180 Wealth Advisors LLC trimmed its stake in Eaton Co. plc (NYSE:ETN – Get Rating) by 11.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,491 shares of the industrial products company’s stock after selling 313 shares during the quarter. 180 Wealth Advisors LLC’s holdings in Eaton were worth $317,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Eaton by 1.5% in the first quarter. Vanguard Group Inc. now owns 34,526,905 shares of the industrial products company’s stock worth $5,239,803,000 after buying an additional 500,438 shares during the last quarter. BlackRock Inc. raised its stake in Eaton by 5.5% in the 1st quarter. BlackRock Inc. now owns 27,959,368 shares of the industrial products company’s stock valued at $4,243,113,000 after acquiring an additional 1,449,671 shares during the period. JPMorgan Chase & Co. lifted its holdings in Eaton by 3.5% during the first quarter. JPMorgan Chase & Co. now owns 26,578,334 shares of the industrial products company’s stock valued at $4,033,527,000 after purchasing an additional 900,550 shares during the last quarter. State Street Corp boosted its position in Eaton by 0.7% during the fourth quarter. State Street Corp now owns 16,615,642 shares of the industrial products company’s stock worth $2,871,515,000 after purchasing an additional 115,947 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of Eaton by 5.6% in the first quarter. Bank of America Corp DE now owns 14,218,498 shares of the industrial products company’s stock worth $2,157,799,000 after purchasing an additional 752,368 shares in the last quarter. 80.54% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several brokerages have recently weighed in on ETN. UBS Group reduced their price target on Eaton from $192.00 to $173.00 and set a “buy” rating for the company in a research report on Wednesday, August 3rd. Royal Bank of Canada upped their price target on shares of Eaton from $139.00 to $145.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 3rd. Credit Suisse Group lifted their price objective on Eaton from $158.00 to $167.00 and gave the company an “outperform” rating in a research note on Wednesday, August 3rd. The Goldman Sachs Group decreased their target price on Eaton from $175.00 to $146.00 and set a “buy” rating on the stock in a research note on Thursday, June 23rd. Finally, Morgan Stanley boosted their price objective on Eaton from $170.00 to $176.00 and gave the stock an “overweight” rating in a report on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and a consensus price target of $160.15.
Eaton Stock Performance
Eaton (NYSE:ETN – Get Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The industrial products company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.05. The business had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.22 billion. Eaton had a return on equity of 17.04% and a net margin of 11.70%. Eaton’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period last year, the company earned $1.72 EPS. Research analysts expect that Eaton Co. plc will post 7.55 EPS for the current year.
Eaton Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 26th. Shareholders of record on Friday, August 12th were given a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date was Thursday, August 11th. Eaton’s payout ratio is 56.15%.
In related news, Director Deborah L. Mccoy sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $148.72, for a total value of $446,160.00. Following the sale, the director now directly owns 12,856 shares of the company’s stock, valued at $1,911,944.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Daniel Roy Hopgood sold 1,500 shares of the firm’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $151.70, for a total value of $227,550.00. Following the completion of the sale, the insider now owns 7,593 shares of the company’s stock, valued at $1,151,858.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Deborah L. Mccoy sold 3,000 shares of the company’s stock in a transaction on Friday, August 5th. The stock was sold at an average price of $148.72, for a total transaction of $446,160.00. Following the completion of the transaction, the director now owns 12,856 shares of the company’s stock, valued at $1,911,944.32. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.
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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