Providence Capital Advisors LLC Purchases New Holdings in Eaton Co. PLC (ETN)
Providence Capital Advisors LLC purchased a new position in shares of Eaton Co. PLC (NYSE:ETN) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 22,229 shares of the industrial products company’s stock, valued at approximately $1,928,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in ETN. BlackRock Inc. lifted its stake in Eaton by 1.9% during the 2nd quarter. BlackRock Inc. now owns 29,464,156 shares of the industrial products company’s stock worth $2,202,152,000 after acquiring an additional 539,852 shares in the last quarter. Boston Partners lifted its stake in Eaton by 5.3% during the 2nd quarter. Boston Partners now owns 8,207,138 shares of the industrial products company’s stock worth $613,401,000 after acquiring an additional 411,336 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Eaton by 10.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,233,875 shares of the industrial products company’s stock worth $465,919,000 after acquiring an additional 611,053 shares in the last quarter. LSV Asset Management lifted its stake in Eaton by 310.2% during the 3rd quarter. LSV Asset Management now owns 5,085,523 shares of the industrial products company’s stock worth $441,067,000 after acquiring an additional 3,845,813 shares in the last quarter. Finally, FMR LLC lifted its stake in Eaton by 13.2% during the 2nd quarter. FMR LLC now owns 4,337,578 shares of the industrial products company’s stock worth $324,191,000 after acquiring an additional 506,129 shares in the last quarter. Institutional investors and hedge funds own 78.44% of the company’s stock.
Several equities analysts recently issued reports on ETN shares. Wells Fargo & Co reissued a “buy” rating on shares of Eaton in a research note on Wednesday, September 26th. Deutsche Bank increased their target price on Eaton from $95.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, September 28th. UBS Group raised Eaton from a “neutral” rating to a “buy” rating and increased their price target for the company from $91.00 to $100.00 in a research report on Friday, September 21st. Morgan Stanley initiated coverage on Eaton in a research report on Monday, August 20th. They issued an “equal weight” rating and a $86.00 price target on the stock. Finally, Credit Suisse Group initiated coverage on Eaton in a research report on Friday, October 12th. They issued an “outperform” rating and a $91.00 price target on the stock. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $86.12.
Eaton (NYSE:ETN) last released its quarterly earnings data on Tuesday, October 30th. The industrial products company reported $1.43 EPS for the quarter, meeting analysts’ consensus estimates of $1.43. Eaton had a return on equity of 13.48% and a net margin of 10.06%. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.49 billion. During the same quarter in the prior year, the business posted $1.25 EPS. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities analysts forecast that Eaton Co. PLC will post 5.35 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 16th. Stockholders of record on Friday, November 2nd will be issued a $0.66 dividend. The ex-dividend date of this dividend is Thursday, November 1st. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.68%. Eaton’s payout ratio is currently 56.77%.
In other news, insider Richard H. Fearon sold 25,000 shares of the stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $83.29, for a total value of $2,082,250.00. Following the transaction, the insider now owns 221,459 shares in the company, valued at approximately $18,445,320.11. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ken D. Semelsberger sold 11,500 shares of the stock in a transaction dated 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 approximately $6,828,901.31. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,000 shares of company stock worth $4,617,645. Company insiders own 0.50% of the company’s stock.
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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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