Eaton Co., PLC (ETN) Position Reduced by Heritage Investors Management Corp
Heritage Investors Management Corp lowered its holdings in shares of Eaton Co., PLC (NYSE:ETN) by 16.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 4,131 shares of the industrial products company’s stock after selling 800 shares during the period. Heritage Investors Management Corp’s holdings in Eaton were worth $326,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ETN. PGGM Investments grew its stake in Eaton by 142.1% during the third quarter. PGGM Investments now owns 703,839 shares of the industrial products company’s stock worth $54,048,000 after purchasing an additional 413,096 shares during the period. Foster & Motley Inc. grew its stake in Eaton by 109.7% during the third quarter. Foster & Motley Inc. now owns 9,461 shares of the industrial products company’s stock worth $727,000 after purchasing an additional 4,949 shares during the period. Denali Advisors LLC grew its stake in Eaton by 22.9% during the third quarter. Denali Advisors LLC now owns 95,409 shares of the industrial products company’s stock worth $7,326,000 after purchasing an additional 17,800 shares during the period. Whittier Trust Co. grew its stake in Eaton by 4.5% during the third quarter. Whittier Trust Co. now owns 192,032 shares of the industrial products company’s stock worth $14,746,000 after purchasing an additional 8,275 shares during the period. Finally, Nationwide Fund Advisors grew its stake in Eaton by 3.0% during the third quarter. Nationwide Fund Advisors now owns 466,338 shares of the industrial products company’s stock worth $35,810,000 after purchasing an additional 13,419 shares during the period. 76.45% of the stock is owned by institutional investors and hedge funds.
In other news, insider Curtis J. Hutchins sold 14,360 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $78.36, for a total value of $1,125,249.60. Following the transaction, the insider now owns 26,596 shares in the company, valued at $2,084,062.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nandakumar Cheruvatath sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $77.50, for a total value of $775,000.00. Following the completion of the transaction, the insider now owns 16,571 shares in the company, valued at approximately $1,284,252.50. The disclosure for this sale can be found here. Insiders sold 28,745 shares of company stock worth $2,233,669 in the last 90 days. Corporate insiders own 0.80% of the company’s stock.
Eaton (NYSE:ETN) last posted its earnings results on Thursday, February 1st. The industrial products company reported $1.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.04. Eaton had a return on equity of 12.84% and a net margin of 14.60%. The company had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.10 billion. During the same quarter last year, the company earned $1.12 earnings per share. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. equities research analysts expect that Eaton Co., PLC will post 5.14 EPS for the current fiscal year.
Several research firms recently commented on ETN. Stifel Nicolaus reaffirmed a “hold” rating and set a $80.00 target price on shares of Eaton in a research note on Monday, December 11th. ValuEngine raised Eaton from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Jefferies Group raised their price objective on Eaton from $70.00 to $80.00 and gave the company a “hold” rating in a research note on Wednesday, November 1st. Zacks Investment Research raised Eaton from a “sell” rating to a “hold” rating in a research note on Monday, February 5th. Finally, Bank of America cut Eaton from a “buy” rating to an “underperform” rating in a research note on Tuesday, October 17th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Eaton has an average rating of “Hold” and an average target price of $86.93.
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Eaton Company Profile
Eaton Corporation (Eaton) is a diversified power management company. It is engaged in the manufacturing of electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use, and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety.
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