2,403 Shares in Eaton Co. PLC (NYSE:ETN) Purchased by Washington Trust Bank

Washington Trust Bank acquired a new position in Eaton Co. PLC (NYSE:ETN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,403 shares of the industrial products company’s stock, valued at approximately $210,000.

Other hedge funds have also recently modified their holdings of the company. The Manufacturers Life Insurance Company lifted its stake in Eaton by 18.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 463,710 shares of the industrial products company’s stock worth $36,026,000 after purchasing an additional 70,940 shares in the last quarter. Balentine LLC purchased a new stake in Eaton in the 1st quarter worth approximately $145,000. Mercer Global Advisors Inc. ADV lifted its stake in Eaton by 47.6% in the 1st quarter. Mercer Global Advisors Inc. ADV now owns 111,468 shares of the industrial products company’s stock worth $8,660,000 after purchasing an additional 35,960 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Eaton by 15.1% in the 1st quarter. Janus Henderson Group PLC now owns 151,669 shares of the industrial products company’s stock worth $11,780,000 after purchasing an additional 19,872 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in Eaton by 13.2% in the 1st quarter. Meeder Asset Management Inc. now owns 13,696 shares of the industrial products company’s stock worth $1,064,000 after purchasing an additional 1,601 shares in the last quarter. 78.16% of the stock is owned by institutional investors and hedge funds.

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

Eaton stock traded down $1.33 during trading hours on Friday, reaching $93.13. The stock had a trading volume of 1,664,194 shares, compared to its average volume of 1,480,001. The stock has a market cap of $37.79 billion, a PE ratio of 24.97, a PEG ratio of 2.34 and a beta of 1.14. Eaton Co. PLC has a 52 week low of $56.42 and a 52 week high of $105.78. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.50 and a quick ratio of 1.28. The company has a fifty day simple moving average of $89.39 and a 200-day simple moving average of $87.38.

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

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

ETN has been the topic of several research reports. JPMorgan Chase & Co. cut shares of Eaton from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $110.00 to $91.00 in a research report on Monday, April 13th. Wells Fargo & Co raised their price objective on shares of Eaton from $92.00 to $110.00 in a research report on Thursday. Deutsche Bank raised their price objective on shares of Eaton from $104.00 to $111.00 and gave the company a “buy” rating in a research report on Thursday. UBS Group raised their price objective on shares of Eaton from $90.00 to $93.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Finally, Stephens cut shares of Eaton from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $93.00 to $81.00 in a research report on Monday, May 4th. Ten investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $95.59.

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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