Cambria Investment Management L.P. trimmed its position in Eaton Co. PLC (NYSE:ETN) by 4.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,385 shares of the industrial products company’s stock after selling 1,002 shares during the period. Cambria Investment Management L.P.’s holdings in Eaton were worth $1,642,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of ETN. Oregon Public Employees Retirement Fund grew 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 worth $141,000 after acquiring an additional 9,564,240 shares during the last quarter. Norges Bank bought a new position in shares of Eaton in the fourth quarter worth about $524,126,000. Boston Partners raised its stake in shares of Eaton by 40.9% in 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 period. Ronna Sue Cohen raised its stake in shares of Eaton by 7,553.8% in the first quarter. Ronna Sue Cohen now owns 2,689,093 shares of the industrial products company’s stock worth $2,689,000 after buying an additional 2,653,959 shares during the period. Finally, BlackRock Inc. raised 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 worth $2,140,263,000 after buying an additional 1,955,724 shares during the period. 76.71% of the stock is currently owned by institutional investors.
In related news, Director Olivier Leonetti acquired 630 shares of the firm’s stock in a transaction dated Friday, May 17th. The stock was acquired at an average price of $79.08 per share, with a total value of $49,820.40. Following the acquisition, the director now directly owns 127 shares in the company, valued at approximately $10,043.16. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Dorothy C. Thompson purchased 1,655 shares of Eaton stock in a transaction that occurred on Monday, May 13th. The stock was acquired at an average cost of $78.54 per share, with a total value of $129,983.70. The disclosure for this purchase can be found here. 0.70% of the stock is owned by insiders.
Several research firms have recently commented on ETN. Bank of America downgraded 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. Wells Fargo & Co increased their target price on Eaton from $85.00 to $90.00 and gave the stock an “outperform” rating in a research report on Monday, March 4th. They noted that the move was a valuation call. Vertical Research upgraded Eaton from a “hold” rating to a “buy” rating in a research report on Monday, March 4th. Finally, Barclays reiterated a “sell” rating and set a $76.00 target price on shares of Eaton in a research report on Thursday, June 6th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $87.00.
Shares of ETN stock traded down $0.92 on Friday, reaching $78.37. 1,325,937 shares of the company’s stock were exchanged, compared to its average volume of 2,363,093. Eaton Co. PLC has a 52 week low of $64.46 and a 52 week high of $89.46. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.92 and a current ratio of 1.47. The firm has a market capitalization of $33.06 billion, a P/E ratio of 14.54, a P/E/G ratio of 1.53 and a beta of 1.46.
Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.01. Eaton had a return on equity of 14.56% and a net margin of 10.06%. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.38 billion. During the same period last year, the business posted $1.10 EPS. The business’s revenue was up 1.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Eaton Co. PLC will post 5.89 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Friday, May 3rd were paid a dividend of $0.71 per share. The ex-dividend date was Thursday, May 2nd. This represents a $2.84 annualized dividend and a yield of 3.62%. Eaton’s dividend payout ratio (DPR) is 52.69%.
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Eaton Company Profile
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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