Metropolitan Life Insurance Co NY cut its position in Eaton Co. plc (NYSE:ETN – Free Report) by 2.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,371 shares of the industrial products company’s stock after selling 417 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in Eaton were worth $3,493,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in ETN. ProShare Advisors LLC increased its stake in shares of Eaton by 5.0% during the 2nd quarter. ProShare Advisors LLC now owns 61,466 shares of the industrial products company’s stock worth $12,361,000 after purchasing an additional 2,935 shares during the last quarter. Profund Advisors LLC grew its holdings in Eaton by 9.2% during the second quarter. Profund Advisors LLC now owns 4,640 shares of the industrial products company’s stock worth $933,000 after purchasing an additional 390 shares during the period. Payden & Rygel increased its position in Eaton by 2.3% during the second quarter. Payden & Rygel now owns 140,400 shares of the industrial products company’s stock worth $28,234,000 after buying an additional 3,100 shares during the last quarter. Moran Wealth Management LLC bought a new stake in Eaton in the second quarter valued at approximately $8,666,000. Finally, Providence Capital Advisors LLC lifted its position in shares of Eaton by 0.6% in the second quarter. Providence Capital Advisors LLC now owns 29,436 shares of the industrial products company’s stock valued at $5,920,000 after buying an additional 171 shares during the last quarter. 81.02% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Eaton
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 sale, the insider now directly owns 7,367 shares of the company’s stock, valued at $1,702,440.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Eaton 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 transaction, the insider now directly owns 7,367 shares of the company’s stock, valued at approximately $1,702,440.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Taras G. Jr. Szmagala sold 1,869 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $226.68, for a total value of $423,664.92. Following the completion of the sale, the insider now owns 7,431 shares in the company, valued at $1,684,459.08. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by company insiders.
Eaton Stock Down 0.4 %
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 business had revenue of $5.88 billion during the quarter, compared to the consensus estimate of $5.89 billion. During the same period in the prior year, the company earned $2.02 EPS. Eaton’s revenue for the quarter was up 10.7% on a year-over-year basis. Equities analysts expect that Eaton Co. plc will post 9.02 earnings per share for the current fiscal year.
Eaton Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Monday, November 6th will be paid a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 1.52%. The ex-dividend date is Friday, November 3rd. Eaton’s payout ratio is 46.05%.
Wall Street Analysts Forecast Growth
ETN has been the topic of several research reports. Royal Bank of Canada upped their price objective on shares of Eaton from $215.00 to $220.00 and gave the company a “sector perform” rating in a report on Wednesday, November 1st. Wells Fargo & Company lowered their price objective on Eaton from $228.00 to $210.00 in a research report on Monday, October 9th. Morgan Stanley boosted their target price on shares of Eaton from $235.00 to $238.00 and gave the company an “overweight” rating in a research report on Monday, September 25th. StockNews.com began coverage on shares of Eaton in a research report on Thursday, October 5th. They set a “buy” rating on the stock. Finally, Argus boosted their price objective on shares of Eaton from $195.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $219.23.
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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