Contravisory Investment Management Inc. raised its position in Eaton Co. plc (NYSE:ETN – Free Report) by 7.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,867 shares of the industrial products company’s stock after buying an additional 122 shares during the period. Contravisory Investment Management Inc.’s holdings in Eaton were worth $619,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the stock. Breakwater Investment Management boosted its position in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 78 shares during the last quarter. Atwood & Palmer Inc. boosted its position in Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 50 shares during the last quarter. Proffitt & Goodson Inc. acquired a new position in Eaton during the second quarter worth about $29,000. Redmont Wealth Advisors LLC acquired a new position in Eaton during the first quarter worth about $33,000. Finally, LGT Financial Advisors LLC acquired a new position in Eaton during the second quarter worth about $33,000. Institutional investors and hedge funds own 82.97% of the company’s stock.
Insider Buying and Selling
In related news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares in the company, valued at $2,858,328. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Karenann K. Terrell purchased 500 shares of the stock in a transaction on Wednesday, August 21st. The shares were purchased at an average price of $298.97 per share, with a total value of $149,485.00. Following the acquisition, the director now directly owns 500 shares in the company, valued at $149,485. The disclosure for this purchase can be found here. Insiders have sold a total of 52,511 shares of company stock valued at $15,809,326 in the last ninety days. Company insiders own 0.53% of the company’s stock.
Eaton Price Performance
Eaton (NYSE:ETN – Get Free Report) last announced its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping the consensus estimate of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. As a group, equities research analysts expect that Eaton Co. plc will post 10.75 earnings per share for the current year.
Eaton Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.12%. The ex-dividend date was Monday, August 5th. Eaton’s payout ratio is currently 41.36%.
Analysts Set New Price Targets
A number of equities analysts recently weighed in on the stock. Wells Fargo & Company boosted their price target on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday. Citigroup began coverage on shares of Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 price target on the stock. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Evercore ISI reduced their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Finally, Raymond James reduced their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and a consensus target price of $339.47.
About Eaton
Eaton Corporation plc operates as a power management company worldwide. The company’s Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.
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