Rhumbline Advisers decreased its stake in shares of Eaton Corporation, PLC (NYSE:ETN) by 0.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 776,201 shares of the industrial products company’s stock after selling 4,981 shares during the period. Rhumbline Advisers owned about 0.17% of Eaton Corporation, PLC worth $60,412,000 as of its most recent filing with the SEC.
Other hedge funds have also recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV boosted its position in Eaton Corporation, PLC by 9.4% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,402 shares of the industrial products company’s stock valued at $104,000 after buying an additional 120 shares in the last quarter. Harfst & Associates Inc. bought a new position in Eaton Corporation, PLC during the first quarter valued at approximately $109,000. Tompkins Financial Corp bought a new position in Eaton Corporation, PLC during the first quarter valued at approximately $124,000. Guardian Life Insurance Co. of America boosted its position in Eaton Corporation, PLC by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,742 shares of the industrial products company’s stock valued at $129,000 after buying an additional 12 shares in the last quarter. Finally, Crestwood Advisors Group LLC bought a new position in Eaton Corporation, PLC during the first quarter valued at approximately $137,000. 76.59% of the stock is currently owned by institutional investors.
Shares of Eaton Corporation, PLC (ETN) opened at 71.65 on Friday. The firm’s 50-day moving average is $77.56 and its 200-day moving average is $75.00. The company has a market capitalization of $31.87 billion, a PE ratio of 16.43 and a beta of 1.35. Eaton Corporation, PLC has a 12-month low of $59.07 and a 12-month high of $81.63.
Eaton Corporation, PLC (NYSE:ETN) last announced its earnings results on Tuesday, August 1st. The industrial products company reported $1.15 EPS for the quarter, missing the consensus estimate of $1.16 by $0.01. The company had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $5.14 billion. Eaton Corporation, PLC had a return on equity of 12.93% and a net margin of 9.95%. The business’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.07 EPS. On average, equities research analysts anticipate that Eaton Corporation, PLC will post $4.61 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Friday, August 4th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Wednesday, August 2nd. Eaton Corporation, PLC’s payout ratio is 54.79%.
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Several research firms have recently commented on ETN. Argus restated a “buy” rating and set a $85.00 price target (up from $83.00) on shares of Eaton Corporation, PLC in a report on Tuesday, May 30th. Zacks Investment Research upgraded shares of Eaton Corporation, PLC from a “hold” rating to a “buy” rating and set a $87.00 price target on the stock in a report on Friday, May 26th. BidaskClub cut shares of Eaton Corporation, PLC from a “sell” rating to a “strong sell” rating in a report on Thursday. Jefferies Group LLC restated a “hold” rating and set a $75.00 price target on shares of Eaton Corporation, PLC in a report on Tuesday, May 2nd. Finally, Stifel Nicolaus restated a “hold” rating and set a $80.00 price target on shares of Eaton Corporation, PLC in a report on Friday, July 7th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $78.54.
Eaton Corporation, PLC Company Profile
Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.
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