Synovus Financial Corp lifted its position in shares of Eaton Co. PLC (NYSE:ETN) by 3.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 112,386 shares of the industrial products company’s stock after acquiring an additional 3,992 shares during the quarter. Synovus Financial Corp’s holdings in Eaton were worth $9,755,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Financial Architects Inc boosted its stake in shares of Eaton by 2,675.0% during the 3rd quarter. Financial Architects Inc now owns 1,221 shares of the industrial products company’s stock worth $106,000 after acquiring an additional 1,177 shares in the last quarter. Reilly Financial Advisors LLC boosted its stake in shares of Eaton by 145.3% during the 3rd quarter. Reilly Financial Advisors LLC now owns 1,266 shares of the industrial products company’s stock worth $110,000 after acquiring an additional 750 shares in the last quarter. Zions Bancorporation purchased a new stake in shares of Eaton during the 2nd quarter worth about $113,000. Fort L.P. purchased a new stake in shares of Eaton during the 2nd quarter worth about $116,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in shares of Eaton during the 2nd quarter worth about $123,000. 77.79% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have recently issued reports on ETN shares. Wells Fargo & Co reissued a “buy” rating on shares of Eaton in a research note on Wednesday, September 26th. Deutsche Bank increased their target price on shares of Eaton from $95.00 to $102.00 and gave the stock a “buy” rating in a research note on Friday, September 28th. UBS Group raised shares of Eaton from a “neutral” rating to a “buy” rating and increased their target price for the stock from $91.00 to $100.00 in a research note on Friday, September 21st. Morgan Stanley started coverage on shares of Eaton in a research note on Monday, August 20th. They set an “equal weight” rating and a $86.00 target price on the stock. Finally, MED raised shares of Eaton from a “hold” rating to a “buy” rating and set a $86.00 target price on the stock in a research note on Thursday, July 12th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $86.12.
Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, October 30th. The industrial products company reported $1.43 earnings per share for the quarter, hitting the consensus estimate of $1.43. Eaton had a net margin of 10.06% and a return on equity of 13.48%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.49 billion. During the same quarter in the prior year, the firm earned $1.25 EPS. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, sell-side analysts expect that Eaton Co. PLC will post 5.35 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 16th. Investors of record on Friday, November 2nd will be given a dividend of $0.66 per share. The ex-dividend date is Thursday, November 1st. This represents a $2.64 annualized dividend and a dividend yield of 3.60%. Eaton’s dividend payout ratio (DPR) is presently 56.77%.
In other Eaton news, Director Deborah L. Mccoy sold 3,000 shares of the stock in a transaction dated Thursday, September 6th. The shares were sold at an average price of $84.55, for a total value of $253,650.00. Following the completion of the sale, the director now owns 32,936 shares in the company, valued at approximately $2,784,738.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Ken D. Semelsberger sold 11,500 shares of the stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $86.57, for a total transaction of $995,555.00. Following the completion of the sale, the insider now owns 78,883 shares of the company’s stock, valued at approximately $6,828,901.31. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,000 shares of company stock valued at $4,617,645. Insiders own 0.50% 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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