Hamlin Capital Management LLC Lowers Position in Eaton Corp. PLC (ETN)
Hamlin Capital Management LLC decreased its stake in shares of Eaton Corp. PLC (NYSE:ETN) by 13.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,048,103 shares of the company’s stock after selling 169,292 shares during the period. Eaton Corp. PLC comprises approximately 3.0% of Hamlin Capital Management LLC’s holdings, making the stock its 16th largest position. Hamlin Capital Management LLC owned 0.23% of Eaton Corp. PLC worth $62,603,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in ETN. Physicians Financial Services Inc. increased its stake in Eaton Corp. PLC by 111.7% in the second quarter. Physicians Financial Services Inc. now owns 1,706 shares of the company’s stock valued at $102,000 after buying an additional 900 shares during the period. Zions Bancorporation increased its stake in Eaton Corp. PLC by 209.7% in the first quarter. Zions Bancorporation now owns 1,753 shares of the company’s stock valued at $110,000 after buying an additional 1,187 shares during the period. Kistler Tiffany Companies LLC increased its stake in Eaton Corp. PLC by 2.8% in the second quarter. Kistler Tiffany Companies LLC now owns 1,809 shares of the company’s stock valued at $108,000 after buying an additional 49 shares during the period. American National Bank increased its stake in Eaton Corp. PLC by 171.6% in the second quarter. American National Bank now owns 1,915 shares of the company’s stock valued at $114,000 after buying an additional 1,210 shares during the period. Finally, Acadian Asset Management LLC bought a new stake in Eaton Corp. PLC during the second quarter valued at approximately $130,000. Institutional investors own 74.34% of the company’s stock.
Shares of Eaton Corp. PLC (NYSE:ETN) traded up 1.83% during trading on Wednesday, reaching $64.57. The company had a trading volume of 1,856,683 shares. The company has a market capitalization of $29.36 billion, a PE ratio of 15.94 and a beta of 1.62. The stock’s 50-day moving average price is $65.75 and its 200-day moving average price is $62.94. Eaton Corp. PLC has a 52 week low of $46.19 and a 52 week high of $68.20.
Eaton Corp. PLC (NYSE:ETN) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $1.07 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.07. Eaton Corp. PLC had a return on equity of 12.28% and a net margin of 9.29%. The company earned $5.10 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter in the previous year, the firm posted $1.16 EPS. The firm’s revenue was down 5.4% compared to the same quarter last year. On average, equities analysts expect that Eaton Corp. PLC will post $4.28 EPS for the current fiscal year.
Several equities research analysts have commented on the company. Bank of America Corp. downgraded Eaton Corp. PLC from a “buy” rating to a “neutral” rating and set a $65.00 target price on the stock. in a report on Thursday, July 14th. They noted that the move was a valuation call. Deutsche Bank AG reissued a “hold” rating and issued a $65.00 target price on shares of Eaton Corp. PLC in a report on Thursday, August 25th. Zacks Investment Research downgraded Eaton Corp. PLC from a “buy” rating to a “hold” rating in a report on Friday, July 1st. Credit Suisse Group AG reissued a “buy” rating on shares of Eaton Corp. PLC in a report on Saturday, July 9th. Finally, Jefferies Group reissued a “hold” rating on shares of Eaton Corp. PLC in a report on Friday, August 5th. Three research analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have assigned a buy rating to the stock. Eaton Corp. PLC currently has a consensus rating of “Hold” and a consensus price target of $62.57.
In other Eaton Corp. PLC news, insider Richard H. Fearon sold 65,195 shares of Eaton Corp. PLC stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $65.29, for a total transaction of $4,256,581.55. Following the completion of the transaction, the insider now owns 276,386 shares in the company, valued at approximately $18,045,241.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark M. Mcguire sold 18,751 shares of Eaton Corp. PLC stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $64.55, for a total value of $1,210,377.05. Following the transaction, the insider now owns 51,447 shares of the company’s stock, valued at approximately $3,320,903.85. The disclosure for this sale can be found here. Company insiders own 0.80% of the company’s stock.
About Eaton Corp. PLC
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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