Schroder Investment Management Group reduced its stake in Eaton Co. PLC (NYSE:ETN) by 36.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,706,127 shares of the industrial products company’s stock after selling 977,005 shares during the quarter. Schroder Investment Management Group owned about 0.39% of Eaton worth $147,973,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in ETN. Cornerstone Wealth Management LLC raised its position in shares of Eaton by 8,005.4% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 234,004 shares of the industrial products company’s stock worth $3,123,000 after acquiring an additional 231,117 shares in the last quarter. Bessemer Group Inc. raised its position in shares of Eaton by 5.4% during the 2nd quarter. Bessemer Group Inc. now owns 12,819 shares of the industrial products company’s stock worth $958,000 after acquiring an additional 651 shares in the last quarter. Tributary Capital Management LLC acquired a new stake in shares of Eaton during the 2nd quarter worth about $2,096,000. Advisor Partners LLC raised its position in shares of Eaton by 8.9% during the 2nd quarter. Advisor Partners LLC now owns 10,803 shares of the industrial products company’s stock worth $807,000 after acquiring an additional 882 shares in the last quarter. Finally, Alps Advisors Inc. raised its position in shares of Eaton by 4.6% during the 2nd quarter. Alps Advisors Inc. now owns 630,892 shares of the industrial products company’s stock worth $49,847,000 after acquiring an additional 27,754 shares in the last quarter. 77.64% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have recently weighed in on ETN shares. Wells Fargo & Co reissued a “buy” rating on shares of Eaton in a research report on Wednesday, September 26th. Deutsche Bank raised their target price on Eaton from $95.00 to $102.00 and gave the stock a “buy” rating in a research report on Friday, September 28th. UBS Group raised Eaton from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $91.00 to $100.00 in a research report on Friday, September 21st. Morgan Stanley assumed coverage on Eaton in a research report on Monday, August 20th. They set an “equal weight” rating and a $86.00 price target on the stock. Finally, Credit Suisse Group assumed coverage on Eaton in a research report on Friday, October 12th. They set an “outperform” rating and a $91.00 price target on the stock. Two analysts have rated the stock with a sell rating, four have given a hold rating and fifteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $86.67.
Eaton (NYSE:ETN) last released its earnings results on Tuesday, October 30th. The industrial products company reported $1.43 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.43. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.49 billion. Eaton had a return on equity of 13.48% and a net margin of 10.06%. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.25 earnings per share. Equities analysts predict that Eaton Co. PLC will post 5.35 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 16th. Stockholders of record on Friday, November 2nd were issued a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date was Thursday, November 1st. Eaton’s payout ratio is currently 56.77%.
In other news, insider Ken D. Semelsberger sold 11,500 shares of the business’s stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $86.57, for a total value of $995,555.00. Following the transaction, the insider now owns 78,883 shares of the company’s stock, valued at $6,828,901.31. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Richard H. Fearon sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $83.29, for a total value of $2,082,250.00. Following the completion of the transaction, the insider now directly owns 221,459 shares in the company, valued at approximately $18,445,320.11. The disclosure for this sale can be found here. In the last three months, insiders sold 55,000 shares of company stock worth $4,617,645. Corporate insiders own 0.50% of the company’s stock.
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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.
Further Reading: Average Daily Trade Volume – ADTV
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