Westshore Wealth LLC Takes Position in Eaton Co. plc (NYSE:ETN)

Westshore Wealth LLC purchased a new stake in Eaton Co. plc (NYSE:ETNGet Rating) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 2,436 shares of the industrial products company’s stock, valued at approximately $307,000.

Several other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Eaton by 1.5% in the first quarter. Vanguard Group Inc. now owns 34,526,905 shares of the industrial products company’s stock valued at $5,239,803,000 after purchasing an additional 500,438 shares in the last quarter. BlackRock Inc. grew its position in shares of Eaton by 5.5% in the first quarter. BlackRock Inc. now owns 27,959,368 shares of the industrial products company’s stock valued at $4,243,113,000 after purchasing an additional 1,449,671 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Eaton by 3.5% during the first quarter. JPMorgan Chase & Co. now owns 26,578,334 shares of the industrial products company’s stock valued at $4,033,527,000 after buying an additional 900,550 shares during the period. State Street Corp boosted its stake in Eaton by 0.7% during the fourth quarter. State Street Corp now owns 16,615,642 shares of the industrial products company’s stock valued at $2,871,515,000 after buying an additional 115,947 shares during the period. Finally, Bank of America Corp DE lifted its stake in Eaton by 5.6% during the first quarter. Bank of America Corp DE now owns 14,218,498 shares of the industrial products company’s stock worth $2,157,799,000 after purchasing an additional 752,368 shares during the last quarter. 80.54% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ETN. Wells Fargo & Company lifted their price target on Eaton from $139.00 to $142.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 3rd. Royal Bank of Canada lifted their price target on Eaton from $139.00 to $145.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 3rd. Citigroup lifted their price target on Eaton from $150.00 to $170.00 in a research note on Thursday, August 4th. The Goldman Sachs Group lowered their target price on Eaton from $175.00 to $146.00 and set a “buy” rating for the company in a research note on Thursday, June 23rd. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Eaton from $178.00 to $156.00 and set a “buy” rating for the company in a research note on Wednesday, July 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $160.15.

Insider Transactions at Eaton

In other news, insider Daniel Roy Hopgood sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $151.70, for a total value of $227,550.00. Following the sale, the insider now directly owns 7,593 shares of the company’s stock, valued at approximately $1,151,858.10. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Daniel Roy Hopgood sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $151.70, for a total value of $227,550.00. Following the sale, the insider now directly owns 7,593 shares of the company’s stock, valued at approximately $1,151,858.10. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Deborah L. Mccoy sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $148.72, for a total value of $446,160.00. Following the completion of the sale, the director now directly owns 12,856 shares in the company, valued at $1,911,944.32. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Eaton Stock Down 1.0 %

Shares of ETN stock traded down $1.37 during midday trading on Friday, reaching $133.76. 37,443 shares of the stock were exchanged, compared to its average volume of 1,527,386. Eaton Co. plc has a 1 year low of $122.50 and a 1 year high of $175.72. The company’s 50 day moving average is $142.94 and its two-hundred day moving average is $141.63. The company has a current ratio of 0.97, a quick ratio of 0.58 and a debt-to-equity ratio of 0.38. The firm has a market cap of $53.28 billion, a PE ratio of 23.18, a price-to-earnings-growth ratio of 1.66 and a beta of 1.20.

Eaton (NYSE:ETNGet Rating) last posted its earnings results on Tuesday, August 2nd. The industrial products company reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.05. Eaton had a return on equity of 17.04% and a net margin of 11.70%. The firm had revenue of $5.21 billion for the quarter, compared to the consensus estimate of $5.22 billion. During the same quarter in the prior year, the business earned $1.72 EPS. The business’s revenue for the quarter was down .1% on a year-over-year basis. On average, equities research analysts predict that Eaton Co. plc will post 7.55 EPS for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 26th. Stockholders of record on Friday, August 12th were given a $0.81 dividend. The ex-dividend date was Thursday, August 11th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.42%. Eaton’s dividend payout ratio is currently 56.15%.

About Eaton

(Get Rating)

Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.

See Also

Want to see what other hedge funds are holding ETN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eaton Co. plc (NYSE:ETNGet Rating).

Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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