Eaton Co. PLC (ETN) Position Lifted by D.A. Davidson & CO.

D.A. Davidson & CO. increased its stake in Eaton Co. PLC (NYSE:ETN) by 3.5% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 34,000 shares of the industrial products company’s stock after acquiring an additional 1,142 shares during the quarter. D.A. Davidson & CO.’s holdings in Eaton were worth $2,541,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. increased its position in Eaton by 49.6% during the 2nd quarter. Victory Capital Management Inc. now owns 493,636 shares of the industrial products company’s stock valued at $36,894,000 after purchasing an additional 163,629 shares during the period. Cooke & Bieler LP increased its position in Eaton by 19.4% during the 2nd quarter. Cooke & Bieler LP now owns 1,246,235 shares of the industrial products company’s stock valued at $93,143,000 after purchasing an additional 202,843 shares during the period. Putnam FL Investment Management Co. increased its position in Eaton by 35.0% during the 2nd quarter. Putnam FL Investment Management Co. now owns 3,881 shares of the industrial products company’s stock valued at $290,000 after purchasing an additional 1,007 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. increased its position in Eaton by 2.1% during the 2nd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 205,576 shares of the industrial products company’s stock valued at $15,365,000 after purchasing an additional 4,283 shares during the period. Finally, MUFG Securities EMEA plc purchased a new position in Eaton during the 2nd quarter valued at about $11,643,000. 78.37% of the stock is currently owned by institutional investors.

A number of research firms have commented on ETN. Zacks Investment Research downgraded shares of Eaton from a “buy” rating to a “hold” rating in a research report on Tuesday. Wells Fargo & Co set a $92.00 target price on shares of Eaton and gave the company a “buy” rating in a research report on Wednesday, August 1st. Barclays raised their target price on shares of Eaton from $71.00 to $77.00 and gave the company an “underweight” rating in a research report on Wednesday, August 1st. Royal Bank of Canada reissued a “hold” rating and set a $80.00 target price on shares of Eaton in a research report on Tuesday, July 31st. Finally, ValuEngine raised shares of Eaton from a “sell” rating to a “hold” rating in a research report on Thursday, July 19th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $86.67.

NYSE:ETN opened at $81.71 on Friday. Eaton Co. PLC has a fifty-two week low of $69.82 and a fifty-two week high of $89.85. The stock has a market capitalization of $35.78 billion, a PE ratio of 16.42, a PEG ratio of 1.51 and a beta of 1.42. The company has a current ratio of 1.47, a quick ratio of 0.96 and a debt-to-equity ratio of 0.40.

Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, July 31st. The industrial products company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.07. Eaton had a net margin of 14.80% and a return on equity of 13.11%. The business had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.45 billion. During the same period last year, the business earned $1.15 EPS. The company’s revenue was up 6.9% compared to the same quarter last year. equities research analysts forecast that Eaton Co. PLC will post 5.35 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 17th. Stockholders of record on Friday, August 3rd will be issued a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend is Thursday, August 2nd. Eaton’s dividend payout ratio is currently 56.77%.

In related news, insider Uday Yadav sold 9,786 shares of Eaton stock in a transaction that occurred on Tuesday, June 12th. The shares were sold at an average price of $80.32, for a total value of $786,011.52. Following the completion of the sale, the insider now directly owns 21,559 shares in the company, valued at approximately $1,731,618.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William J. Vanlandingham II sold 5,722 shares of Eaton stock in a transaction that occurred on Tuesday, June 5th. The stock was sold at an average price of $79.39, for a total transaction of $454,269.58. Following the completion of the sale, the insider now owns 12,674 shares of the company’s stock, valued at $1,006,188.86. The disclosure for this sale can be found here. Insiders sold a total of 27,683 shares of company stock worth $2,220,088 over the last 90 days. Company insiders own 0.50% of the company’s stock.

About Eaton

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.

See Also: Average Daily Trade Volume – ADTV

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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