Cigna Investments Inc. New cut its stake in shares of Eaton Co. plc (NYSE:ETN) by 13.9% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 12,373 shares of the industrial products company’s stock after selling 1,993 shares during the period. Cigna Investments Inc. New’s holdings in Eaton were worth $1,833,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Bessemer Group Inc. increased its holdings in Eaton by 283.1% during the 2nd quarter. Bessemer Group Inc. now owns 2,455,214 shares of the industrial products company’s stock worth $363,814,000 after purchasing an additional 1,814,350 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in Eaton by 16.1% during the 1st quarter. Nuveen Asset Management LLC now owns 5,686,468 shares of the industrial products company’s stock worth $786,325,000 after purchasing an additional 787,040 shares during the last quarter. Morgan Stanley increased its holdings in Eaton by 21.9% during the 1st quarter. Morgan Stanley now owns 3,941,977 shares of the industrial products company’s stock worth $545,098,000 after purchasing an additional 707,368 shares during the last quarter. Amundi Asset Management US Inc. increased its holdings in shares of Eaton by 36.3% in the 1st quarter. Amundi Asset Management US Inc. now owns 2,591,896 shares of the industrial products company’s stock valued at $358,412,000 after acquiring an additional 690,837 shares during the last quarter. Finally, Fred Alger Management LLC increased its holdings in shares of Eaton by 4,261.6% in the 1st quarter. Fred Alger Management LLC now owns 618,432 shares of the industrial products company’s stock valued at $85,517,000 after acquiring an additional 604,253 shares during the last quarter. 77.63% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:ETN opened at $159.29 on Friday. The firm has a market capitalization of $63.49 billion, a price-to-earnings ratio of 33.96, a PEG ratio of 2.14 and a beta of 1.15. Eaton Co. plc has a 1-year low of $96.24 and a 1-year high of $171.32. The company has a current ratio of 1.10, a quick ratio of 0.80 and a debt-to-equity ratio of 0.56. The business’s fifty day moving average price is $161.79 and its 200 day moving average price is $149.35.
The company also recently announced a quarterly dividend, which was paid on Friday, August 27th. Shareholders of record on Friday, August 13th were given a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 1.91%. The ex-dividend date of this dividend was Thursday, August 12th. Eaton’s payout ratio is currently 71.70%.
A number of equities research analysts have recently weighed in on ETN shares. Royal Bank of Canada boosted their price target on Eaton from $146.00 to $154.00 and gave the company a “sector perform” rating in a report on Wednesday, August 4th. Argus upped their price objective on Eaton from $165.00 to $185.00 and gave the stock a “buy” rating in a research note on Tuesday, August 10th. UBS Group upped their price objective on Eaton from $165.00 to $186.00 and gave the stock a “buy” rating in a research note on Wednesday, August 11th. Morgan Stanley upped their price objective on Eaton from $180.00 to $187.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 4th. Finally, HSBC downgraded Eaton from a “buy” rating to a “hold” rating and set a $153.00 price objective for the company. in a research note on Tuesday. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $161.06.
In other Eaton news, Director Christopher M. Connor purchased 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 11th. The stock was purchased at an average cost of $167.34 per share, with a total value of $167,340.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, insider Joao V. Faria sold 2,201 shares of Eaton stock in a transaction on Thursday, August 5th. The shares were sold at an average price of $163.01, for a total value of $358,785.01. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,919 shares of company stock worth $6,980,872. Insiders own 0.53% of the company’s stock.
Eaton Corp. Plc is a power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: Electrical Americas and Electrical Global, Hydraulics, Aerospace, Vehicle, and eMobility. The Electrical Americas and Electrical Global segment engages in sales contracts for electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality, wiring devices, circuit protection, utility power distribution, power reliability equipment, and service.
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