Posted by admin on Aug 18th, 2022
Bank of Nova Scotia boosted its holdings in Eaton Co. plc (NYSE:ETN – Get Rating) by 0.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,660 shares of the industrial products company’s stock after purchasing an additional 87 shares during the period. Bank of Nova Scotia’s holdings in Eaton were worth $1,770,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the business. Wade G W & Inc. raised its stake in shares of Eaton by 3.7% during the fourth quarter. Wade G W & Inc. now owns 1,839 shares of the industrial products company’s stock valued at $318,000 after acquiring an additional 65 shares during the last quarter. B. Riley Wealth Management Inc. increased its position in shares of Eaton by 1.0% during the fourth quarter. B. Riley Wealth Management Inc. now owns 6,899 shares of the industrial products company’s stock valued at $1,192,000 after buying an additional 69 shares during the period. Oldfather Financial Services LLC increased its position in shares of Eaton by 1.8% during the fourth quarter. Oldfather Financial Services LLC now owns 4,229 shares of the industrial products company’s stock valued at $664,000 after buying an additional 73 shares during the period. Trust Investment Advisors increased its position in shares of Eaton by 0.8% during the first quarter. Trust Investment Advisors now owns 9,530 shares of the industrial products company’s stock valued at $1,446,000 after buying an additional 73 shares during the period. Finally, Crescent Grove Advisors LLC increased its position in shares of Eaton by 1.6% during the first quarter. Crescent Grove Advisors LLC now owns 4,697 shares of the industrial products company’s stock valued at $713,000 after buying an additional 74 shares during the period. 79.10% of the stock is owned by institutional investors.
In other news, insider Daniel Roy Hopgood sold 1,500 shares of the stock in a transaction on Monday, August 15th. The shares were sold at an average price of $151.70, for a total value of $227,550.00. Following the completion of the sale, the insider now directly owns 7,593 shares of the company’s stock, valued at $1,151,858.10. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Daniel Roy Hopgood sold 1,500 shares of the firm’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $151.70, for a total transaction of $227,550.00. Following the completion of the transaction, the insider now directly owns 7,593 shares of the company’s stock, valued at $1,151,858.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Deborah L. Mccoy sold 3,000 shares of the firm’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $148.72, for a total transaction of $446,160.00. Following the transaction, the director now directly owns 12,856 shares of the company’s stock, valued at $1,911,944.32. The disclosure for this sale can be found here. Insiders sold a total of 16,783 shares of company stock valued at $2,376,871 over the last three months. Corporate insiders own 0.56% of the company’s stock.
Several equities analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Eaton from $178.00 to $156.00 and set a “buy” rating on the stock in a research report on Wednesday, July 13th. Robert W. Baird set a $144.00 target price on shares of Eaton in a research note on Tuesday, August 2nd. Citigroup upped their target price on shares of Eaton from $150.00 to $170.00 in a research note on Thursday, August 4th. Barclays upped their target price on shares of Eaton from $112.00 to $124.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 3rd. Finally, UBS Group dropped their target price on shares of Eaton from $192.00 to $173.00 and set a “buy” rating on the stock in a research note on Wednesday, August 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and a consensus target price of $159.64.
ETN opened at $151.99 on Thursday. The company has a current ratio of 0.97, a quick ratio of 0.58 and a debt-to-equity ratio of 0.38. Eaton Co. plc has a 1-year low of $122.50 and a 1-year high of $175.72. The company has a market capitalization of $60.54 billion, a PE ratio of 26.34, a PEG ratio of 1.83 and a beta of 1.19. The firm’s 50 day simple moving average is $136.02 and its two-hundred day simple moving average is $143.63.
Eaton (NYSE:ETN – Get Rating) last announced its quarterly earnings data on Tuesday, August 2nd. The industrial products company reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.05. The firm had revenue of $5.21 billion during the quarter, compared to analysts’ expectations of $5.22 billion. Eaton had a net margin of 11.70% and a return on equity of 17.04%. The company’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.72 earnings per share. As a group, equities analysts forecast that Eaton Co. plc will post 7.55 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 26th. Stockholders of record on Friday, August 12th will be paid a $0.81 dividend. The ex-dividend date of this dividend is Thursday, August 11th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.13%. Eaton’s dividend payout ratio (DPR) is presently 56.15%.
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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