Iberiabank Corp Reduces Position in Eaton Co. PLC (NYSE:ETN)

Iberiabank Corp decreased its holdings in Eaton Co. PLC (NYSE:ETN) by 28.1% in the second quarter, Holdings Channel.com reports. The institutional investor owned 2,319 shares of the industrial products company’s stock after selling 908 shares during the period. Iberiabank Corp’s holdings in Eaton were worth $203,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. BlackRock Inc. boosted its holdings in shares of Eaton by 6.8% during the 1st quarter. BlackRock Inc. now owns 32,923,575 shares of the industrial products company’s stock valued at $2,557,831,000 after acquiring an additional 2,093,926 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Eaton by 0.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 15,680,919 shares of the industrial products company’s stock worth $1,218,252,000 after purchasing an additional 56,850 shares during the last quarter. JPMorgan Chase & Co. grew its position in Eaton by 23.1% in the 1st quarter. JPMorgan Chase & Co. now owns 15,427,881 shares of the industrial products company’s stock worth $1,198,592,000 after purchasing an additional 2,896,266 shares during the period. Bank of New York Mellon Corp raised its stake in Eaton by 19.9% during the 1st quarter. Bank of New York Mellon Corp now owns 6,562,088 shares of the industrial products company’s stock valued at $509,808,000 after buying an additional 1,087,478 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Eaton by 4.2% during the 1st quarter. Geode Capital Management LLC now owns 6,096,934 shares of the industrial products company’s stock valued at $472,909,000 after buying an additional 246,616 shares during the period. 78.16% of the stock is owned by institutional investors and hedge funds.

NYSE:ETN opened at $93.13 on Friday. The company has a quick ratio of 1.28, a current ratio of 1.50 and a debt-to-equity ratio of 0.51. The business’s 50-day simple moving average is $89.39 and its two-hundred day simple moving average is $87.38. The stock has a market cap of $37.26 billion, a PE ratio of 24.97, a P/E/G ratio of 2.31 and a beta of 1.14. Eaton Co. PLC has a 52 week low of $56.42 and a 52 week high of $105.78.

Eaton (NYSE:ETN) last released its earnings results on Wednesday, July 29th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.17. The firm 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 firm’s revenue was down 29.5% on a year-over-year basis. During the same quarter last year, the business posted $1.53 earnings per share. Sell-side analysts anticipate that Eaton Co. PLC will post 3.78 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend is Thursday, August 13th. Eaton’s dividend payout ratio (DPR) is currently 51.50%.

Several brokerages recently commented on ETN. Bank of America lowered Eaton from a “buy” rating to a “neutral” rating in a report on Tuesday, May 26th. They noted that the move was a valuation call. UBS Group upped their price target on shares of Eaton from $90.00 to $93.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Oppenheimer reissued a “buy” rating and issued a $100.00 price objective on shares of Eaton in a report on Friday. Wells Fargo & Co upped their target price on shares of Eaton from $92.00 to $110.00 in a report on Thursday. Finally, Credit Suisse Group increased their price target on shares of Eaton from $94.00 to $102.00 and gave the stock an “outperform” rating in a research report on Thursday. Ten analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Eaton currently has an average rating of “Buy” and an average price target of $95.59.

In other news, insider Richard H. Fearon sold 22,461 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $91.01, for a total transaction of $2,044,175.61. Following the completion of the transaction, the insider now owns 202,445 shares in the company, valued at $18,424,519.45. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michael J. Critelli sold 2,500 shares of Eaton stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $84.71, for a total value of $211,775.00. Following the completion of the sale, 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. In the last quarter, insiders have sold 29,961 shares of company stock worth $2,661,001. Company insiders own 0.54% of the company’s stock.

Eaton Profile

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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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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