Huntington National Bank decreased its position in shares of Eaton Co. PLC (NYSE:ETN) by 2.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,944 shares of the industrial products company’s stock after selling 783 shares during the quarter. Huntington National Bank’s holdings in Eaton were worth $2,532,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of ETN. Quadrant Capital Group LLC grew its stake in shares of Eaton by 19.5% during the 4th quarter. Quadrant Capital Group LLC now owns 2,693 shares of the industrial products company’s stock worth $240,000 after purchasing an additional 439 shares during the period. Macquarie Group Ltd. grew its stake in shares of Eaton by 1.5% during the 4th quarter. Macquarie Group Ltd. now owns 153,807 shares of the industrial products company’s stock worth $14,569,000 after purchasing an additional 2,271 shares during the period. Franklin Resources Inc. grew its stake in shares of Eaton by 2.8% during the 4th quarter. Franklin Resources Inc. now owns 24,792 shares of the industrial products company’s stock worth $2,349,000 after purchasing an additional 682 shares during the period. Fulton Bank N.A. grew its stake in shares of Eaton by 103.1% during the 1st quarter. Fulton Bank N.A. now owns 6,124 shares of the industrial products company’s stock worth $476,000 after purchasing an additional 3,109 shares during the period. Finally, State of Alaska Department of Revenue grew its stake in shares of Eaton by 7.3% during the 1st quarter. State of Alaska Department of Revenue now owns 142,548 shares of the industrial products company’s stock worth $11,074,000 after purchasing an additional 9,671 shares during the period. 78.16% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently issued reports on the company. Royal Bank of Canada increased their target price on Eaton from $81.00 to $87.00 and gave the company a “sector perform” rating in a research report on Thursday. Bank of America lowered Eaton from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 26th. They noted that the move was a valuation call. Morgan Stanley increased their target price on Eaton from $89.00 to $95.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 14th. UBS Group increased their target price on Eaton from $90.00 to $93.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Finally, JPMorgan Chase & Co. lowered Eaton from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $110.00 to $91.00 in a research report on Monday, April 13th. Ten equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $95.59.
In related news, Director Michael J. Critelli sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $84.71, for a total transaction of $211,775.00. Following the completion of the sale, the director now owns 50,566 shares in the company, valued at $4,283,445.86. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Richard H. Fearon sold 22,461 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $91.01, for a total value of $2,044,175.61. Following the sale, the insider now owns 202,445 shares of the company’s stock, valued at approximately $18,424,519.45. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,961 shares of company stock valued at $2,661,001. 0.54% of the stock is owned by company insiders.
Shares of ETN opened at $93.13 on Friday. The stock has a 50-day simple moving average of $89.39 and a 200-day simple moving average of $87.38. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.28 and a current ratio of 1.50. The stock has a market capitalization of $37.26 billion, a PE ratio of 24.97, a PEG ratio of 2.31 and a beta of 1.14. Eaton Co. PLC has a 1 year low of $56.42 and a 1 year high of $105.78.
Eaton (NYSE:ETN) last announced its quarterly earnings data on Wednesday, July 29th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.17. The business had revenue of $3.90 billion during the quarter, compared to analysts’ expectations of $3.65 billion. Eaton had a return on equity of 12.73% and a net margin of 8.03%. The business’s quarterly revenue was down 29.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.53 EPS. Analysts predict that Eaton Co. PLC will post 3.78 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Thursday, August 13th. Eaton’s payout ratio is 51.50%.
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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