DAVENPORT & Co LLC Sells 450 Shares of Eaton Co. PLC (NYSE:ETN)

DAVENPORT & Co LLC decreased its position in shares of Eaton Co. PLC (NYSE:ETN) by 2.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,160 shares of the industrial products company’s stock after selling 450 shares during the quarter. DAVENPORT & Co LLC’s holdings in Eaton were worth $1,676,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of Eaton by 6.8% during the first quarter. BlackRock Inc. now owns 32,923,575 shares of the industrial products company’s stock valued at $2,557,831,000 after buying an additional 2,093,926 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Eaton by 0.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 15,680,919 shares of the industrial products company’s stock worth $1,218,252,000 after purchasing an additional 56,850 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Eaton by 23.1% in the first quarter. JPMorgan Chase & Co. now owns 15,427,881 shares of the industrial products company’s stock worth $1,198,592,000 after purchasing an additional 2,896,266 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Eaton by 19.9% in the first quarter. Bank of New York Mellon Corp now owns 6,562,088 shares of the industrial products company’s stock worth $509,808,000 after purchasing an additional 1,087,478 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Eaton by 4.2% in the first quarter. Geode Capital Management LLC now owns 6,096,934 shares of the industrial products company’s stock worth $472,909,000 after purchasing an additional 246,616 shares during the last quarter. Hedge funds and other institutional investors own 78.16% of the company’s stock.

Several research analysts have weighed in on the company. Barclays boosted their price objective on Eaton from $85.00 to $89.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Oppenheimer reissued a “buy” rating and issued a $100.00 price objective on shares of Eaton in a research report on Friday. Citigroup lowered their target price on Eaton from $110.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, April 3rd. Morgan Stanley boosted their target price on Eaton from $89.00 to $95.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 14th. Finally, Wells Fargo & Co boosted their target price on Eaton from $92.00 to $110.00 in a research note on Thursday. Ten analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $95.59.

NYSE:ETN opened at $93.13 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.28 and a current ratio of 1.50. Eaton Co. PLC has a 52-week low of $56.42 and a 52-week high of $105.78. The firm has a market cap of $37.79 billion, a price-to-earnings ratio of 24.97, a PEG ratio of 2.34 and a beta of 1.14. The business’s fifty day moving average is $89.39 and its 200 day moving average is $87.38.

Eaton (NYSE:ETN) last released its quarterly earnings data on Wednesday, July 29th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.17. Eaton had a return on equity of 12.73% and a net margin of 8.03%. The company had revenue of $3.90 billion for the quarter, compared to analyst estimates of $3.65 billion. During the same period in the previous year, the company posted $1.53 EPS. The firm’s revenue for the quarter was down 29.5% compared to the same quarter last year. Equities analysts predict that Eaton Co. PLC will post 3.66 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a $0.73 dividend. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $2.92 dividend on an annualized basis and a yield of 3.14%. Eaton’s dividend payout ratio is currently 51.50%.

In other Eaton news, insider Richard H. Fearon sold 22,461 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $91.01, for a total value of $2,044,175.61. Following the transaction, the insider now directly owns 202,445 shares in the company, valued at approximately $18,424,519.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael J. Critelli sold 5,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $81.01, for a total value of $405,050.00. Following the completion of the transaction, the director now owns 50,566 shares in the company, valued at $4,096,351.66. The disclosure for this sale can be found here. Insiders sold a total of 29,961 shares of company stock worth $2,661,001 over the last 90 days. Corporate insiders own 0.54% of the company’s stock.

Eaton Profile

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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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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