First Manhattan Co. decreased its position in shares of Eaton Corporation, PLC (NYSE:ETN) by 4.6% during the second quarter, Holdings Channel reports. The firm owned 2,445 shares of the industrial products company’s stock after selling 118 shares during the period. First Manhattan Co.’s holdings in Eaton Corporation, PLC were worth $190,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Guardian Life Insurance Co. of America increased its position in Eaton Corporation, PLC by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,742 shares of the industrial products company’s stock worth $129,000 after buying an additional 12 shares during the period. Dubuque Bank & Trust Co. increased its position in Eaton Corporation, PLC by 1.1% in the first quarter. Dubuque Bank & Trust Co. now owns 2,238 shares of the industrial products company’s stock worth $166,000 after buying an additional 24 shares during the period. Haverford Financial Services Inc. increased its position in Eaton Corporation, PLC by 0.7% in the first quarter. Haverford Financial Services Inc. now owns 4,549 shares of the industrial products company’s stock worth $337,000 after buying an additional 30 shares during the period. Private Bank & Trust Co. increased its position in shares of Eaton Corporation, PLC by 1.0% in the first quarter. Private Bank & Trust Co. now owns 4,041 shares of the industrial products company’s stock worth $300,000 after buying an additional 41 shares during the last quarter. Finally, Holderness Investments Co. increased its position in shares of Eaton Corporation, PLC by 0.7% in the first quarter. Holderness Investments Co. now owns 7,231 shares of the industrial products company’s stock worth $536,000 after buying an additional 50 shares during the last quarter. Institutional investors and hedge funds own 76.59% of the company’s stock.

Eaton Corporation, PLC (ETN) opened at 71.48 on Friday. The stock has a market cap of $31.79 billion, a P/E ratio of 16.39 and a beta of 1.35. Eaton Corporation, PLC has a 1-year low of $59.07 and a 1-year high of $81.63. The company has a 50-day moving average price of $77.44 and a 200 day moving average price of $75.02.

Eaton Corporation, PLC (NYSE:ETN) last issued its earnings results on Tuesday, August 1st. The industrial products company reported $1.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.16 by $0.01. Eaton Corporation, PLC had a return on equity of 12.93% and a net margin of 9.95%. The company had revenue of $5.13 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the business posted $1.07 EPS. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. Equities analysts expect that Eaton Corporation, PLC will post $4.61 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Friday, August 4th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.36%. The ex-dividend date is Wednesday, August 2nd. Eaton Corporation, PLC’s dividend payout ratio is currently 54.79%.

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ETN has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Eaton Corporation, PLC from a “hold” rating to a “buy” rating and set a $87.00 target price on the stock in a research note on Friday, May 26th. Stifel Nicolaus restated a “hold” rating and issued a $80.00 target price on shares of Eaton Corporation, PLC in a research note on Friday, July 7th. Wolfe Research initiated coverage on Eaton Corporation, PLC in a research note on Tuesday, July 11th. They issued a “market perform” rating on the stock. Argus restated a “buy” rating and issued a $85.00 target price (up previously from $83.00) on shares of Eaton Corporation, PLC in a research note on Tuesday, May 30th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $78.00 target price on shares of Eaton Corporation, PLC in a research note on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $78.54.

About Eaton Corporation, PLC

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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Institutional Ownership by Quarter for Eaton Corporation, PLC (NYSE:ETN)

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