Franklin Resources Inc. boosted its position in Eaton Co. plc (NYSE:ETN - Free Report) by 15.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,421,626 shares of the industrial products company's stock after purchasing an additional 316,830 shares during the quarter. Franklin Resources Inc. owned approximately 0.61% of Eaton worth $836,938,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Geode Capital Management LLC lifted its position in Eaton by 0.7% during the third quarter. Geode Capital Management LLC now owns 8,069,341 shares of the industrial products company's stock valued at $2,665,342,000 after acquiring an additional 56,516 shares during the last quarter. Legal & General Group Plc increased its position in shares of Eaton by 0.6% during the second quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company's stock worth $1,005,317,000 after purchasing an additional 18,077 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Eaton by 32.8% during the 3rd quarter. Janus Henderson Group PLC now owns 2,419,200 shares of the industrial products company's stock valued at $801,798,000 after purchasing an additional 597,700 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Eaton by 253.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,273,685 shares of the industrial products company's stock worth $753,590,000 after purchasing an additional 1,629,856 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in Eaton by 2.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,422,189 shares of the industrial products company's stock worth $471,370,000 after acquiring an additional 40,078 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.
Eaton Price Performance
Shares of Eaton stock traded down $2.63 during trading hours on Friday, reaching $356.01. The stock had a trading volume of 1,164,976 shares, compared to its average volume of 2,082,403. Eaton Co. plc has a twelve month low of $231.84 and a twelve month high of $379.99. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $140.70 billion, a PE ratio of 38.06, a PEG ratio of 2.74 and a beta of 1.03. The stock's 50 day moving average is $355.33 and its 200 day moving average is $326.59.
Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.80 by $0.04. The company had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. Eaton's revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.47 earnings per share. Equities analysts expect that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.
Eaton Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date was Monday, November 4th. Eaton's dividend payout ratio is presently 40.00%.
Insider Buying and Selling at Eaton
In other news, Director Gregory R. Page sold 4,000 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the sale, the director now directly owns 51,422 shares in the company, valued at $17,241,796.60. This represents a 7.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Craig Arnold sold 61,569 shares of the business's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares in the company, valued at $182,780,769.20. The trade was a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,981 shares of company stock valued at $24,100,317 over the last ninety days. Corporate insiders own 0.53% of the company's stock.
Wall Street Analysts Forecast Growth
ETN has been the topic of several research analyst reports. Sanford C. Bernstein initiated coverage on shares of Eaton in a research report on Tuesday, November 5th. They set an "outperform" rating and a $382.00 target price on the stock. Wells Fargo & Company boosted their price objective on shares of Eaton from $315.00 to $342.00 and gave the company an "equal weight" rating in a report on Monday, October 7th. Evercore ISI lowered Eaton from an "outperform" rating to an "inline" rating and raised their target price for the stock from $333.00 to $389.00 in a research note on Wednesday, November 13th. Citigroup boosted their price target on Eaton from $394.00 to $440.00 and gave the company a "buy" rating in a research note on Monday. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $374.00 price objective on shares of Eaton in a research note on Friday, November 1st. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Eaton has an average rating of "Moderate Buy" and an average price target of $367.83.
Get Our Latest Analysis on ETN
Eaton Company Profile
(
Free Report)
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.
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