StrongBox Wealth LLC Increases Position in Eaton Co. PLC (NYSE:ETN)

Share on StockTwits

StrongBox Wealth LLC grew its stake in Eaton Co. PLC (NYSE:ETN) by 35.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,342 shares of the industrial products company’s stock after acquiring an additional 2,454 shares during the quarter. StrongBox Wealth LLC’s holdings in Eaton were worth $817,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. The Manufacturers Life Insurance Company increased its holdings in shares of 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 valued at $36,026,000 after acquiring an additional 70,940 shares during the period. Balentine LLC purchased a new position in Eaton during the 1st quarter worth $145,000. Mercer Global Advisors Inc. ADV grew its stake in Eaton by 47.6% during 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 buying an additional 35,960 shares during the last quarter. Janus Henderson Group PLC grew its stake in Eaton by 15.1% during the 1st quarter. Janus Henderson Group PLC now owns 151,669 shares of the industrial products company’s stock worth $11,780,000 after buying an additional 19,872 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its stake in Eaton by 13.2% during the 1st quarter. Meeder Asset Management Inc. now owns 13,696 shares of the industrial products company’s stock worth $1,064,000 after buying an additional 1,601 shares during the last quarter. Institutional investors and hedge funds own 78.16% of the company’s stock.

Several research analysts recently weighed in on ETN shares. Bank of America downgraded Eaton from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 26th. They noted that the move was a valuation call. Stephens downgraded Eaton from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $93.00 to $81.00 in a research note on Monday, May 4th. Gordon Haskett upgraded Eaton from a “hold” rating to a “buy” rating and dropped their target price for the stock from $98.00 to $92.00 in a research note on Friday, April 3rd. Royal Bank of Canada boosted their target price on Eaton from $81.00 to $87.00 and gave the stock a “sector perform” rating in a research note on Thursday. Finally, UBS Group lifted their price target on Eaton from $90.00 to $93.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Ten research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Eaton currently has an average rating of “Buy” and a consensus target price of $95.59.

In other Eaton news, Director Michael J. Critelli sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $84.71, for a total transaction of $211,775.00. Following the completion of the sale, the director now directly owns 50,566 shares in the company, valued at approximately $4,283,445.86. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Richard H. Fearon sold 22,461 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $91.01, for a total value of $2,044,175.61. Following the completion of the sale, the insider now owns 202,445 shares of the company’s stock, valued at $18,424,519.45. The disclosure for this sale can be found here. Insiders sold a total of 29,961 shares of company stock valued at $2,661,001 in the last ninety days. 0.54% of the stock is currently owned by insiders.

Shares of ETN stock traded down $1.33 on Friday, hitting $93.13. The company had a trading volume of 1,664,194 shares, compared to its average volume of 1,480,001. The firm has a market cap of $37.79 billion, a P/E ratio of 24.97, a price-to-earnings-growth ratio of 2.34 and a beta of 1.14. The company has a 50-day moving average price of $89.39 and a 200-day moving average price of $87.38. The company has a quick ratio of 1.28, a current ratio of 1.50 and a debt-to-equity ratio of 0.51. Eaton Co. PLC has a twelve month low of $56.42 and a twelve month high of $105.78.

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

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be issued 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 payout ratio is 51.50%.

About Eaton

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.

Further Reading: What are the disadvantages of after-hours trading?

Institutional Ownership by Quarter for Eaton (NYSE:ETN)

Receive News & Ratings for Eaton Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eaton and related companies with MarketBeat.com's FREE daily email newsletter.