday, July 14th. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $163.39.
Eaton Corp. Plc is a power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: Electrical Americas and Electrical Global, Hydraulics, Aerospace, Vehicle, and eMobility. The Electrical Americas and Electrical Global segment engages in sales contracts for electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality, wiring devices, circuit protection, utility power distribution, power reliability equipment, and service.
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