Schafer Cullen Capital Management Inc Sells 4,520 Shares of Eaton Co. PLC (NYSE:ETN)

Schafer Cullen Capital Management Inc lessened its holdings in Eaton Co. PLC (NYSE:ETN) by 1.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 260,509 shares of the industrial products company’s stock after selling 4,520 shares during the quarter. Schafer Cullen Capital Management Inc owned approximately 0.06% of Eaton worth $21,156,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of ETN. Boston Partners increased its position in Eaton by 40.9% during the 1st quarter. Boston Partners now owns 10,269,144 shares of the industrial products company’s stock valued at $827,282,000 after purchasing an additional 2,978,615 shares during the period. Geode Capital Management LLC increased its position in Eaton by 5.6% during the 4th quarter. Geode Capital Management LLC now owns 5,457,569 shares of the industrial products company’s stock valued at $374,165,000 after purchasing an additional 288,837 shares during the period. Wells Fargo & Company MN increased its position in Eaton by 1.9% during the 1st quarter. Wells Fargo & Company MN now owns 4,830,591 shares of the industrial products company’s stock valued at $389,152,000 after purchasing an additional 91,805 shares during the period. Ronna Sue Cohen increased its position in Eaton by 7,553.8% during the 1st quarter. Ronna Sue Cohen now owns 2,689,093 shares of the industrial products company’s stock valued at $2,689,000 after purchasing an additional 2,653,959 shares during the period. Finally, Parametric Portfolio Associates LLC increased its position in Eaton by 9.6% during the 1st quarter. Parametric Portfolio Associates LLC now owns 1,618,972 shares of the industrial products company’s stock valued at $130,424,000 after purchasing an additional 141,272 shares during the period. Institutional investors and hedge funds own 76.72% of the company’s stock.

In other news, Director Olivier Leonetti bought 630 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were bought at an average cost of $79.08 per share, for a total transaction of $49,820.40. Following the acquisition, the director now directly owns 127 shares in the company, valued at $10,043.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dorothy C. Thompson bought 1,655 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average price of $78.54 per share, for a total transaction of $129,983.70. The disclosure for this purchase can be found here. Company insiders own 0.70% of the company’s stock.

Shares of ETN stock traded down $0.16 during trading hours on Friday, hitting $79.60. 87,550 shares of the company were exchanged, compared to its average volume of 2,496,400. The stock has a market capitalization of $33.06 billion, a price-to-earnings ratio of 14.76, a P/E/G ratio of 1.53 and a beta of 1.44. Eaton Co. PLC has a fifty-two week low of $64.46 and a fifty-two week high of $89.46. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.18 and a current ratio of 1.83. The company’s 50 day simple moving average is $81.17.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.51 by $0.02. The company had revenue of $5.53 billion during the quarter, compared to the consensus estimate of $5.63 billion. Eaton had a net margin of 10.16% and a return on equity of 14.88%. The company’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter last year, the firm posted $1.39 EPS. On average, analysts anticipate that Eaton Co. PLC will post 5.88 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Friday, August 2nd will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.57%. The ex-dividend date is Thursday, August 1st. Eaton’s dividend payout ratio (DPR) is 52.69%.

A number of research firms have weighed in on ETN. Barclays reissued a “sell” rating and set a $76.00 target price on shares of Eaton in a research report on Thursday, June 6th. Royal Bank of Canada set a $84.00 target price on shares of Eaton and gave the company a “hold” rating in a research report on Wednesday, July 31st. Deutsche Bank set a $96.00 target price on shares of Eaton and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Morgan Stanley increased their target price on shares of Eaton from $88.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $88.83.

Eaton Profile

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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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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