Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in shares of Eaton Co. PLC (NYSE:ETN) by 10.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 228,762 shares of the industrial products company’s stock after buying an additional 22,577 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund owned about 0.05% of Eaton worth $18,429,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of ETN. Vanguard Group Inc grew its holdings in Eaton by 0.5% in the third quarter. Vanguard Group Inc now owns 31,765,973 shares of the industrial products company’s stock worth $2,755,064,000 after purchasing an additional 150,330 shares during the period. BlackRock Inc. lifted its stake in shares of Eaton by 6.7% in the fourth quarter. BlackRock Inc. now owns 31,171,908 shares of the industrial products company’s stock valued at $2,140,263,000 after buying an additional 1,955,724 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its stake in shares of Eaton by 8,639.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,674,949 shares of the industrial products company’s stock valued at $141,000 after buying an additional 9,564,240 shares in the last quarter. Norges Bank bought a new position in shares of Eaton in the fourth quarter valued at $524,126,000. Finally, Northern Trust Corp lifted its stake in shares of Eaton by 1.6% in the fourth quarter. Northern Trust Corp now owns 6,087,688 shares of the industrial products company’s stock valued at $417,982,000 after buying an additional 94,571 shares in the last quarter. Institutional investors own 80.07% of the company’s stock.
In related news, insider Curtis J. Hutchins sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $80.60, for a total transaction of $967,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joao V. Faria sold 4,301 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $80.00, for a total transaction of $344,080.00. Following the sale, the insider now owns 58,688 shares of the company’s stock, valued at approximately $4,695,040. The disclosure for this sale can be found here. Insiders have sold 34,890 shares of company stock worth $2,809,633 over the last three months. 0.70% of the stock is owned by insiders.
Shares of ETN traded down $0.99 during trading hours on Wednesday, reaching $78.93. 1,204,808 shares of the stock traded hands, compared to its average volume of 2,462,881. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.47 and a quick ratio of 0.92. Eaton Co. PLC has a 52 week low of $64.46 and a 52 week high of $89.46. The firm has a market capitalization of $33.66 billion, a P/E ratio of 14.64, a PEG ratio of 1.53 and a beta of 1.47.
Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Eaton had a net margin of 10.06% and a return on equity of 14.56%. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.38 billion. During the same period last year, the firm earned $1.10 earnings per share. The firm’s revenue was up 1.0% on a year-over-year basis. On average, equities research analysts expect that Eaton Co. PLC will post 5.89 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Friday, May 3rd were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date was Thursday, May 2nd. Eaton’s payout ratio is currently 52.69%.
A number of research firms have weighed in on ETN. Robert W. Baird set a $89.00 price objective on shares of Eaton and gave the company a “buy” rating in a research note on Saturday, February 2nd. Bank of America lowered shares of Eaton from a “buy” rating to a “neutral” rating and set a $88.00 price objective on the stock. in a research note on Thursday, April 4th. Morgan Stanley set a $82.00 price objective on shares of Eaton and gave the company a “hold” rating in a research note on Saturday, February 2nd. Wells Fargo & Co raised their price objective on shares of Eaton from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Monday, March 4th. They noted that the move was a valuation call. Finally, Zacks Investment Research lowered shares of Eaton from a “hold” rating to a “sell” rating in a research note on Tuesday, January 29th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company’s stock. Eaton presently has an average rating of “Hold” and a consensus price target of $86.79.
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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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