Silver Lake Advisory LLC lessened its holdings in shares of Eaton Co. PLC (NYSE:ETN) by 1.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,873 shares of the industrial products company’s stock after selling 507 shares during the quarter. Eaton makes up about 1.8% of Silver Lake Advisory LLC’s portfolio, making the stock its 24th biggest holding. Silver Lake Advisory LLC’s holdings in Eaton were worth $2,738,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Arcadia Investment Management Corp MI acquired a new position in shares of Eaton during the 2nd quarter valued at about $25,000. Financial Gravity Wealth Inc. acquired a new position in shares of Eaton during the 1st quarter valued at about $25,000. Destination Wealth Management boosted its position in shares of Eaton by 103.2% during the 1st quarter. Destination Wealth Management now owns 319 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 162 shares during the last quarter. Hexavest Inc. acquired a new position in shares of Eaton during the 2nd quarter valued at about $28,000. Finally, Alera Investment Advisors LLC raised its holdings in Eaton by 82.9% in the 1st quarter. Alera Investment Advisors LLC now owns 384 shares of the industrial products company’s stock valued at $31,000 after buying an additional 174 shares during the period. 77.35% of the stock is currently owned by hedge funds and other institutional investors.
ETN traded down $2.24 on Wednesday, hitting $75.71. The company had a trading volume of 984,165 shares, compared to its average volume of 2,398,159. The stock has a market cap of $32.54 billion, a price-to-earnings ratio of 14.05, a P/E/G ratio of 1.54 and a beta of 1.44. Eaton Co. PLC has a 1 year low of $64.46 and a 1 year high of $89.46. The stock’s fifty day simple moving average is $80.79. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.18 and a current ratio of 1.83.
Eaton (NYSE:ETN) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $1.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.51 by $0.02. The company had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.63 billion. Eaton had a net margin of 10.16% and a return on equity of 14.88%. The business’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.39 earnings per share. On average, equities research analysts predict that Eaton Co. PLC will post 5.88 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, August 2nd will be paid a dividend of $0.71 per share. The ex-dividend date is Thursday, August 1st. This represents a $2.84 dividend on an annualized basis and a yield of 3.75%. Eaton’s dividend payout ratio (DPR) is presently 52.69%.
Several brokerages recently issued reports on ETN. Barclays restated a “sell” rating and issued a $76.00 price objective on shares of Eaton in a report on Thursday, June 6th. Royal Bank of Canada set a $84.00 price objective on shares of Eaton and gave the company a “hold” rating in a report on Wednesday, July 31st. Deutsche Bank set a $96.00 price objective on shares of Eaton and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Morgan Stanley boosted their price objective on shares of Eaton from $88.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $88.55.
In other Eaton news, insider Joao V. Faria sold 4,301 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $80.00, for a total transaction of $344,080.00. Following the sale, the insider now directly owns 58,688 shares in the company, valued at $4,695,040. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Richard H. Fearon sold 80,592 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $82.75, for a total transaction of $6,668,988.00. Following the sale, the insider now owns 270,097 shares in the company, valued at $22,350,526.75. The disclosure for this sale can be found here. 0.70% of the stock is owned by corporate insiders.
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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