Wright Investors Service Inc. Raises Holdings in Eaton Co. PLC (NYSE:ETN)

Wright Investors Service Inc. raised its stake in Eaton Co. PLC (NYSE:ETN) by 4.9% during the 2nd quarter, HoldingsChannel reports. The firm owned 15,934 shares of the industrial products company’s stock after acquiring an additional 744 shares during the quarter. Wright Investors Service Inc.’s holdings in Eaton were worth $1,327,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in ETN. Comerica Securities Inc. lifted its holdings in Eaton by 7.6% in the 4th quarter. Comerica Securities Inc. now owns 5,112 shares of the industrial products company’s stock worth $351,000 after purchasing an additional 361 shares in the last quarter. Geode Capital Management LLC raised its holdings in Eaton by 5.6% during the 4th quarter. Geode Capital Management LLC now owns 5,457,569 shares of the industrial products company’s stock valued at $374,165,000 after buying an additional 288,837 shares during the period. First Manhattan Co. raised its holdings in Eaton by 13.3% during the 1st quarter. First Manhattan Co. now owns 1,382 shares of the industrial products company’s stock valued at $111,000 after buying an additional 162 shares during the period. Prime Capital Investment Advisors LLC raised its holdings in Eaton by 127.4% during the 1st quarter. Prime Capital Investment Advisors LLC now owns 1,360 shares of the industrial products company’s stock valued at $110,000 after buying an additional 762 shares during the period. Finally, Northpointe Capital LLC purchased a new stake in Eaton during the 1st quarter valued at $2,000,000. 77.35% of the stock is currently owned by institutional investors.

In other news, Director Olivier Leonetti purchased 630 shares of the company’s stock in a transaction dated Friday, May 17th. The shares were acquired at an average price of $79.08 per share, with a total value of $49,820.40. Following the transaction, the director now owns 127 shares of the company’s stock, valued at $10,043.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Joao V. Faria sold 4,301 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $80.00, for a total value of $344,080.00. Following the transaction, the insider now directly owns 58,688 shares in the company, valued at approximately $4,695,040. The disclosure for this sale can be found here. Corporate insiders own 0.70% of the company’s stock.

Eaton stock traded up $0.58 during mid-day trading on Thursday, hitting $75.77. The company’s stock had a trading volume of 1,225,003 shares, compared to its average volume of 2,529,011. The company has a 50 day simple moving average of $80.65. The company has a market capitalization of $32.74 billion, a PE ratio of 14.06, a PEG ratio of 1.52 and a beta of 1.44. The company has a current ratio of 1.83, a quick ratio of 1.18 and a debt-to-equity ratio of 0.51. Eaton Co. PLC has a one year low of $64.46 and a one year high of $89.46.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $1.53 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.51 by $0.02. The company had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.63 billion. Eaton had a return on equity of 14.88% and a net margin of 10.16%. Eaton’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.39 EPS. Analysts expect that Eaton Co. PLC will post 5.88 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, August 2nd will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend is Thursday, August 1st. Eaton’s dividend payout ratio (DPR) is presently 52.69%.

Several analysts recently weighed in on ETN shares. Deutsche Bank set a $96.00 price target on Eaton and gave the company a “buy” rating in a report on Wednesday, July 31st. Barclays restated a “sell” rating and set a $76.00 price target on shares of Eaton in a report on Thursday, June 6th. Morgan Stanley increased their price target on Eaton from $88.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Finally, Royal Bank of Canada set a $84.00 price target on Eaton and gave the company a “hold” rating in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $88.55.

About Eaton

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.

Further Reading: Equity Income

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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