Seminole Management Co. Inc. acquired a new position in Eaton Corp. PLC (NYSE:ETN) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 356,829 shares of the company’s stock, valued at approximately $21,313,000. Eaton Corp. PLC accounts for approximately 2.2% of Seminole Management Co. Inc.’s portfolio, making the stock its 18th largest position.
A number of other institutional investors also recently made changes to their positions in the company. Delta Asset Management LLC TN boosted its stake in Eaton Corp. PLC by 0.7% in the first quarter. Delta Asset Management LLC TN now owns 91,059 shares of the company’s stock valued at $5,697,000 after buying an additional 630 shares during the period. Hills Bank & Trust Co. boosted its stake in Eaton Corp. PLC by 35.8% in the first quarter. Hills Bank & Trust Co. now owns 19,700 shares of the company’s stock valued at $1,233,000 after buying an additional 5,190 shares during the period. Sumitomo Life Insurance Co. boosted its stake in Eaton Corp. PLC by 3.2% in the first quarter. Sumitomo Life Insurance Co. now owns 51,460 shares of the company’s stock valued at $3,219,000 after buying an additional 1,614 shares during the period. Glenmede Trust Co. NA boosted its stake in Eaton Corp. PLC by 285.7% in the first quarter. Glenmede Trust Co. NA now owns 175,159 shares of the company’s stock valued at $10,957,000 after buying an additional 129,742 shares during the period. Finally, Sii Investments Inc. WI boosted its stake in Eaton Corp. PLC by 3.4% in the first quarter. Sii Investments Inc. WI now owns 9,199 shares of the company’s stock valued at $578,000 after buying an additional 305 shares during the period. Hedge funds and other institutional investors own 74.34% of the company’s stock.
Eaton Corp. PLC (NYSE:ETN) traded down 0.65% during mid-day trading on Monday, hitting $62.90. The stock had a trading volume of 1,327,347 shares. The company has a 50-day moving average of $65.89 and a 200-day moving average of $62.82. Eaton Corp. PLC has a 12-month low of $46.19 and a 12-month high of $68.20. The firm has a market cap of $28.60 billion, a PE ratio of 15.53 and a beta of 1.62.
Eaton Corp. PLC (NYSE:ETN) last issued its earnings results on Tuesday, August 2nd. The company reported $1.07 earnings per share for the quarter, hitting the consensus estimate of $1.07. The business had revenue of $5.10 billion for the quarter, compared to analyst estimates of $5.06 billion. Eaton Corp. PLC had a return on equity of 12.28% and a net margin of 9.29%. The business’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period last year, the company posted $1.16 EPS. Analysts expect that Eaton Corp. PLC will post $4.28 earnings per share for the current year.
Several research firms have issued reports on ETN. Credit Suisse Group AG reissued a “buy” rating on shares of Eaton Corp. PLC in a research note on Saturday, July 9th. Zacks Investment Research cut Eaton Corp. PLC from a “buy” rating to a “hold” rating in a research note on Friday, July 1st. Barclays PLC raised their target price on Eaton Corp. PLC from $67.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 3rd. Sanford C. Bernstein reissued a “market perform” rating on shares of Eaton Corp. PLC in a research note on Monday, June 27th. Finally, Jefferies Group reissued a “hold” rating on shares of Eaton Corp. PLC in a research note on Friday, August 5th. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $62.57.
In related news, insider Mark M. Mcguire sold 18,751 shares of the stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $64.55, for a total value of $1,210,377.05. Following the completion of the sale, the insider now directly owns 51,447 shares in the company, valued at approximately $3,320,903.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Dorothy C. Thompson purchased 550 shares of the stock in a transaction that occurred on Friday, August 19th. The stock was bought at an average price of $67.32 per share, with a total value of $37,026.00. Following the completion of the acquisition, the director now owns 550 shares in the company, valued at approximately $37,026. The disclosure for this purchase can be found here. 0.80% of the stock is owned by corporate insiders.
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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