LS Investment Advisors LLC decreased its stake in Eaton Co. PLC (NYSE:ETN) by 5.9% during the first quarter, Holdings Channel reports. The institutional investor owned 14,706 shares of the industrial products company’s stock after selling 917 shares during the quarter. LS Investment Advisors LLC’s holdings in Eaton were worth $1,185,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of ETN. Highwater Wealth Management LLC bought a new position in shares of Eaton during the 4th quarter valued at $26,000. Financial Gravity Wealth Inc. bought a new position in shares of Eaton during the 1st quarter valued at $25,000. Athena Capital Advisors LLC bought a new position in shares of Eaton during the 4th quarter valued at $27,000. Paragon Capital Management LLC bought a new position in shares of Eaton during the 1st quarter valued at $32,000. Finally, Bremer Trust National Association bought a new position in shares of Eaton during the 4th quarter valued at $29,000. 78.14% of the stock is currently owned by hedge funds and other institutional investors.
In other Eaton news, insider Curtis J. Hutchins sold 12,000 shares of the firm’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $80.60, for a total value of $967,200.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Curtis J. Hutchins sold 37,625 shares of the firm’s stock in a transaction on Thursday, February 7th. The stock was sold at an average price of $76.02, for a total transaction of $2,860,252.50. Following the completion of the sale, the insider now directly owns 15,872 shares in the company, valued at approximately $1,206,589.44. The disclosure for this sale can be found here. In the last three months, insiders sold 73,214 shares of company stock worth $5,709,455. Insiders own 0.70% of the company’s stock.
Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, January 31st. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.03. The business had revenue of $5.46 billion for the quarter, compared to analyst estimates of $5.42 billion. Eaton had a net margin of 9.93% and a return on equity of 14.06%. Research analysts expect that Eaton Co. PLC will post 5.86 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 3rd will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Thursday, May 2nd. Eaton’s dividend payout ratio (DPR) is presently 52.69%.
Several equities analysts recently commented on ETN shares. Vertical Research raised shares of Eaton from a “hold” rating to a “buy” rating in a report on Monday, March 4th. Robert W. Baird set a $89.00 target price on shares of Eaton and gave the company a “buy” rating in a report on Saturday, February 2nd. Wells Fargo & Co increased their target price on shares of Eaton from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Monday, March 4th. They noted that the move was a valuation call. Wolfe Research lowered shares of Eaton from an “outperform” rating to a “market perform” rating in a report on Tuesday, January 8th. Finally, Barclays reduced their target price on shares of Eaton from $75.00 to $73.00 and set an “underweight” rating on the stock in a report on Monday, January 7th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company. Eaton currently has a consensus rating of “Hold” and a consensus target price of $86.80.
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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