AdvisorNet Financial Inc raised its position in Eaton Co. PLC (NYSE:ETN) by 117.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,977 shares of the industrial products company’s stock after acquiring an additional 13,509 shares during the quarter. AdvisorNet Financial Inc’s holdings in Eaton were worth $2,185,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in ETN. JPMorgan Chase & Co. raised its stake in Eaton by 23.1% in the 1st quarter. JPMorgan Chase & Co. now owns 15,427,881 shares of the industrial products company’s stock worth $1,198,592,000 after purchasing an additional 2,896,266 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Eaton by 43.7% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,217,984 shares of the industrial products company’s stock worth $456,470,000 after purchasing an additional 1,587,061 shares in the last quarter. Fiduciary Management Inc. WI increased its holdings in Eaton by 67.4% in the 1st quarter. Fiduciary Management Inc. WI now owns 3,496,675 shares of the industrial products company’s stock valued at $271,657,000 after buying an additional 1,407,572 shares during the period. Bank of New York Mellon Corp increased its holdings in Eaton by 18.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 7,741,683 shares of the industrial products company’s stock valued at $677,243,000 after buying an additional 1,179,595 shares during the period. Finally, Nuveen Asset Management LLC increased its holdings in Eaton by 25.0% in the 1st quarter. Nuveen Asset Management LLC now owns 5,348,055 shares of the industrial products company’s stock valued at $415,490,000 after buying an additional 1,070,306 shares during the period. Hedge funds and other institutional investors own 77.55% of the company’s stock.
Several equities analysts have commented on ETN shares. Wells Fargo & Company raised their target price on shares of Eaton from $92.00 to $110.00 in a report on Thursday, July 30th. Royal Bank of Canada lifted their price target on shares of Eaton from $81.00 to $87.00 and gave the company a “sector perform” rating in a report on Thursday, July 30th. Bank of America lowered shares of Eaton from a “buy” rating to a “neutral” rating in a report on Tuesday, May 26th. They noted that the move was a valuation call. Barclays lifted their price target on shares of Eaton from $85.00 to $89.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. Finally, Berenberg Bank assumed coverage on shares of Eaton in a report on Thursday, August 20th. They set a “hold” rating and a $110.00 price target on the stock. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $96.39.
Shares of Eaton stock traded up $1.77 during trading on Wednesday, reaching $104.65. 45,726 shares of the company traded hands, compared to its average volume of 2,607,843. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.50 and a quick ratio of 1.11. Eaton Co. PLC has a 1-year low of $56.42 and a 1-year high of $106.07. The company has a 50 day moving average price of $99.97 and a 200-day moving average price of $87.68. The firm has a market capitalization of $41.16 billion, a PE ratio of 28.12, a P/E/G ratio of 2.37 and a beta of 1.17.
Eaton (NYSE:ETN) last released its earnings results on Wednesday, July 29th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.17. The company had revenue of $3.90 billion for the quarter, compared to the consensus estimate of $3.65 billion. Eaton had a net margin of 8.03% and a return on equity of 12.73%. Eaton’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 EPS. Equities research analysts expect that Eaton Co. PLC will post 3.93 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were paid a dividend of $0.73 per share. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $2.92 dividend on an annualized basis and a yield of 2.79%. Eaton’s dividend payout ratio (DPR) is presently 51.50%.
In other news, insider Sternadt Paulo Ruiz sold 3,047 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $103.42, for a total value of $315,120.74. Also, insider Richard H. Fearon sold 50,000 shares of the company’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $101.98, for a total transaction of $5,099,000.00. Following the completion of the sale, the insider now owns 150,384 shares of the company’s stock, valued at approximately $15,336,160.32. The disclosure for this sale can be found here. Insiders have sold a total of 93,597 shares of company stock valued at $9,550,626 in the last 90 days. 0.54% of the stock is currently owned by company insiders.
Eaton Company Profile
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.
Recommended Story: Beta
Want to see what other hedge funds are holding ETN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eaton Co. PLC (NYSE:ETN).
Receive News & Ratings for Eaton Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eaton and related companies with MarketBeat.com's FREE daily email newsletter.