Twin Capital Management Inc. Reduces Holdings in Eaton Co. PLC (NYSE:ETN)

Twin Capital Management Inc. decreased its position in shares of Eaton Co. PLC (NYSE:ETN) by 24.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 89,699 shares of the industrial products company’s stock after selling 28,961 shares during the quarter. Twin Capital Management Inc.’s holdings in Eaton were worth $7,470,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the business. Boston Partners grew its holdings in shares of Eaton by 40.9% during the first quarter. Boston Partners now owns 10,269,144 shares of the industrial products company’s stock worth $827,282,000 after buying an additional 2,978,615 shares during the last quarter. Ronna Sue Cohen lifted its position in shares of Eaton by 7,553.8% during the 1st quarter. Ronna Sue Cohen now owns 2,689,093 shares of the industrial products company’s stock valued at $2,689,000 after acquiring an additional 2,653,959 shares during the period. SG Americas Securities LLC lifted its position in shares of Eaton by 935.0% during the 1st quarter. SG Americas Securities LLC now owns 666,491 shares of the industrial products company’s stock valued at $53,693,000 after acquiring an additional 602,093 shares during the period. Clark Capital Management Group Inc. lifted its position in shares of Eaton by 98.8% during the 2nd quarter. Clark Capital Management Group Inc. now owns 888,778 shares of the industrial products company’s stock valued at $74,017,000 after acquiring an additional 441,797 shares during the period. Finally, Bessemer Group Inc. lifted its position in shares of Eaton by 4,728.8% during the 2nd quarter. Bessemer Group Inc. now owns 307,549 shares of the industrial products company’s stock valued at $25,612,000 after acquiring an additional 301,180 shares during the period. 77.35% of the stock is currently owned by institutional investors.

In other news, insider Joao V. Faria sold 4,301 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $80.00, for a total transaction of $344,080.00. Following the completion of the sale, the insider now directly owns 58,688 shares of the company’s stock, valued at approximately $4,695,040. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Olivier Leonetti acquired 630 shares of the stock in a transaction dated Friday, May 17th. The shares were bought at an average cost of $79.08 per share, with a total value of $49,820.40. Following the completion of the purchase, the director now directly owns 127 shares in the company, valued at $10,043.16. The disclosure for this purchase can be found here. 0.70% of the stock is owned by insiders.

A number of research firms have recently issued reports on ETN. Morgan Stanley lifted their price target on shares of Eaton from $88.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Barclays reiterated a “sell” rating and set a $76.00 price target on shares of Eaton in a research report on Thursday, June 6th. Royal Bank of Canada set a $84.00 price target on shares of Eaton and gave the company a “hold” rating in a research report on Wednesday, July 31st. Finally, Deutsche Bank set a $96.00 price objective on Eaton and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company’s stock. Eaton currently has an average rating of “Hold” and an average price target of $88.55.

ETN traded up $0.73 during trading on Thursday, hitting $75.92. The company’s stock had a trading volume of 71,446 shares, compared to its average volume of 2,529,011. The business has a 50 day simple moving average of $80.65. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.18 and a current ratio of 1.83. The stock has a market cap of $32.74 billion, a PE ratio of 14.05, a PEG ratio of 1.52 and a beta of 1.44. Eaton Co. PLC has a twelve month low of $64.46 and a twelve month high of $89.46.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $1.53 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.51 by $0.02. Eaton had a net margin of 10.16% and a return on equity of 14.88%. The company had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.63 billion. During the same period in the previous year, the company earned $1.39 EPS. The business’s quarterly revenue was up .8% compared to the same quarter last year. As a group, research analysts expect that Eaton Co. PLC will post 5.88 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Friday, August 2nd will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $2.84 annualized dividend and a dividend yield of 3.74%. Eaton’s dividend payout ratio is presently 52.69%.

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.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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