Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Eaton Co. PLC (NYSE:ETN) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,034,415 shares of the industrial products company’s stock, valued at approximately $89,715,000. Skandinaviska Enskilda Banken AB publ owned 0.24% of Eaton as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Financial Architects Inc grew its stake in shares of Eaton by 2,675.0% during the 3rd quarter. Financial Architects Inc now owns 1,221 shares of the industrial products company’s stock worth $106,000 after purchasing an additional 1,177 shares during the period. Reilly Financial Advisors LLC grew its stake in shares of Eaton by 145.3% during the 3rd quarter. Reilly Financial Advisors LLC now owns 1,266 shares of the industrial products company’s stock worth $110,000 after purchasing an additional 750 shares during the period. Zions Bancorporation acquired a new position in shares of Eaton during the 2nd quarter worth $113,000. Fort L.P. acquired a new position in shares of Eaton during the 2nd quarter worth $116,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of Eaton during the 2nd quarter worth $123,000. 77.29% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently weighed in on ETN shares. MED raised shares of Eaton from a “hold” rating to a “buy” rating and set a $86.00 price target on the stock in a research note on Thursday, July 12th. Deutsche Bank set a $86.00 price target on shares of Eaton and gave the stock a “buy” rating in a research note on Thursday, July 12th. ValuEngine raised shares of Eaton from a “sell” rating to a “hold” rating in a research note on Thursday, July 19th. Royal Bank of Canada reaffirmed a “hold” rating and set a $80.00 price target on shares of Eaton in a research note on Tuesday, July 31st. Finally, Barclays upped their price target on shares of Eaton from $71.00 to $77.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 1st. Two analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $86.12.
Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, October 30th. The industrial products company reported $1.43 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.43. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.49 billion. Eaton had a net margin of 10.06% and a return on equity of 13.48%. The firm’s revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.25 EPS. As a group, equities research analysts expect that Eaton Co. PLC will post 5.35 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 16th. Investors of record on Friday, November 2nd will be paid a $0.66 dividend. The ex-dividend date is Thursday, November 1st. This represents a $2.64 dividend on an annualized basis and a yield of 3.51%. Eaton’s payout ratio is 56.77%.
In other Eaton news, insider Ken D. Semelsberger sold 11,500 shares of the company’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $86.57, for a total value of $995,555.00. Following the transaction, the insider now directly owns 78,883 shares in the company, valued at approximately $6,828,901.31. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Deborah L. Mccoy sold 3,000 shares of the company’s stock in a transaction dated Thursday, September 6th. The shares were sold at an average price of $84.55, for a total transaction of $253,650.00. Following the completion of the transaction, the director now owns 32,936 shares in the company, valued at $2,784,738.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,000 shares of company stock worth $4,617,645. 0.50% of the stock is owned by insiders.
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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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