Arizona State Retirement System increased its holdings in Eaton Co. PLC (NYSE:ETN) by 17.6% during the 2nd quarter, Holdings Channel reports. The firm owned 162,555 shares of the industrial products company’s stock after purchasing an additional 24,307 shares during the period. Arizona State Retirement System’s holdings in Eaton were worth $12,149,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of ETN. Global X Management Co. LLC grew its stake in Eaton by 145.5% in the 1st quarter. Global X Management Co. LLC now owns 41,103 shares of the industrial products company’s stock valued at $3,285,000 after acquiring an additional 24,360 shares during the period. Appleton Group LLC purchased a new position in Eaton in the 1st quarter valued at $207,000. Parkside Financial Bank & Trust lifted its holdings in Eaton by 50.4% in the 1st quarter. Parkside Financial Bank & Trust now owns 2,261 shares of the industrial products company’s stock valued at $181,000 after purchasing an additional 758 shares in the last quarter. FDx Advisors Inc. lifted its holdings in Eaton by 15.5% in the 1st quarter. FDx Advisors Inc. now owns 59,656 shares of the industrial products company’s stock valued at $4,767,000 after purchasing an additional 8,021 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in Eaton by 9.0% in the 1st quarter. Wells Fargo & Company MN now owns 4,930,724 shares of the industrial products company’s stock valued at $394,014,000 after purchasing an additional 407,171 shares in the last quarter. 79.87% of the stock is currently owned by institutional investors.
In other news, insider William J. Vanlandingham II sold 5,722 shares of Eaton stock in a transaction on Tuesday, June 5th. The stock was sold at an average price of $79.39, for a total transaction of $454,269.58. Following the transaction, the insider now owns 12,674 shares in the company, valued at approximately $1,006,188.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael J. Critelli sold 5,000 shares of Eaton stock in a transaction on Tuesday, June 12th. The stock was sold at an average price of $80.86, for a total value of $404,300.00. Following the transaction, the director now owns 65,566 shares in the company, valued at approximately $5,301,666.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,683 shares of company stock worth $2,220,088. Insiders own 0.50% of the company’s stock.
Eaton (NYSE:ETN) last posted its quarterly earnings results on Tuesday, July 31st. The industrial products company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.32 by $0.07. Eaton had a return on equity of 13.11% and a net margin of 14.80%. The business had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.45 billion. During the same quarter in the previous year, the firm earned $1.15 EPS. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. sell-side analysts expect that Eaton Co. PLC will post 5.35 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 17th. Stockholders of record on Friday, August 3rd will be issued a dividend of $0.66 per share. The ex-dividend date of this dividend is Thursday, August 2nd. This represents a $2.64 annualized dividend and a dividend yield of 3.28%. Eaton’s dividend payout ratio is presently 56.77%.
A number of brokerages have weighed in on ETN. Royal Bank of Canada restated a “hold” rating and issued a $80.00 price objective on shares of Eaton in a report on Tuesday, July 31st. Wells Fargo & Co set a $92.00 price objective on Eaton and gave the company a “buy” rating in a report on Wednesday, August 1st. Barclays raised their price objective on Eaton from $71.00 to $77.00 and gave the company an “underweight” rating in a report on Wednesday, August 1st. Zacks Investment Research lowered Eaton from a “buy” rating to a “hold” rating in a report on Tuesday, August 7th. Finally, JPMorgan Chase & Co. upgraded Eaton from a “neutral” rating to an “overweight” rating and set a $92.00 price objective on the stock in a report on Monday. One analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $87.72.
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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