ARGI Investment Services LLC boosted its position in Eaton Corporation, PLC (NYSE:ETN) by 7.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,362 shares of the industrial products company’s stock after acquiring an additional 1,905 shares during the period. ARGI Investment Services LLC’s holdings in Eaton were worth $2,024,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the stock. Schroder Investment Management Group boosted its holdings in Eaton by 24.4% in the second quarter. Schroder Investment Management Group now owns 3,262,517 shares of the industrial products company’s stock valued at $250,007,000 after acquiring an additional 640,198 shares during the last quarter. Rhumbline Advisers boosted its holdings in Eaton by 0.4% in the third quarter. Rhumbline Advisers now owns 779,539 shares of the industrial products company’s stock valued at $59,861,000 after acquiring an additional 3,338 shares during the last quarter. PGGM Investments boosted its holdings in Eaton by 142.1% in the third quarter. PGGM Investments now owns 703,839 shares of the industrial products company’s stock valued at $54,048,000 after acquiring an additional 413,096 shares during the last quarter. Davis Selected Advisers boosted its holdings in Eaton by 4.1% in the second quarter. Davis Selected Advisers now owns 533,228 shares of the industrial products company’s stock valued at $41,501,000 after acquiring an additional 21,036 shares during the last quarter. Finally, Nationwide Fund Advisors boosted its holdings in Eaton by 3.0% in the third quarter. Nationwide Fund Advisors now owns 466,338 shares of the industrial products company’s stock valued at $35,810,000 after acquiring an additional 13,419 shares during the last quarter. Institutional investors and hedge funds own 76.65% of the company’s stock.
In other news, Director Charles E. Golden sold 4,311 shares of Eaton stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $76.03, for a total transaction of $327,765.33. Following the transaction, the director now owns 20,275 shares in the company, valued at approximately $1,541,508.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Revathi Advaithi sold 23,743 shares of Eaton stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $78.36, for a total value of $1,860,501.48. Following the transaction, the insider now owns 31,028 shares in the company, valued at approximately $2,431,354.08. The disclosure for this sale can be found here. Insiders have sold a total of 40,954 shares of company stock worth $3,163,571 in the last quarter. 0.80% of the stock is currently owned by company insiders.
Eaton (NYSE:ETN) last released its quarterly earnings data on Tuesday, October 31st. The industrial products company reported $1.25 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.25. Eaton had a return on equity of 12.89% and a net margin of 14.21%. The business had revenue of $5.21 billion for the quarter, compared to analysts’ expectations of $5.12 billion. During the same quarter in the previous year, the business posted $1.16 EPS. Eaton’s revenue for the quarter was up 6.4% on a year-over-year basis. analysts forecast that Eaton Corporation, PLC will post 4.6 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 17th. Stockholders of record on Friday, November 3rd were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend was Thursday, November 2nd. Eaton’s dividend payout ratio (DPR) is presently 37.68%.
ETN has been the topic of several recent research reports. Morgan Stanley reiterated an “overweight” rating and issued a $88.00 price target (up previously from $87.00) on shares of Eaton in a report on Monday, October 2nd. Stifel Nicolaus reiterated a “hold” rating and issued a $82.00 price target on shares of Eaton in a report on Thursday, October 12th. Jefferies Group reiterated a “hold” rating and issued a $75.00 price target on shares of Eaton in a report on Thursday, August 24th. Credit Suisse Group restated an “outperform” rating and set a $92.00 target price (up previously from $86.00) on shares of Eaton in a report on Wednesday, November 1st. Finally, Bank of America cut Eaton from a “buy” rating to an “underperform” rating in a report on Tuesday, October 17th. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $82.86.
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Eaton 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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