Lake Street Financial LLC bought a new stake in shares of Eaton Co. PLC (NYSE:ETN) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 18,638 shares of the industrial products company’s stock, valued at approximately $1,501,000.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Princeton Global Asset Management LLC purchased a new position in Eaton in the 4th quarter valued at about $317,000. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Eaton during the fourth quarter worth $589,000. Legal & General Group Plc lifted its stake in Eaton by 7.9% during the fourth quarter. Legal & General Group Plc now owns 2,574,900 shares of the industrial products company’s stock worth $176,771,000 after purchasing an additional 188,259 shares during the last quarter. Factory Mutual Insurance Co. lifted its stake in Eaton by 26.2% during the fourth quarter. Factory Mutual Insurance Co. now owns 798,556 shares of the industrial products company’s stock worth $54,829,000 after purchasing an additional 165,700 shares during the last quarter. Finally, Caxton Associates LP bought a new stake in Eaton in the fourth quarter valued at $432,000. 78.14% of the stock is owned by institutional investors and hedge funds.
In other news, insider Curtis J. Hutchins sold 12,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $80.60, for a total transaction of $967,200.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Curtis J. Hutchins sold 37,625 shares of the stock in a transaction that occurred on Thursday, February 7th. The stock was sold at an average price of $76.02, for a total value of $2,860,252.50. Following the transaction, the insider now owns 15,872 shares in the company, valued at approximately $1,206,589.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 73,214 shares of company stock worth $5,709,455. 0.70% of the stock is owned by corporate insiders.
Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, January 31st. The industrial products company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.03. Eaton had a return on equity of 14.06% and a net margin of 9.93%. The company had revenue of $5.46 billion for the quarter, compared to analyst estimates of $5.42 billion. Sell-side analysts expect that Eaton Co. PLC will post 5.86 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Saturday, March 9th were paid a dividend of $0.71 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.43%. Eaton’s dividend payout ratio (DPR) is currently 52.69%.
A number of research analysts have recently commented on the company. Zacks Investment Research lowered Eaton from a “hold” rating to a “sell” rating in a report on Tuesday, January 29th. Bank of America lowered Eaton from a “buy” rating to a “neutral” rating and set a $88.00 target price on the stock. in a report on Thursday, April 4th. Wolfe Research lowered Eaton from an “outperform” rating to a “market perform” rating in a research report on Tuesday, January 8th. Robert W. Baird set a $88.00 price objective on Eaton and gave the stock a “buy” rating in a research report on Friday, January 25th. Finally, Morgan Stanley set a $82.00 price target on Eaton and gave the company a “hold” rating in a report on Saturday, February 2nd. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $86.80.
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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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