The Manufacturers Life Insurance Company boosted its holdings in Eaton Co. PLC (NYSE:ETN) by 101.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 425,049 shares of the industrial products company’s stock after buying an additional 213,846 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Eaton were worth $34,242,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Financial Gravity Wealth Inc. bought a new position in Eaton in the first quarter valued at about $25,000. Destination Wealth Management raised its position in Eaton by 103.2% in the first quarter. Destination Wealth Management now owns 319 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 162 shares during the last quarter. Athena Capital Advisors LLC bought a new position in Eaton in the fourth quarter valued at about $27,000. Bremer Trust National Association bought a new position in Eaton in the fourth quarter valued at about $29,000. Finally, Berman Capital Advisors LLC bought a new position in Eaton in the fourth quarter valued at about $32,000. 76.71% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Olivier Leonetti acquired 630 shares of the stock in a transaction dated Friday, May 17th. The stock was bought at an average cost of $79.08 per share, for a total transaction of $49,820.40. Following the completion of the transaction, the director now directly owns 127 shares of the company’s stock, valued at $10,043.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joao V. Faria sold 4,301 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $80.00, for a total value of $344,080.00. Following the transaction, the insider now owns 58,688 shares of the company’s stock, valued at $4,695,040. The disclosure for this sale can be found here. 0.70% of the stock is owned by company insiders.
Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.01. Eaton had a return on equity of 14.56% and a net margin of 10.06%. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.38 billion. During the same period last year, the company earned $1.10 earnings per share. The firm’s revenue was up 1.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Eaton Co. PLC will post 5.89 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Friday, May 3rd were given a dividend of $0.71 per share. The ex-dividend date was Thursday, May 2nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.62%. Eaton’s dividend payout ratio (DPR) is 52.69%.
Several equities analysts have commented on the company. Barclays reiterated a “sell” rating and issued a $76.00 target price on shares of Eaton in a research report on Thursday, June 6th. Vertical Research upgraded Eaton from a “hold” rating to a “buy” rating in a research report on Monday, March 4th. Wells Fargo & Co increased their target price on Eaton from $85.00 to $90.00 and gave the company an “outperform” rating in a research report on Monday, March 4th. They noted that the move was a valuation call. Finally, Bank of America downgraded Eaton from a “buy” rating to a “neutral” rating and set a $88.00 target price for the company. in a research report on Thursday, April 4th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $87.00.
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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