Teachers Insurance & Annuity Association of America acquired a new position in shares of Eaton Co., PLC (NYSE:ETN) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 62,600 shares of the industrial products company’s stock, valued at approximately $4,946,000.
Other hedge funds also recently added to or reduced their stakes in the company. Independence Bank of Kentucky acquired a new position in Eaton during the 4th quarter worth approximately $118,000. Delpha Capital Management LLC acquired a new position in Eaton in the 4th quarter valued at approximately $124,000. Fieldpoint Private Securities LLC acquired a new position in Eaton in the 3rd quarter valued at approximately $130,000. Montag A & Associates Inc. acquired a new position in Eaton in the 4th quarter valued at approximately $201,000. Finally, Murphy Capital Management Inc. acquired a new position in Eaton in the 4th quarter valued at approximately $201,000. Institutional investors and hedge funds own 78.99% of the company’s stock.
Several equities analysts have issued reports on ETN shares. Stifel Nicolaus restated a “hold” rating and issued a $80.00 price target on shares of Eaton in a research report on Monday, December 11th. Zacks Investment Research upgraded shares of Eaton from a “hold” rating to a “buy” rating and set a $88.00 price target for the company in a research report on Tuesday, January 2nd. Barclays assumed coverage on shares of Eaton in a research report on Thursday, February 15th. They set an “equal weight” rating and a $90.00 price objective for the company. Argus upgraded shares of Eaton to a “buy” rating and increased their price objective for the stock from $85.00 to $90.00 in a research report on Thursday, February 8th. Finally, Robert W. Baird upgraded shares of Eaton from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $82.00 to $92.00 in a research report on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $88.20.
Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, February 1st. The industrial products company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.04. The firm had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.10 billion. Eaton had a net margin of 14.60% and a return on equity of 12.84%. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period last year, the firm earned $1.12 earnings per share. equities research analysts anticipate that Eaton Co., PLC will post 5.15 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 23rd. Stockholders of record on Monday, March 12th will be issued a $0.66 dividend. The ex-dividend date of this dividend is Friday, March 9th. This represents a $2.64 annualized dividend and a dividend yield of 3.18%. This is an increase from Eaton’s previous quarterly dividend of $0.60. Eaton’s dividend payout ratio is currently 35.93%.
In other news, insider Ken D. Semelsberger sold 15,595 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $82.67, for a total value of $1,289,238.65. Following the completion of the sale, the insider now owns 104,613 shares in the company, valued at $8,648,356.71. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.80% of the company’s stock.
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Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.
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