InterOcean Capital Group LLC purchased a new stake in Eaton Co. plc (NYSE:ETN) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,505 shares of the industrial products company’s stock, valued at approximately $208,000.
Other hedge funds have also added to or reduced their stakes in the company. Oder Investment Management LLC purchased a new stake in Eaton in the 4th quarter valued at $25,000. Jackson Grant Investment Advisers Inc. purchased a new position in Eaton during the 1st quarter worth $29,000. TCI Wealth Advisors Inc. raised its position in Eaton by 110.8% during the 1st quarter. TCI Wealth Advisors Inc. now owns 215 shares of the industrial products company’s stock worth $30,000 after buying an additional 113 shares during the last quarter. Charter Oak Capital Management LLC purchased a new position in Eaton during the 4th quarter worth $30,000. Finally, First Command Bank purchased a new position in Eaton during the 1st quarter worth $39,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.
A number of equities analysts have commented on the stock. Oppenheimer upped their price objective on shares of Eaton from $145.00 to $160.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 11th. Credit Suisse Group upped their price objective on shares of Eaton from $140.00 to $158.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 5th. Zacks Investment Research cut shares of Eaton from a “buy” rating to a “hold” rating and set a $150.00 price target on the stock. in a research note on Tuesday, April 6th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Eaton from $139.00 to $156.00 and gave the stock a “buy” rating in a research note on Tuesday, April 13th. Finally, Robert W. Baird increased their price objective on shares of Eaton from $140.00 to $151.00 and gave the company a “neutral” rating in a research note on Tuesday, May 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Eaton presently has a consensus rating of “Buy” and an average price target of $149.29.
Eaton (NYSE:ETN) last posted its quarterly earnings data on Tuesday, May 4th. The industrial products company reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.19. Eaton had a net margin of 8.05% and a return on equity of 12.55%. The company had revenue of $4.70 billion for the quarter, compared to analyst estimates of $4.53 billion. During the same quarter last year, the firm posted $1.09 earnings per share. The business’s quarterly revenue was down 1.9% on a year-over-year basis. As a group, analysts forecast that Eaton Co. plc will post 6.25 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, May 28th. Stockholders of record on Friday, May 14th were given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date was Thursday, May 13th. Eaton’s payout ratio is currently 71.70%.
In other news, insider Sternadt Paulo Ruiz sold 14,254 shares of the firm’s stock in a transaction that occurred on Friday, May 7th. The shares were sold at an average price of $146.41, for a total transaction of $2,086,928.14. Following the completion of the sale, the insider now owns 63,485 shares of the company’s stock, valued at $9,294,838.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brian S. Brickhouse sold 7,659 shares of the firm’s stock in a transaction that occurred on Friday, May 14th. The stock was sold at an average price of $148.16, for a total transaction of $1,134,757.44. Following the sale, the insider now directly owns 18,235 shares of the company’s stock, valued at approximately $2,701,697.60. The disclosure for this sale can be found here. Insiders have sold 28,313 shares of company stock valued at $4,159,670 in the last three months. Corporate insiders own 0.53% of the company’s stock.
Eaton Company Profile
Eaton Corporation plc operates as a power management company. Its Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services in North and South America, as well as hazardous duty electrical, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems internationally.
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