Smith Asset Management Group LP boosted its stake in shares of Eaton Co. PLC (NYSE:ETN) by 6.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 322,574 shares of the industrial products company’s stock after purchasing an additional 19,342 shares during the period. Smith Asset Management Group LP owned about 0.07% of Eaton worth $24,160,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Silvant Capital Management LLC purchased a new position in Eaton during the first quarter valued at approximately $105,000. Thompson Davis & CO. Inc. purchased a new position in Eaton during the first quarter valued at approximately $124,000. Institutional & Family Asset Management LLC purchased a new position in Eaton during the first quarter valued at approximately $137,000. Perigon Wealth Management LLC grew its position in Eaton by 67.5% during the first quarter. Perigon Wealth Management LLC now owns 1,772 shares of the industrial products company’s stock valued at $142,000 after purchasing an additional 714 shares in the last quarter. Finally, Spectrum Management Group Inc. purchased a new position in Eaton during the second quarter valued at approximately $149,000. 78.65% of the stock is currently owned by hedge funds and other institutional investors.
ETN stock traded down $0.78 during trading hours on Thursday, hitting $81.59. The company’s stock had a trading volume of 191,860 shares, compared to its average volume of 2,344,950. The company has a quick ratio of 1.00, a current ratio of 1.47 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $36.37 billion, a price-to-earnings ratio of 17.55, a P/E/G ratio of 1.54 and a beta of 1.42. Eaton Co. PLC has a 12 month low of $69.82 and a 12 month high of $89.85.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 17th. Shareholders of record on Friday, August 3rd will be given a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 3.24%. The ex-dividend date of this dividend is Thursday, August 2nd. Eaton’s dividend payout ratio is 56.77%.
In other news, insider William J. Vanlandingham II sold 5,722 shares of the business’s stock in a transaction on Tuesday, June 5th. The shares were sold at an average price of $79.39, for a total value of $454,269.58. Following the completion of the sale, the insider now directly owns 12,674 shares in the company, valued at $1,006,188.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Uday Yadav sold 9,786 shares of the business’s stock in a transaction on Tuesday, June 12th. The stock was sold at an average price of $80.32, for a total transaction of $786,011.52. Following the completion of the sale, the insider now owns 21,559 shares of the company’s stock, valued at $1,731,618.88. The disclosure for this sale can be found here. Insiders sold 27,683 shares of company stock valued at $2,220,088 over the last three months. Insiders own 0.50% of the company’s stock.
A number of research analysts recently commented on ETN shares. Stifel Nicolaus reaffirmed a “buy” rating and set a $88.00 price objective on shares of Eaton in a research report on Wednesday, April 4th. ValuEngine downgraded shares of Eaton from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Deutsche Bank set a $86.00 price objective on shares of Eaton and gave the company a “buy” rating in a research report on Thursday, July 12th. Citigroup lowered their price objective on shares of Eaton from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Wednesday, May 2nd. Finally, Barclays downgraded shares of Eaton from an “equal weight” rating to an “underweight” rating in a research report on Monday, May 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $86.28.
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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