Cadence Capital Management LLC reduced its position in Eaton Co. PLC (NYSE:ETN) by 19.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,380 shares of the industrial products company’s stock after selling 2,993 shares during the quarter. Cadence Capital Management LLC’s holdings in Eaton were worth $1,263,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of ETN. Public Employees Retirement Association of Colorado lifted its position in Eaton by 5.3% in the first quarter. Public Employees Retirement Association of Colorado now owns 78,537 shares of the industrial products company’s stock worth $6,102,000 after purchasing an additional 3,931 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Eaton by 15.1% during the first quarter. Janus Henderson Group PLC now owns 151,669 shares of the industrial products company’s stock valued at $11,780,000 after acquiring an additional 19,872 shares during the period. APG Asset Management N.V. lifted its holdings in shares of Eaton by 39.8% during the first quarter. APG Asset Management N.V. now owns 990,237 shares of the industrial products company’s stock valued at $76,932,000 after acquiring an additional 281,686 shares during the period. Advisors Asset Management Inc. lifted its holdings in shares of Eaton by 11.8% during the first quarter. Advisors Asset Management Inc. now owns 37,216 shares of the industrial products company’s stock valued at $2,891,000 after acquiring an additional 3,924 shares during the period. Finally, CWA Asset Management Group LLC bought a new position in shares of Eaton during the first quarter valued at $273,000. 77.55% of the stock is owned by hedge funds and other institutional investors.
In other Eaton news, insider Richard H. Fearon sold 40,550 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $102.01, for a total transaction of $4,136,505.50. Following the transaction, the insider now owns 151,834 shares in the company, valued at $15,488,586.34. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Richard H. Fearon sold 50,000 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $101.98, for a total value of $5,099,000.00. Following the transaction, the insider now owns 150,384 shares in the company, valued at approximately $15,336,160.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 93,597 shares of company stock worth $9,550,626. Company insiders own 0.54% of the company’s stock.
Eaton (NYSE:ETN) last announced its quarterly earnings data on Wednesday, July 29th. The industrial products company reported $0.70 EPS for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.17. Eaton had a return on equity of 12.73% and a net margin of 8.03%. The firm had revenue of $3.90 billion during the quarter, compared to analyst estimates of $3.65 billion. During the same period last year, the company earned $1.53 earnings per share. The company’s revenue was down 29.5% on a year-over-year basis. On average, equities analysts predict that Eaton Co. PLC will post 3.92 earnings per share for the current fiscal year.
A number of research analysts have issued reports on the company. Royal Bank of Canada lifted their price objective on Eaton from $81.00 to $87.00 and gave the company a “sector perform” rating in a report on Thursday, July 30th. Oppenheimer reissued a “buy” rating and set a $100.00 price objective on shares of Eaton in a report on Friday, July 31st. Credit Suisse Group lifted their price objective on Eaton from $94.00 to $102.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on Eaton from $104.00 to $111.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Finally, Berenberg Bank started coverage on Eaton in a report on Thursday, August 20th. They set a “hold” rating and a $110.00 price objective for the company. Ten analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $100.12.
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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