Ronna Sue Cohen lifted its stake in shares of Eaton Co. PLC (NYSE:ETN) by 7,553.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,689,093 shares of the industrial products company’s stock after acquiring an additional 2,653,959 shares during the period. Eaton makes up about 1.8% of Ronna Sue Cohen’s investment portfolio, making the stock its 25th largest holding. Ronna Sue Cohen owned about 0.63% of Eaton worth $2,689,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently modified their holdings of the company. Northpointe Capital LLC bought a new position in Eaton in the first quarter valued at $2,000,000. Prime Capital Investment Advisors LLC grew its position in Eaton by 127.4% in the first quarter. Prime Capital Investment Advisors LLC now owns 1,360 shares of the industrial products company’s stock valued at $110,000 after purchasing an additional 762 shares in the last quarter. Edmp Inc. grew its position in Eaton by 7.4% in the first quarter. Edmp Inc. now owns 13,343 shares of the industrial products company’s stock valued at $1,075,000 after purchasing an additional 915 shares in the last quarter. Paragon Capital Management LLC bought a new position in Eaton in the first quarter valued at $32,000. Finally, Raymond James Trust N.A. grew its position in Eaton by 7.4% in the first quarter. Raymond James Trust N.A. now owns 33,026 shares of the industrial products company’s stock valued at $2,661,000 after purchasing an additional 2,273 shares in the last quarter. 78.15% of the stock is owned by institutional investors.
ETN has been the subject of a number of recent analyst reports. Robert W. Baird set a $89.00 price target on shares of Eaton and gave the company a “buy” rating in a research note on Saturday, February 2nd. Bank of America lowered shares of Eaton from a “buy” rating to a “neutral” rating and set a $88.00 target price on the stock. in a report on Thursday, April 4th. Morgan Stanley set a $82.00 target price on shares of Eaton and gave the stock a “hold” rating in a report on Saturday, February 2nd. Zacks Investment Research downgraded shares of Eaton from a “hold” rating to a “sell” rating in a research report on Thursday, January 3rd. Finally, Wells Fargo & Co boosted their price target on shares of Eaton from $85.00 to $90.00 and gave the stock an “outperform” rating in a research report on Monday, March 4th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, five have issued a hold rating and twelve have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $86.80.
Eaton (NYSE:ETN) last posted its earnings results on Thursday, January 31st. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.43 by $0.03. Eaton had a net margin of 9.93% and a return on equity of 14.06%. The firm had revenue of $5.46 billion during the quarter, compared to analyst estimates of $5.42 billion. On average, research analysts anticipate that Eaton Co. PLC will post 5.86 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Saturday, March 9th were paid a $0.71 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $2.84 annualized dividend and a dividend yield of 3.36%. Eaton’s payout ratio is 52.69%.
In related news, insider Curtis J. Hutchins sold 37,625 shares of the stock in a transaction dated Thursday, February 7th. The shares were sold at an average price of $76.02, for a total transaction of $2,860,252.50. Following the completion of the transaction, the insider now owns 15,872 shares in the company, valued at $1,206,589.44. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Curtis J. Hutchins sold 12,000 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $80.60, for a total transaction of $967,200.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 73,214 shares of company stock valued at $5,709,455. Company insiders own 0.70% of the company’s stock.
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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