MetLife Investment Management LLC trimmed its holdings in shares of Eaton Co. plc (NYSE:ETN – Free Report) by 1.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 101,166 shares of the industrial products company’s stock after selling 1,501 shares during the period. MetLife Investment Management LLC’s holdings in Eaton were worth $20,344,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Marquette Asset Management LLC bought a new position in shares of Eaton in the 2nd quarter worth $28,000. Glass Jacobson Investment Advisors llc bought a new position in shares of Eaton in the 2nd quarter worth $29,000. Coppell Advisory Solutions Corp. bought a new position in shares of Eaton in the 4th quarter worth $30,000. Tucker Asset Management LLC bought a new position in shares of Eaton in the 1st quarter worth $37,000. Finally, NewSquare Capital LLC bought a new position in shares of Eaton in the 2nd quarter worth $39,000. 81.02% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
ETN has been the topic of a number of recent research reports. Morgan Stanley increased their target price on Eaton from $235.00 to $238.00 and gave the stock an “overweight” rating in a report on Monday, September 25th. Wells Fargo & Company lowered their price target on Eaton from $228.00 to $210.00 in a research report on Monday, October 9th. StockNews.com initiated coverage on Eaton in a research report on Thursday, October 5th. They issued a “buy” rating for the company. Barclays increased their price target on Eaton from $185.00 to $187.00 and gave the company an “underweight” rating in a research report on Wednesday, November 1st. Finally, HSBC increased their price target on Eaton from $161.00 to $210.00 and gave the company a “hold” rating in a research report on Thursday, August 31st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $219.23.
Eaton Trading Down 0.4 %
Shares of ETN opened at $226.92 on Tuesday. The business has a 50-day moving average of $212.88 and a 200 day moving average of $205.17. Eaton Co. plc has a fifty-two week low of $150.86 and a fifty-two week high of $240.44. The firm has a market cap of $90.61 billion, a P/E ratio of 30.38, a price-to-earnings-growth ratio of 2.18 and a beta of 1.07. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.96 and a current ratio of 1.45.
Eaton (NYSE:ETN – Get Free Report) last announced its quarterly earnings data on Tuesday, October 31st. The industrial products company reported $2.47 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.13. Eaton had a return on equity of 19.49% and a net margin of 13.24%. The company had revenue of $5.88 billion during the quarter, compared to analyst estimates of $5.89 billion. During the same quarter last year, the firm posted $2.02 EPS. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, research analysts forecast that Eaton Co. plc will post 9.02 EPS for the current year.
Eaton Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Monday, November 6th will be paid a $0.86 dividend. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $3.44 annualized dividend and a yield of 1.52%. Eaton’s dividend payout ratio is currently 46.05%.
Insiders Place Their Bets
In other Eaton news, insider Taras G. Jr. Szmagala sold 1,869 shares of the firm’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $226.68, for a total value of $423,664.92. Following the completion of the transaction, the insider now owns 7,431 shares in the company, valued at approximately $1,684,459.08. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Thomas B. Okray sold 4,950 shares of Eaton stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $231.09, for a total transaction of $1,143,895.50. Following the completion of the sale, the insider now owns 7,367 shares in the company, valued at approximately $1,702,440.03. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 1,869 shares of Eaton stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $226.68, for a total value of $423,664.92. Following the sale, the insider now owns 7,431 shares of the company’s stock, valued at approximately $1,684,459.08. The disclosure for this sale can be found here. 0.53% of the stock is owned by corporate insiders.
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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