Retirement Systems of Alabama cut its position in shares of Eaton Corp. PLC (NYSE:ETN) by 33.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 233,494 shares of the company’s stock after selling 115,805 shares during the period. Retirement Systems of Alabama’s holdings in Eaton Corp. PLC were worth $13,947,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Virginia Retirement System bought a new stake in Eaton Corp. PLC during the first quarter worth about $469,000. Pacad Investment Ltd. raised its stake in Eaton Corp. PLC by 54.3% in the first quarter. Pacad Investment Ltd. now owns 21,291 shares of the company’s stock worth $1,332,000 after buying an additional 7,491 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its stake in Eaton Corp. PLC by 268.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 18,331 shares of the company’s stock worth $1,147,000 after buying an additional 13,360 shares during the last quarter. Ngam Advisors L.P. raised its stake in Eaton Corp. PLC by 76.3% in the first quarter. Ngam Advisors L.P. now owns 155,177 shares of the company’s stock worth $9,707,000 after buying an additional 67,155 shares during the last quarter. Finally, Teachers Advisors Inc. raised its stake in Eaton Corp. PLC by 5.3% in the first quarter. Teachers Advisors Inc. now owns 694,226 shares of the company’s stock worth $43,431,000 after buying an additional 34,789 shares during the last quarter. 74.34% of the stock is currently owned by hedge funds and other institutional investors.
Eaton Corp. PLC (NYSE:ETN) traded up 2.42% during midday trading on Friday, reaching $65.71. 3,886,882 shares of the company traded hands. Eaton Corp. PLC has a 12 month low of $46.19 and a 12 month high of $68.20. The firm has a market capitalization of $29.88 billion, a price-to-earnings ratio of 16.22 and a beta of 1.62. The firm’s 50 day moving average price is $65.60 and its 200 day moving average price is $62.99.
Eaton Corp. PLC (NYSE:ETN) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.07. The business had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $5.06 billion. Eaton Corp. PLC had a net margin of 9.29% and a return on equity of 12.28%. Eaton Corp. PLC’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.16 EPS. On average, analysts expect that Eaton Corp. PLC will post $4.28 earnings per share for the current year.
ETN has been the topic of a number of recent research reports. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Eaton Corp. PLC in a research note on Monday, June 27th. Zacks Investment Research downgraded Eaton Corp. PLC from a “buy” rating to a “hold” rating in a report on Friday, July 1st. Credit Suisse Group AG reiterated a “buy” rating on shares of Eaton Corp. PLC in a report on Saturday, July 9th. Bank of America Corp. downgraded Eaton Corp. PLC from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a report on Thursday, July 14th. They noted that the move was a valuation call. Finally, Barclays PLC boosted their price target on Eaton Corp. PLC from $67.00 to $69.00 and gave the company an “equal weight” rating in a report on Wednesday, August 3rd. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $62.57.
In related news, insider Uday Yadav sold 15,713 shares of Eaton Corp. PLC stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $67.05, for a total value of $1,053,556.65. Following the transaction, the insider now owns 22,601 shares in the company, valued at approximately $1,515,397.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Richard H. Fearon sold 65,195 shares of Eaton Corp. PLC stock in a transaction on Friday, August 5th. The stock was sold at an average price of $65.29, for a total transaction of $4,256,581.55. Following the completion of the transaction, the insider now owns 276,386 shares in the company, valued at approximately $18,045,241.94. The disclosure for this sale can be found here. Insiders own 0.80% of the company’s stock.
About Eaton Corp. PLC
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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