Burney Co. Has $1.16 Million Stake in Eaton Co., PLC (ETN)
Burney Co. grew its stake in shares of Eaton Co., PLC (NYSE:ETN) by 38.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 14,699 shares of the industrial products company’s stock after buying an additional 4,112 shares during the period. Burney Co.’s holdings in Eaton were worth $1,161,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently bought and sold shares of ETN. Lazard Asset Management LLC raised its stake in Eaton by 12.1% during the 4th quarter. Lazard Asset Management LLC now owns 6,558,015 shares of the industrial products company’s stock valued at $518,148,000 after purchasing an additional 705,914 shares during the period. Capital Advantage Inc. bought a new stake in Eaton during the 4th quarter valued at approximately $320,000. Investors Research Corp bought a new stake in Eaton during the 4th quarter valued at approximately $352,000. Allianz Asset Management GmbH raised its stake in Eaton by 10.8% during the 4th quarter. Allianz Asset Management GmbH now owns 1,915,287 shares of the industrial products company’s stock valued at $151,327,000 after purchasing an additional 186,495 shares during the period. Finally, Amalgamated Bank raised its stake in Eaton by 9.6% during the 4th quarter. Amalgamated Bank now owns 56,203 shares of the industrial products company’s stock valued at $4,441,000 after purchasing an additional 4,941 shares during the period. 74.74% of the stock is currently owned by hedge funds and other institutional investors.
ETN has been the topic of several recent analyst reports. Stifel Nicolaus reissued a “hold” rating and set a $80.00 target price on shares of Eaton in a research note on Monday, December 11th. Zacks Investment Research raised Eaton from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research note on Tuesday, January 2nd. Argus raised Eaton to a “buy” rating and lifted their target price for the company from $85.00 to $90.00 in a research note on Thursday, February 8th. Robert W. Baird raised Eaton from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $82.00 to $92.00 in a research note on Wednesday, January 3rd. Finally, Barclays initiated coverage on Eaton in a research note on Thursday, February 15th. They set an “equal weight” rating and a $90.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $88.43.
Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, February 1st. The industrial products company reported $1.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.04. Eaton had a return on equity of 12.84% and a net margin of 14.60%. The business had revenue of $5.21 billion for the quarter, compared to the consensus estimate of $5.10 billion. During the same quarter in the previous year, the company posted $1.12 EPS. The company’s revenue was up 7.1% compared to the same quarter last year. sell-side analysts expect that Eaton Co., PLC will post 5.14 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 23rd. Shareholders of record on Monday, March 12th will be paid a $0.66 dividend. This is an increase from Eaton’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Friday, March 9th. This represents a $2.64 dividend on an annualized basis and a yield of 3.31%. Eaton’s payout ratio is presently 35.77%.
In other news, insider Ken D. Semelsberger sold 15,595 shares of Eaton stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $82.67, for a total value of $1,289,238.65. Following the completion of the transaction, the insider now owns 104,613 shares in the company, valued at approximately $8,648,356.71. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Nandakumar Cheruvatath sold 10,000 shares of Eaton stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $77.50, for a total value of $775,000.00. Following the completion of the transaction, the insider now owns 16,571 shares of the company’s stock, valued at approximately $1,284,252.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,669 shares of company stock worth $2,069,893. Corporate insiders own 0.80% of the company’s stock.
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Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.
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