BerganKDV Wealth Management LLC lowered its stake in shares of Eaton Co. plc (NYSE:ETN) by 1.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 19,388 shares of the industrial products company’s stock after selling 262 shares during the quarter. BerganKDV Wealth Management LLC’s holdings in Eaton were worth $2,873,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ETN. Fort Washington Investment Advisors Inc. OH increased its position in shares of Eaton by 2.5% during the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 74,618 shares of the industrial products company’s stock valued at $10,318,000 after purchasing an additional 1,832 shares during the last quarter. Avidian Wealth Solutions LLC purchased a new position in Eaton during the 1st quarter valued at $252,000. Donaldson Capital Management LLC purchased a new position in Eaton during the 1st quarter valued at $217,000. Interchange Capital Partners LLC boosted its holdings in Eaton by 21.9% during the 1st quarter. Interchange Capital Partners LLC now owns 1,278 shares of the industrial products company’s stock valued at $270,000 after acquiring an additional 230 shares during the period. Finally, Adviser Investments LLC boosted its holdings in Eaton by 16.3% during the 1st quarter. Adviser Investments LLC now owns 63,148 shares of the industrial products company’s stock valued at $8,732,000 after acquiring an additional 8,845 shares during the period. 77.63% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Christopher M. Connor acquired 1,000 shares of the business’s stock in a transaction dated Wednesday, August 11th. The shares were acquired at an average cost of $167.34 per share, with a total value of $167,340.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joao V. Faria sold 2,201 shares of the company’s stock in a transaction dated Thursday, August 5th. The stock was sold at an average price of $163.01, for a total value of $358,785.01. The disclosure for this sale can be found here. Insiders have sold a total of 41,919 shares of company stock worth $6,980,872 over the last ninety days. 0.53% of the stock is currently owned by corporate insiders.
Eaton (NYSE:ETN) last announced its earnings results on Tuesday, August 3rd. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.57 by $0.15. Eaton had a return on equity of 15.03% and a net margin of 9.86%. The company had revenue of $5.22 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same period in the prior year, the company posted $0.70 EPS. The firm’s quarterly revenue was up 35.2% compared to the same quarter last year. On average, research analysts expect that Eaton Co. plc will post 6.82 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 27th. Investors of record on Friday, August 13th were given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend was Thursday, August 12th. Eaton’s dividend payout ratio is currently 71.70%.
ETN has been the subject of a number of recent analyst reports. HSBC cut Eaton from a “buy” rating to a “hold” rating and set a $153.00 price objective for the company. in a report on Tuesday. Royal Bank of Canada boosted their price objective on Eaton from $146.00 to $154.00 and gave the company a “sector perform” rating in a report on Wednesday, August 4th. Argus boosted their price objective on Eaton from $165.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, August 10th. Deutsche Bank Aktiengesellschaft upped their target price on Eaton from $166.00 to $169.00 and gave the stock a “buy” rating in a report on Wednesday, July 14th. Finally, Credit Suisse Group upped their target price on Eaton from $163.00 to $180.00 and gave the stock an “outperform” rating in a report on Wednesday, August 4th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $161.06.
Eaton Corp. Plc is a power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: Electrical Americas and Electrical Global, Hydraulics, Aerospace, Vehicle, and eMobility. The Electrical Americas and Electrical Global segment engages in sales contracts for electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality, wiring devices, circuit protection, utility power distribution, power reliability equipment, and service.
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