Eaton Corporation, PLC (ETN) Shares Sold by Neuberger Berman Group LLC
Neuberger Berman Group LLC cut its holdings in shares of Eaton Corporation, PLC (NYSE:ETN) by 0.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,086,332 shares of the industrial products company’s stock after selling 7,846 shares during the period. Neuberger Berman Group LLC owned approximately 0.25% of Eaton worth $83,419,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of ETN. Cable Hill Partners LLC boosted its stake in Eaton by 174.8% in the third quarter. Cable Hill Partners LLC now owns 1,363 shares of the industrial products company’s stock valued at $105,000 after acquiring an additional 867 shares during the last quarter. Captrust Financial Advisors bought a new stake in shares of Eaton in the second quarter valued at approximately $133,000. Harfst & Associates Inc. increased its holdings in Eaton by 21.8% during the 2nd quarter. Harfst & Associates Inc. now owns 1,798 shares of the industrial products company’s stock worth $139,000 after acquiring an additional 322 shares during the period. Acrospire Investment Management LLC increased its holdings in Eaton by 325.9% during the 2nd quarter. Acrospire Investment Management LLC now owns 2,091 shares of the industrial products company’s stock worth $163,000 after acquiring an additional 1,600 shares during the period. Finally, Wealthsource Partners LLC bought a new stake in Eaton during the 2nd quarter worth approximately $226,000. 76.65% of the stock is owned by institutional investors.
ETN has been the topic of a number of research analyst reports. Citigroup increased their price target on shares of Eaton from $90.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, November 2nd. Credit Suisse Group reissued an “outperform” rating and issued a $92.00 price target (up previously from $86.00) on shares of Eaton in a report on Wednesday, November 1st. ValuEngine raised shares of Eaton from a “hold” rating to a “buy” rating in a report on Friday, September 15th. Buckingham Research initiated coverage on shares of Eaton in a report on Tuesday, October 17th. They issued a “neutral” rating and a $82.00 price target on the stock. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $85.00 price target on shares of Eaton in a report on Friday, November 3rd. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $82.69.
Shares of Eaton Corporation, PLC (NYSE ETN) traded up $0.84 on Friday, reaching $77.29. 3,500,000 shares of the company’s stock traded hands, compared to its average volume of 2,310,000. The stock has a market cap of $34,050.00, a PE ratio of 17.25, a P/E/G ratio of 1.99 and a beta of 1.38. The company has a quick ratio of 1.02, a current ratio of 1.43 and a debt-to-equity ratio of 0.44. Eaton Corporation, PLC has a fifty-two week low of $66.60 and a fifty-two week high of $82.34.
Eaton (NYSE:ETN) last posted its earnings results on Tuesday, October 31st. The industrial products company reported $1.25 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.25. Eaton had a net margin of 14.21% and a return on equity of 12.89%. The firm had revenue of $5.21 billion during the quarter, compared to analysts’ expectations of $5.12 billion. During the same period last year, the company posted $1.16 EPS. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. analysts predict that Eaton Corporation, PLC will post 4.6 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 17th. Stockholders of record on Friday, November 3rd were given a $0.60 dividend. The ex-dividend date of this dividend was Thursday, November 2nd. This represents a $2.40 annualized dividend and a dividend yield of 3.11%. Eaton’s dividend payout ratio is 55.05%.
In other news, insider Nandakumar Cheruvatath sold 10,000 shares of the firm’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $77.50, for a total value of $775,000.00. Following the completion of the sale, the insider now directly owns 16,571 shares of the company’s stock, valued at approximately $1,284,252.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Christopher M. Connor sold 6,450 shares of the firm’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $78.04, for a total transaction of $503,358.00. Following the completion of the sale, the director now directly owns 20,100 shares of the company’s stock, valued at $1,568,604. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 58,938 shares of company stock valued at $4,597,529. 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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