Twin Capital Management Inc. decreased its holdings in shares of Eaton Co. PLC (NYSE:ETN) by 24.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 89,699 shares of the industrial products company’s stock after selling 28,961 shares during the quarter. Twin Capital Management Inc.’s holdings in Eaton were worth $7,470,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in ETN. Arcadia Investment Management Corp MI bought a new position in shares of Eaton in the second quarter valued at approximately $25,000. Financial Gravity Wealth Inc. bought a new position in shares of Eaton in the first quarter valued at approximately $25,000. Destination Wealth Management boosted its holdings in shares of Eaton by 103.2% in the first quarter. Destination Wealth Management now owns 319 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 162 shares in the last quarter. Hexavest Inc. bought a new position in shares of Eaton in the second quarter valued at approximately $28,000. Finally, Alera Investment Advisors LLC boosted its holdings in shares of Eaton by 82.9% in the first quarter. Alera Investment Advisors LLC now owns 384 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 174 shares in the last quarter. Hedge funds and other institutional investors own 77.35% of the company’s stock.
NYSE:ETN traded up $0.73 during trading hours on Thursday, reaching $75.92. 71,446 shares of the company’s stock were exchanged, compared to its average volume of 2,529,011. The stock has a market cap of $32.74 billion, a P/E ratio of 14.05, a P/E/G ratio of 1.52 and a beta of 1.44. Eaton Co. PLC has a 12 month low of $64.46 and a 12 month high of $89.46. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.83 and a quick ratio of 1.18. The stock has a 50-day moving average price of $80.65.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Investors of record on Friday, August 2nd will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date of this dividend is Thursday, August 1st. Eaton’s payout ratio is 52.69%.
Several research analysts have recently issued reports on ETN shares. Deutsche Bank set a $96.00 price objective on shares of Eaton and gave the company a “buy” rating in a report on Wednesday, July 31st. Morgan Stanley raised their target price on shares of Eaton from $88.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Barclays restated a “sell” rating and set a $76.00 target price on shares of Eaton in a report on Thursday, June 6th. Finally, Royal Bank of Canada set a $84.00 target price on shares of Eaton and gave the stock a “hold” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $88.55.
In related news, insider Richard H. Fearon sold 80,592 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $82.75, for a total value of $6,668,988.00. Following the completion of the sale, the insider now owns 270,097 shares in the company, valued at approximately $22,350,526.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Olivier Leonetti purchased 630 shares of Eaton stock in a transaction that occurred on Friday, May 17th. The stock was purchased at an average price of $79.08 per share, with a total value of $49,820.40. Following the transaction, the director now owns 127 shares in the company, valued at approximately $10,043.16. The disclosure for this purchase can be found here. Company insiders own 0.70% 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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