Bridges Investment Management Inc. raised its stake in shares of Eaton Co. PLC (NYSE:ETN) by 2.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 144,154 shares of the industrial products company’s stock after purchasing an additional 3,477 shares during the period. Bridges Investment Management Inc.’s holdings in Eaton were worth $10,775,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the stock. HPM Partners LLC increased its position in Eaton by 48.6% during the second quarter. HPM Partners LLC now owns 36,972 shares of the industrial products company’s stock worth $2,763,000 after purchasing an additional 12,096 shares during the last quarter. Moneta Group Investment Advisors LLC increased its position in shares of Eaton by 46.2% in the second quarter. Moneta Group Investment Advisors LLC now owns 13,163 shares of the industrial products company’s stock worth $984,000 after acquiring an additional 4,160 shares in the last quarter. Waddell & Reed Financial Inc. increased its position in shares of Eaton by 10.0% in the second quarter. Waddell & Reed Financial Inc. now owns 1,216,772 shares of the industrial products company’s stock worth $90,942,000 after acquiring an additional 110,659 shares in the last quarter. Centaurus Financial Inc. acquired a new stake in shares of Eaton in the second quarter worth $147,000. Finally, Tower Research Capital LLC TRC increased its position in shares of Eaton by 724.4% in the second quarter. Tower Research Capital LLC TRC now owns 20,610 shares of the industrial products company’s stock worth $1,540,000 after acquiring an additional 18,110 shares in the last quarter. 77.56% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently issued reports on the stock. ValuEngine lowered shares of Eaton from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Barclays increased their price objective on shares of Eaton from $71.00 to $77.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 1st. Wells Fargo & Co set a $92.00 price objective on shares of Eaton and gave the stock a “buy” rating in a research report on Wednesday, August 1st. Zacks Investment Research lowered shares of Eaton from a “buy” rating to a “hold” rating in a research report on Tuesday, August 7th. Finally, Deutsche Bank set a $86.00 price objective on shares of Eaton and gave the stock a “buy” rating in a research report on Thursday, July 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $87.61.
In related news, insider Richard H. Fearon sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $83.29, for a total transaction of $2,082,250.00. Following the completion of the sale, the insider now directly owns 221,459 shares of the company’s stock, valued at approximately $18,445,320.11. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Revathi Advaithi sold 15,500 shares of the firm’s stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $82.98, for a total transaction of $1,286,190.00. Following the sale, the insider now directly owns 24,715 shares of the company’s stock, valued at $2,050,850.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,500 shares of company stock valued at $3,622,090. Company insiders own 0.50% of the company’s stock.
ETN opened at $86.70 on Friday. The firm has a market cap of $36.86 billion, a P/E ratio of 18.65, a PEG ratio of 1.55 and a beta of 1.38. Eaton Co. PLC has a twelve month low of $71.62 and a twelve month high of $89.85. The company has a quick ratio of 0.96, a current ratio of 1.47 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 the Zacks’ consensus estimate of $1.32 by $0.07. The business had revenue of $5.49 billion during the quarter, compared to analyst estimates of $5.45 billion. Eaton had a net margin of 14.80% and a return on equity of 13.11%. The business’s revenue was up 6.9% on a year-over-year basis. During the same period last year, the business earned $1.15 EPS. equities analysts forecast that Eaton Co. PLC will post 5.36 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 17th. Investors of record on Friday, August 3rd were issued a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date was Thursday, August 2nd. Eaton’s payout ratio is 56.77%.
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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