The Manufacturers Life Insurance Company Purchases 213,846 Shares of Eaton Co. PLC (NYSE:ETN)

The Manufacturers Life Insurance Company boosted its position in shares of Eaton Co. PLC (NYSE:ETN) by 101.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 425,049 shares of the industrial products company’s stock after purchasing an additional 213,846 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.10% of Eaton worth $34,242,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in ETN. S&CO Inc. grew its position in shares of Eaton by 2.0% in the 1st quarter. S&CO Inc. now owns 6,120 shares of the industrial products company’s stock valued at $493,000 after purchasing an additional 120 shares during the period. Cornerstone Advisors Inc. grew its position in shares of Eaton by 11.3% in the 1st quarter. Cornerstone Advisors Inc. now owns 1,227 shares of the industrial products company’s stock valued at $99,000 after purchasing an additional 125 shares during the period. Orrstown Financial Services Inc. grew its position in shares of Eaton by 1.2% in the 1st quarter. Orrstown Financial Services Inc. now owns 11,100 shares of the industrial products company’s stock valued at $894,000 after purchasing an additional 129 shares during the period. PagnatoKarp Partners LLC grew its position in shares of Eaton by 2.1% in the 1st quarter. PagnatoKarp Partners LLC now owns 6,417 shares of the industrial products company’s stock valued at $517,000 after purchasing an additional 130 shares during the period. Finally, Pegasus Asset Management Inc. grew its position in shares of Eaton by 0.4% in the 1st quarter. Pegasus Asset Management Inc. now owns 30,061 shares of the industrial products company’s stock valued at $2,422,000 after purchasing an additional 132 shares during the period. 76.71% of the stock is owned by hedge funds and other institutional investors.

In related news, Director Olivier Leonetti acquired 630 shares of the company’s stock in a transaction dated Friday, May 17th. The shares were bought at an average price of $79.08 per share, for a total transaction of $49,820.40. Following the purchase, the director now directly owns 127 shares in the company, valued at approximately $10,043.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Joao V. Faria sold 4,301 shares of the company’s stock in a transaction that occurred 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 sale, the insider now 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.

Several brokerages recently issued reports on ETN. Barclays reiterated a “sell” rating and issued a $76.00 price objective on shares of Eaton in a research report on Thursday, June 6th. Bank of America cut Eaton from a “buy” rating to a “neutral” rating and set a $88.00 target price on the stock. in a research note on Thursday, April 4th. Vertical Research upgraded Eaton from a “hold” rating to a “buy” rating in a research note on Monday, March 4th. Finally, Wells Fargo & Co boosted their target price on Eaton from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Monday, March 4th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. Eaton presently has an average rating of “Hold” and a consensus target price of $87.00.

NYSE ETN traded down $0.74 during trading on Wednesday, hitting $78.47. The stock had a trading volume of 23,144 shares, compared to its average volume of 2,389,159. The stock has a market capitalization of $33.45 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.53 and a beta of 1.45. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.92 and a current ratio of 1.47. Eaton Co. PLC has a 12 month low of $64.46 and a 12 month high of $89.46.

Eaton (NYSE:ETN) last released its earnings results on Tuesday, April 30th. The industrial products company reported $1.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.01. Eaton had a return on equity of 14.56% and a net margin of 10.06%. The firm had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.38 billion. During the same quarter in the previous year, the business posted $1.10 EPS. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. On average, equities research analysts forecast that Eaton Co. PLC will post 5.89 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Friday, May 3rd were paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date was Thursday, May 2nd. Eaton’s dividend payout ratio is currently 52.69%.

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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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