Azimuth Capital Management LLC Has $5.05 Million Position in Eaton Co. plc (NYSE:ETN)
Azimuth Capital Management LLC boosted its position in Eaton Co. plc (NYSE:ETN) by 2.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,042 shares of the industrial products company’s stock after purchasing an additional 1,185 shares during the period. Azimuth Capital Management LLC’s holdings in Eaton were worth $5,051,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. San Francisco Sentry Investment Group CA increased its holdings in Eaton by 15.8% in the 4th quarter. San Francisco Sentry Investment Group CA now owns 1,394 shares of the industrial products company’s stock worth $167,000 after purchasing an additional 190 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Eaton by 1.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 133,865 shares of the industrial products company’s stock valued at $16,083,000 after buying an additional 1,366 shares during the period. Creative Planning increased its stake in shares of Eaton by 26.5% in the fourth quarter. Creative Planning now owns 56,089 shares of the industrial products company’s stock valued at $6,739,000 after buying an additional 11,742 shares during the period. AJO LP increased its stake in shares of Eaton by 141.4% in the fourth quarter. AJO LP now owns 18,333 shares of the industrial products company’s stock valued at $2,202,000 after buying an additional 10,737 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Eaton by 4.7% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 69,372 shares of the industrial products company’s stock valued at $7,078,000 after buying an additional 3,126 shares during the period. 77.88% of the stock is owned by institutional investors and hedge funds.
In other Eaton news, Director Deborah L. Mccoy sold 1,500 shares of the stock in a transaction that occurred on Friday, December 4th. The stock was sold at an average price of $119.58, for a total value of $179,370.00. Following the transaction, the director now owns 25,436 shares in the company, valued at $3,041,636.88. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.54% of the stock is currently owned by corporate insiders.
Eaton (NYSE:ETN) last announced its quarterly earnings results on Monday, February 1st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.08. The business had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.62 billion. Eaton had a return on equity of 11.94% and a net margin of 7.53%. The company’s quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.37 earnings per share. Equities analysts predict that Eaton Co. plc will post 4.17 earnings per share for the current fiscal year.
Several equities research analysts have recently weighed in on the company. Morgan Stanley increased their price target on Eaton from $125.00 to $130.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 20th. Bank of America raised Eaton from a “neutral” rating to a “buy” rating and set a $135.00 price target for the company in a research note on Wednesday, November 11th. HSBC raised Eaton from a “hold” rating to a “buy” rating and increased their price target for the company from $103.00 to $140.00 in a research note on Tuesday, February 16th. Argus raised their target price on Eaton from $120.00 to $130.00 in a research note on Thursday, December 10th. Finally, Royal Bank of Canada raised their target price on Eaton from $112.00 to $119.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 3rd. They noted that the move was a valuation call. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $119.22.
Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, wiring devices, and structural support systems; and residential, single phase power quality, emergency lighting and fire detection, and circuit protection and lighting products.
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