Sterling Capital Management LLC bought a new position in shares of Eaton Co., PLC (NYSE:ETN) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 85,847 shares of the industrial products company’s stock, valued at approximately $6,783,000.
Other hedge funds also recently added to or reduced their stakes in the company. Independence Bank of Kentucky purchased a new stake in shares of Eaton during the fourth quarter worth about $118,000. Delpha Capital Management LLC purchased a new stake in shares of Eaton during the fourth quarter worth about $124,000. Fieldpoint Private Securities LLC purchased a new stake in shares of Eaton during the third quarter worth about $130,000. Murphy Capital Management Inc. purchased a new stake in shares of Eaton during the fourth quarter worth about $201,000. Finally, Montag A & Associates Inc. purchased a new stake in shares of Eaton during the fourth quarter worth about $201,000. 78.89% of the stock is owned by institutional investors and hedge funds.
A number of analysts have recently commented on ETN shares. Stifel Nicolaus raised shares of Eaton from a “hold” rating to a “buy” rating and boosted their target price for the stock from $77.00 to $99.00 in a research note on Sunday, February 4th. Robert W. Baird upgraded shares of Eaton from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $82.00 to $92.00 in a research report on Wednesday, January 3rd. Zacks Investment Research upgraded shares of Eaton from a “sell” rating to a “hold” rating in a research report on Monday, February 5th. Argus upgraded shares of Eaton to a “buy” rating and boosted their price target for the stock from $85.00 to $90.00 in a research report on Thursday, February 8th. Finally, ValuEngine upgraded shares of Eaton from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $88.20.
In other Eaton news, insider Ken D. Semelsberger sold 15,595 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $82.67, for a total value of $1,289,238.65. Following the transaction, the insider now directly owns 104,613 shares in the company, valued at approximately $8,648,356.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Deborah L. Mccoy sold 4,000 shares of the business’s stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $82.23, for a total transaction of $328,920.00. Following the completion of the transaction, the director now owns 35,936 shares in the company, valued at $2,955,017.28. The disclosure for this sale can be found here. Insiders sold a total of 29,769 shares of company stock worth $2,083,823 over the last quarter. 0.80% of the stock is currently owned by company insiders.
Eaton stock opened at $81.48 on Thursday. The company has a quick ratio of 1.13, a current ratio of 1.64 and a debt-to-equity ratio of 0.41. The firm has a market cap of $35,726.63, a PE ratio of 17.45, a price-to-earnings-growth ratio of 1.95 and a beta of 1.36. Eaton Co., PLC has a fifty-two week low of $69.82 and a fifty-two week high of $89.85.
Eaton (NYSE:ETN) last posted its earnings results on Thursday, February 1st. The industrial products company reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.04. The company had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.10 billion. Eaton had a net margin of 14.60% and a return on equity of 12.84%. Eaton’s revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.12 EPS. equities research analysts predict that Eaton Co., PLC will post 5.15 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 23rd. Shareholders of record on Monday, March 12th will be issued a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 3.24%. This is a positive change from Eaton’s previous quarterly dividend of $0.60. The ex-dividend date is Friday, March 9th. Eaton’s payout ratio is presently 39.52%.
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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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