BlackRock Inc. Sells 1,323,581 Shares of Eaton Co. plc (NYSE:ETN)

BlackRock Inc. reduced its holdings in Eaton Co. plc (NYSE:ETN) by 4.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 28,796,305 shares of the industrial products company’s stock after selling 1,323,581 shares during the quarter. BlackRock Inc. owned about 7.22% of Eaton worth $4,267,036,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ETN. Bessemer Group Inc. grew its position in shares of Eaton by 283.1% in the 2nd quarter. Bessemer Group Inc. now owns 2,455,214 shares of the industrial products company’s stock worth $363,814,000 after buying an additional 1,814,350 shares during the last quarter. Nuveen Asset Management LLC grew its position in shares of Eaton by 16.1% in the 1st quarter. Nuveen Asset Management LLC now owns 5,686,468 shares of the industrial products company’s stock worth $786,325,000 after buying an additional 787,040 shares during the last quarter. Morgan Stanley grew its position in shares of Eaton by 21.9% in the 1st quarter. Morgan Stanley now owns 3,941,977 shares of the industrial products company’s stock worth $545,098,000 after buying an additional 707,368 shares during the last quarter. Amundi Asset Management US Inc. grew its position in shares of Eaton by 36.3% in the 1st quarter. Amundi Asset Management US Inc. now owns 2,591,896 shares of the industrial products company’s stock worth $358,412,000 after buying an additional 690,837 shares during the last quarter. Finally, Fred Alger Management LLC grew its position in shares of Eaton by 4,261.6% in the 1st quarter. Fred Alger Management LLC now owns 618,432 shares of the industrial products company’s stock worth $85,517,000 after buying an additional 604,253 shares during the last quarter. Hedge funds and other institutional investors own 77.63% of the company’s stock.

Shares of NYSE:ETN opened at $156.50 on Tuesday. The stock has a market capitalization of $62.38 billion, a price-to-earnings ratio of 33.37, a PEG ratio of 2.14 and a beta of 1.15. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.80 and a current ratio of 1.10. The stock’s 50-day simple moving average is $161.90 and its two-hundred day simple moving average is $149.88. Eaton Co. plc has a 52-week low of $96.24 and a 52-week high of $171.32.

Eaton (NYSE:ETN) last announced its earnings results on Tuesday, August 3rd. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.15. The business had revenue of $5.22 billion for the quarter, compared to analysts’ expectations of $4.99 billion. Eaton had a return on equity of 15.03% and a net margin of 9.86%. The business’s revenue for the quarter was up 35.2% on a year-over-year basis. During the same period last year, the firm posted $0.70 earnings per share. As a group, equities analysts forecast that Eaton Co. plc will post 6.82 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 27th. Stockholders of record on Friday, August 13th were given a dividend of $0.76 per share. The ex-dividend date was Thursday, August 12th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 1.94%. Eaton’s payout ratio is currently 71.70%.

In related news, insider Uday Yadav sold 32,189 shares of Eaton stock in a transaction that occurred on Thursday, August 12th. The stock was sold at an average price of $166.43, for a total transaction of $5,357,215.27. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Joao V. Faria sold 2,201 shares of Eaton stock in a transaction that occurred on Thursday, August 5th. The shares were sold at an average price of $163.01, for a total value of $358,785.01. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 41,919 shares of company stock worth $6,980,872. Insiders own 0.53% of the company’s stock.

A number of research firms have issued reports on ETN. Argus increased their price objective on Eaton from $165.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday, August 10th. Deutsche Bank Aktiengesellschaft increased their price objective on Eaton from $166.00 to $169.00 and gave the stock a “buy” rating in a report on Wednesday, July 14th. Credit Suisse Group raised their price target on Eaton from $163.00 to $180.00 and gave the company an “outperform” rating in a report on Wednesday, August 4th. UBS Group raised their price target on Eaton from $165.00 to $186.00 and gave the company a “buy” rating in a report on Wednesday, August 11th. Finally, Royal Bank of Canada raised their price target on Eaton from $146.00 to $154.00 and gave the company a “sector perform” rating in a report on Wednesday, August 4th. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Eaton presently has a consensus rating of “Buy” and an average price target of $161.06.

Eaton Company Profile

Eaton Corp. Plc is a power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: Electrical Americas and Electrical Global, Hydraulics, Aerospace, Vehicle, and eMobility. The Electrical Americas and Electrical Global segment engages in sales contracts for electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality, wiring devices, circuit protection, utility power distribution, power reliability equipment, and service.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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