Smithbridge Asset Management Inc. DE Invests $224,000 in Eaton Corporation, PLC (NYSE:ETN)

Smithbridge Asset Management Inc. DE acquired a new stake in shares of Eaton Corporation, PLC (NYSE:ETN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,882 shares of the industrial products company’s stock, valued at approximately $224,000.

Several other large investors have also added to or reduced their stakes in ETN. Lincoln Capital Corp acquired a new stake in Eaton Corporation, PLC during the fourth quarter worth approximately $512,000. Pekin Singer Strauss Asset Management IL raised its stake in shares of Eaton Corporation, PLC by 2.4% in the fourth quarter. Pekin Singer Strauss Asset Management IL now owns 25,987 shares of the industrial products company’s stock valued at $1,743,000 after buying an additional 600 shares during the period. HighPoint Advisor Group LLC raised its stake in shares of Eaton Corporation, PLC by 130.4% in the fourth quarter. HighPoint Advisor Group LLC now owns 8,796 shares of the industrial products company’s stock valued at $644,000 after buying an additional 4,978 shares during the period. Whalerock Point Partners LLC raised its stake in shares of Eaton Corporation, PLC by 11.4% in the fourth quarter. Whalerock Point Partners LLC now owns 11,725 shares of the industrial products company’s stock valued at $787,000 after buying an additional 1,200 shares during the period. Finally, Kentucky Retirement Systems purchased a new stake in shares of Eaton Corporation, PLC during the fourth quarter valued at $2,199,000. Institutional investors own 76.59% of the company’s stock.

Eaton Corporation, PLC (ETN) traded down 0.24% during midday trading on Friday, hitting $71.48. The stock had a trading volume of 1,294,693 shares. The company’s 50 day moving average price is $77.44 and its 200-day moving average price is $75.02. The stock has a market cap of $31.79 billion, a PE ratio of 16.39 and a beta of 1.35. Eaton Corporation, PLC has a 52-week low of $59.07 and a 52-week high of $81.63.

Eaton Corporation, PLC (NYSE:ETN) last posted its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $1.15 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.16 by $0.01. Eaton Corporation, PLC had a net margin of 9.95% and a return on equity of 12.93%. The company had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the business posted $1.07 earnings per share. Eaton Corporation, PLC’s revenue was up 1.0% on a year-over-year basis. Analysts forecast that Eaton Corporation, PLC will post $4.61 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Friday, August 4th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Wednesday, August 2nd. This represents a $2.40 annualized dividend and a dividend yield of 3.36%. Eaton Corporation, PLC’s dividend payout ratio is currently 54.79%.

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A number of research analysts have weighed in on ETN shares. Zacks Investment Research raised Eaton Corporation, PLC from a “hold” rating to a “buy” rating and set a $87.00 price objective for the company in a report on Wednesday, July 5th. ValuEngine upgraded Eaton Corporation, PLC from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Argus reiterated a “buy” rating and issued a $85.00 price objective (up previously from $83.00) on shares of Eaton Corporation, PLC in a research report on Tuesday, May 30th. Stifel Nicolaus reiterated a “hold” rating and issued a $80.00 price objective on shares of Eaton Corporation, PLC in a research report on Friday, July 7th. Finally, Barclays PLC set a $81.00 price objective on Eaton Corporation, PLC and gave the company a “hold” rating in a research report on Tuesday, May 2nd. 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 stock. The stock has a consensus rating of “Hold” and a consensus target price 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.

Institutional Ownership by Quarter for Eaton Corporation, PLC (NYSE:ETN)

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