First Quadrant L P CA Invests $469,000 in Eaton Co. PLC (NYSE:ETN)
First Quadrant L P CA acquired a new position in Eaton Co. PLC (NYSE:ETN) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,361 shares of the industrial products company’s stock, valued at approximately $469,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. AllSquare Wealth Management LLC purchased a new stake in Eaton during the 1st quarter worth approximately $27,000. NuWave Investment Management LLC purchased a new stake in shares of Eaton in the 2nd quarter valued at approximately $32,000. Golden State Wealth Management LLC purchased a new stake in shares of Eaton in the 1st quarter valued at approximately $34,000. Lenox Wealth Management Inc. increased its position in shares of Eaton by 53.0% in the 1st quarter. Lenox Wealth Management Inc. now owns 439 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 152 shares during the last quarter. Finally, Red Door Wealth Management LLC purchased a new stake in shares of Eaton in the 1st quarter valued at approximately $36,000. 78.16% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have commented on ETN. Gordon Haskett raised shares of Eaton from a “hold” rating to a “buy” rating and dropped their price objective for the company from $98.00 to $92.00 in a research report on Friday, April 3rd. JPMorgan Chase & Co. downgraded shares of Eaton from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $110.00 to $91.00 in a research report on Monday, April 13th. Citigroup dropped their target price on shares of Eaton from $110.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, April 3rd. Royal Bank of Canada increased their price target on shares of Eaton from $81.00 to $87.00 and gave the stock a “sector perform” rating in a research note on Thursday. Finally, UBS Group increased their price target on shares of Eaton from $90.00 to $93.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Ten research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Eaton currently has an average rating of “Buy” and a consensus target price of $95.59.
Eaton (NYSE:ETN) last issued its quarterly earnings results on Wednesday, July 29th. The industrial products company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.17. The business had revenue of $3.90 billion during the quarter, compared to the consensus estimate of $3.65 billion. Eaton had a net margin of 8.03% and a return on equity of 12.73%. The company’s quarterly revenue was down 29.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.53 earnings per share. On average, analysts anticipate that Eaton Co. PLC will post 3.66 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be given a $0.73 dividend. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $2.92 annualized dividend and a dividend yield of 3.14%. Eaton’s dividend payout ratio is presently 51.50%.
In other Eaton news, insider Richard H. Fearon sold 22,461 shares of Eaton stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $91.01, for a total transaction of $2,044,175.61. Following the transaction, the insider now directly owns 202,445 shares of the company’s stock, valued at $18,424,519.45. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael J. Critelli sold 2,500 shares of Eaton stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $84.71, for a total transaction of $211,775.00. Following the transaction, the director now directly owns 50,566 shares in the company, valued at $4,283,445.86. The disclosure for this sale can be found here. Insiders sold 29,961 shares of company stock worth $2,661,001 over the last three months. Corporate insiders own 0.54% of the company’s stock.
Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.
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