Essex Savings Bank raised its position in shares of Eaton Co. PLC (NYSE:ETN) by 6.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,967 shares of the industrial products company’s stock after buying an additional 192 shares during the quarter. Essex Savings Bank’s holdings in Eaton were worth $260,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. AllSquare Wealth Management LLC bought a new stake in shares of Eaton in the 1st quarter valued at approximately $27,000. NuWave Investment Management LLC acquired a new position in Eaton in the second quarter worth $32,000. Golden State Wealth Management LLC bought a new stake in Eaton during the first quarter valued at $34,000. Lenox Wealth Management Inc. raised its holdings in shares of Eaton by 53.0% during the first quarter. Lenox Wealth Management Inc. now owns 439 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 152 shares during the period. Finally, Red Door Wealth Management LLC bought a new position in shares of Eaton in the 1st quarter worth about $36,000. Hedge funds and other institutional investors own 78.16% of the company’s stock.
A number of equities research analysts recently weighed in on the stock. UBS Group boosted their price objective on shares of Eaton from $90.00 to $93.00 and gave the company a “buy” rating in a research report on Friday, May 8th. JPMorgan Chase & Co. lowered Eaton from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $110.00 to $91.00 in a report on Monday, April 13th. Oppenheimer reissued a “buy” rating and issued a $100.00 price target on shares of Eaton in a report on Friday. Gordon Haskett upgraded Eaton from a “hold” rating to a “buy” rating and lowered their price objective for the stock from $98.00 to $92.00 in a research note on Friday, April 3rd. Finally, Barclays increased their target price on Eaton from $85.00 to $89.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Ten investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $95.59.
Eaton (NYSE:ETN) last announced its earnings results on Wednesday, July 29th. The industrial products company reported $0.70 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.17. The firm had revenue of $3.90 billion for the quarter, compared to analysts’ expectations of $3.65 billion. Eaton had a return on equity of 12.73% and a net margin of 8.03%. The firm’s quarterly revenue was down 29.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.53 earnings per share. Equities analysts predict that Eaton Co. PLC will post 3.66 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued a $0.73 dividend. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $2.92 annualized dividend and a dividend yield of 3.14%. Eaton’s dividend payout ratio (DPR) is 51.50%.
In other news, Director Michael J. Critelli sold 2,500 shares of Eaton stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $84.71, for a total value of $211,775.00. Following the transaction, the director now owns 50,566 shares of the company’s stock, valued at approximately $4,283,445.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael J. Critelli sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. Following the sale, the director now directly owns 50,566 shares of the company’s stock, valued at $4,096,351.66. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,961 shares of company stock valued at $2,661,001. Insiders own 0.54% of the company’s stock.
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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