Smithfield Trust Co. raised its position in shares of Eaton Corp. PLC (NYSE:ETN) by 0.5% during the second quarter, Holdings Channel reports. The fund owned 12,868 shares of the company’s stock after buying an additional 68 shares during the period. Smithfield Trust Co.’s holdings in Eaton Corp. PLC were worth $768,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in ETN. Lazard Asset Management LLC boosted its stake in shares of Eaton Corp. PLC by 214.7% in the first quarter. Lazard Asset Management LLC now owns 5,307,945 shares of the company’s stock worth $332,064,000 after buying an additional 3,621,506 shares during the last quarter. Seminole Management Co. Inc. acquired a new stake in shares of Eaton Corp. PLC during the second quarter worth approximately $21,313,000. Herndon Capital Management LLC acquired a new stake in shares of Eaton Corp. PLC during the second quarter worth approximately $24,481,000. Cornerstone Investment Partners LLC boosted its stake in shares of Eaton Corp. PLC by 2,379.9% in the second quarter. Cornerstone Investment Partners LLC now owns 306,760 shares of the company’s stock worth $18,323,000 after buying an additional 294,390 shares during the last quarter. Finally, Bank of Montreal Can acquired a new stake in shares of Eaton Corp. PLC during the second quarter worth approximately $17,577,000. 74.32% of the stock is owned by institutional investors and hedge funds.
Eaton Corp. PLC (NYSE:ETN) traded down 0.30% during trading on Monday, reaching $63.11. 1,699,393 shares of the company’s stock were exchanged. Eaton Corp. PLC has a 52 week low of $46.19 and a 52 week high of $68.20. The company’s 50 day moving average price is $64.70 and its 200-day moving average price is $63.13. The stock has a market capitalization of $28.70 billion, a price-to-earnings ratio of 15.58 and a beta of 1.54.
Eaton Corp. PLC (NYSE:ETN) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.07 EPS for the quarter, hitting analysts’ consensus estimates of $1.07. Eaton Corp. PLC had a net margin of 9.29% and a return on equity of 12.28%. The company had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same period in the previous year, the firm earned $1.16 EPS. Eaton Corp. PLC’s revenue was down 5.4% on a year-over-year basis. On average, equities analysts expect that Eaton Corp. PLC will post $4.28 EPS for the current year.
Several research firms recently issued reports on ETN. Deutsche Bank AG reissued a “hold” rating and set a $65.00 price target on shares of Eaton Corp. PLC in a report on Thursday, August 25th. Argus raised shares of Eaton Corp. PLC from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a report on Wednesday, August 10th. They noted that the move was a valuation call. HSBC began coverage on shares of Eaton Corp. PLC in a report on Friday, October 7th. They set a “buy” rating and a $74.00 price target for the company. Jefferies Group reissued a “hold” rating on shares of Eaton Corp. PLC in a report on Friday, August 5th. Finally, Barclays PLC increased their price target on shares of Eaton Corp. PLC from $67.00 to $69.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 3rd. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have assigned a buy rating to the stock. Eaton Corp. PLC currently has a consensus rating of “Hold” and a consensus price target of $63.35.
In related news, insider Uday Yadav sold 15,713 shares of the business’s stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $67.05, for a total value of $1,053,556.65. Following the sale, the insider now directly owns 22,601 shares in the company, valued at approximately $1,515,397.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christopher M. Connor bought 1,000 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The stock was acquired at an average price of $67.23 per share, for a total transaction of $67,230.00. Following the completion of the acquisition, the director now directly owns 13,650 shares in the company, valued at $917,689.50. The disclosure for this purchase can be found here. 0.80% of the stock is currently owned by corporate insiders.
About Eaton Corp. PLC
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.