Point72 Hong Kong Ltd Buys New Stake in Eaton Co. PLC (ETN)

Point72 Hong Kong Ltd bought a new position in shares of Eaton Co. PLC (NYSE:ETN) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 2,306 shares of the industrial products company’s stock, valued at approximately $172,000.

Other institutional investors have also modified their holdings of the company. Silvant Capital Management LLC purchased a new stake in shares of Eaton during the first quarter valued at about $105,000. Zions Bancorporation purchased a new stake in shares of Eaton during the second quarter valued at about $113,000. Fort L.P. purchased a new stake in shares of Eaton during the second quarter valued at about $116,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in shares of Eaton during the second quarter valued at about $123,000. Finally, Institutional & Family Asset Management LLC purchased a new stake in shares of Eaton during the first quarter valued at about $137,000. Institutional investors own 77.54% of the company’s stock.

In other news, insider Ken D. Semelsberger sold 11,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $86.57, for a total transaction of $995,555.00. Following the sale, the insider now owns 78,883 shares of the company’s stock, valued at approximately $6,828,901.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Deborah L. Mccoy sold 3,000 shares of Eaton stock in a transaction on Thursday, September 6th. The shares were sold at an average price of $84.55, for a total transaction of $253,650.00. Following the completion of the sale, the director now directly owns 32,936 shares in the company, valued at approximately $2,784,738.80. The disclosure for this sale can be found here. Insiders have sold a total of 55,000 shares of company stock worth $4,617,645 in the last ninety days. Corporate insiders own 0.50% of the company’s stock.

Several analysts have commented on ETN shares. ValuEngine lowered shares of Eaton from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. Zacks Investment Research raised shares of Eaton from a “hold” rating to a “buy” rating and set a $84.00 price target for the company in a research report on Tuesday, July 3rd. MED raised shares of Eaton from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a research report on Thursday, July 12th. Deutsche Bank set a $86.00 price target on shares of Eaton and gave the company a “buy” rating in a research report on Thursday, July 12th. Finally, Royal Bank of Canada reissued a “hold” rating and set a $80.00 price target on shares of Eaton in a research report on Tuesday, July 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $88.72.

ETN traded down $1.03 during trading on Friday, reaching $86.67. 2,359,376 shares of the company’s stock were exchanged, compared to its average volume of 2,728,725. Eaton Co. PLC has a 1 year low of $71.62 and a 1 year high of $89.85. The company has a current ratio of 1.47, a quick ratio of 0.96 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $37.58 billion, a PE ratio of 18.64, a P/E/G ratio of 1.58 and a beta of 1.35.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, July 31st. The industrial products company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.07. The business had revenue of $5.49 billion for the quarter, compared to analysts’ expectations of $5.45 billion. Eaton had a net margin of 14.80% and a return on equity of 13.11%. The business’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the company earned $1.15 EPS. As a group, analysts predict that Eaton Co. PLC will post 5.36 EPS for the current fiscal year.

Eaton Company Profile

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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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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