Sawtooth Solutions LLC cut its stake in Eaton Co. PLC (NYSE:ETN) by 60.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 7,142 shares of the industrial products company’s stock after selling 11,067 shares during the quarter. Sawtooth Solutions LLC’s holdings in Eaton were worth $619,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of ETN. Sound Shore Management Inc. CT acquired a new position in shares of Eaton in the 2nd quarter worth approximately $122,069,000. Assenagon Asset Management S.A. raised its holdings in shares of Eaton by 27,710.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,434,178 shares of the industrial products company’s stock worth $107,190,000 after buying an additional 1,429,021 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Eaton by 57.8% in the 2nd quarter. American Century Companies Inc. now owns 3,531,120 shares of the industrial products company’s stock worth $263,916,000 after buying an additional 1,293,143 shares in the last quarter. LSV Asset Management raised its holdings in shares of Eaton by 6,356.8% in the 2nd quarter. LSV Asset Management now owns 1,239,710 shares of the industrial products company’s stock worth $92,655,000 after buying an additional 1,220,510 shares in the last quarter. Finally, Epoch Investment Partners Inc. raised its holdings in shares of Eaton by 29.3% in the 2nd quarter. Epoch Investment Partners Inc. now owns 3,039,776 shares of the industrial products company’s stock worth $227,193,000 after buying an additional 688,549 shares in the last quarter. 77.79% of the stock is owned by institutional investors and hedge funds.
ETN has been the subject of a number of recent research reports. UBS Group raised Eaton from a “neutral” rating to a “buy” rating and increased their target price for the stock from $91.00 to $100.00 in a report on Friday, September 21st. Deutsche Bank increased their target price on Eaton from $95.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, September 28th. Morgan Stanley initiated coverage on Eaton in a report on Monday, August 20th. They issued an “equal weight” rating and a $86.00 target price for the company. Credit Suisse Group assumed coverage on Eaton in a report on Friday, October 12th. They issued an “outperform” rating and a $91.00 target price for the company. Finally, JPMorgan Chase & Co. upgraded Eaton from a “neutral” rating to an “overweight” rating and set a $92.00 price target on the stock in a research report on Monday, August 13th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $89.06.
Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, July 31st. The industrial products company reported $1.39 EPS for the quarter, topping the Zacks’ consensus estimate of $1.32 by $0.07. The business had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.45 billion. Eaton had a return on equity of 13.11% and a net margin of 14.80%. Eaton’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.15 EPS. Analysts forecast that Eaton Co. PLC will post 5.37 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 16th. Investors of record on Friday, November 2nd will be given a dividend of $0.66 per share. The ex-dividend date of this dividend is Thursday, November 1st. This represents a $2.64 dividend on an annualized basis and a yield of 3.72%. Eaton’s dividend payout ratio (DPR) is presently 56.77%.
In related news, insider Richard H. Fearon sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $83.29, for a total transaction of $2,082,250.00. Following the sale, the insider now directly owns 221,459 shares in the company, valued at approximately $18,445,320.11. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Ken D. Semelsberger sold 11,500 shares of the stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $86.57, for a total value of $995,555.00. Following the completion of the transaction, the insider now owns 78,883 shares in the company, valued at $6,828,901.31. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,000 shares of company stock worth $4,617,645. 0.50% of the stock is owned by corporate insiders.
Eaton Company Profile
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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