Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Eaton Co. plc (NYSE:ETN) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 84,482 shares of the industrial products company’s stock, valued at approximately $12,519,000.
Other institutional investors have also recently made changes to their positions in the company. Sheaff Brock Investment Advisors LLC bought a new position in Eaton during the first quarter valued at approximately $1,198,000. Public Employees Retirement System of Ohio boosted its stake in Eaton by 6.0% during the first quarter. Public Employees Retirement System of Ohio now owns 287,221 shares of the industrial products company’s stock valued at $39,717,000 after buying an additional 16,360 shares during the last quarter. Proquility Private Wealth Partners LLC bought a new position in Eaton during the first quarter valued at approximately $1,606,000. Tudor Investment Corp Et Al bought a new position in Eaton during the first quarter valued at approximately $1,706,000. Finally, HRT Financial LP boosted its stake in Eaton by 193.5% during the first quarter. HRT Financial LP now owns 296,838 shares of the industrial products company’s stock valued at $41,046,000 after buying an additional 195,717 shares during the last quarter. 77.63% of the stock is owned by institutional investors.
ETN opened at $156.01 on Friday. The stock’s fifty day moving average is $162.12 and its two-hundred day moving average is $150.21. The company has a market capitalization of $62.21 billion, a P/E ratio of 33.26, a PEG ratio of 2.14 and a beta of 1.15. Eaton Co. plc has a 52 week low of $98.40 and a 52 week high of $171.32. The company has a quick ratio of 0.80, a current ratio of 1.10 and a debt-to-equity ratio of 0.56.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 27th. Shareholders of record on Friday, August 13th were issued a dividend of $0.76 per share. The ex-dividend date was Thursday, August 12th. This represents a $3.04 annualized dividend and a yield of 1.95%. Eaton’s payout ratio is currently 71.70%.
A number of brokerages have issued reports on ETN. Barclays upped their price objective on Eaton from $148.00 to $165.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 4th. Morgan Stanley upped their price objective on Eaton from $180.00 to $187.00 and gave the company an “overweight” rating in a research report on Wednesday, August 4th. HSBC downgraded Eaton from a “buy” rating to a “hold” rating and set a $153.00 price objective on the stock. in a research report on Tuesday, September 14th. Royal Bank of Canada upped their price objective on Eaton from $146.00 to $154.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 4th. Finally, Credit Suisse Group upped their price objective on Eaton from $163.00 to $180.00 and gave the company an “outperform” rating in a research report on Wednesday, August 4th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $161.06.
In other Eaton news, insider Uday Yadav sold 32,189 shares of the stock in a transaction on Thursday, August 12th. The stock was sold at an average price of $166.43, for a total transaction of $5,357,215.27. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Joao V. Faria sold 2,201 shares of the stock in a transaction on Thursday, August 5th. The shares were sold at an average price of $163.01, for a total value of $358,785.01. The disclosure for this sale can be found here. Insiders have sold a total of 41,919 shares of company stock worth $6,980,872 over the last 90 days. 0.53% of the stock is currently owned by company insiders.
Eaton Corp. Plc is a power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: Electrical Americas and Electrical Global, Hydraulics, Aerospace, Vehicle, and eMobility. The Electrical Americas and Electrical Global segment engages in sales contracts for electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality, wiring devices, circuit protection, utility power distribution, power reliability equipment, and service.
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