Truvestments Capital LLC Buys New Holdings in Eaton Co. PLC (NYSE:ETN)
Truvestments Capital LLC bought a new position in shares of Eaton Co. PLC (NYSE:ETN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,577 shares of the industrial products company’s stock, valued at approximately $342,000.
Several other hedge funds have also made changes to their positions in ETN. Zions Bancorporation bought a new position in Eaton in the second quarter valued at about $113,000. Fort L.P. bought a new position in Eaton in the second quarter valued at about $116,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in Eaton in the second quarter valued at about $123,000. Sun Life Financial INC boosted its holdings in Eaton by 1,153.5% in the second quarter. Sun Life Financial INC now owns 1,805 shares of the industrial products company’s stock valued at $135,000 after acquiring an additional 1,661 shares during the last quarter. Finally, Institutional & Family Asset Management LLC bought a new position in Eaton in the first quarter valued at about $137,000. Institutional investors own 77.54% of the company’s stock.
A number of brokerages have issued reports on ETN. UBS Group upgraded Eaton from a “neutral” rating to a “buy” rating and raised their target price for the stock from $91.00 to $100.00 in a report on Friday, September 21st. Morgan Stanley began coverage on Eaton in a report on Monday, August 20th. They set an “equal weight” rating and a $86.00 target price on the stock. Deutsche Bank raised their target price on Eaton from $95.00 to $102.00 and gave the stock a “buy” rating in a report on Friday, September 28th. Credit Suisse Group began coverage on Eaton in a report on Friday. They set an “outperform” rating and a $91.00 target price on the stock. Finally, JPMorgan Chase & Co. upgraded Eaton from a “neutral” rating to an “overweight” rating and set a $92.00 target price on the stock in a report on Monday, August 13th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $88.67.
Eaton stock traded up $0.24 during midday trading on Friday, reaching $79.77. The stock had a trading volume of 3,419,244 shares, compared to its average volume of 2,740,199. Eaton Co. PLC has a 1-year low of $71.62 and a 1-year high of $89.85. The firm has a market cap of $37.58 billion, a PE ratio of 17.15, a P/E/G ratio of 1.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.96 and a current ratio of 1.47.
Eaton (NYSE:ETN) last announced its earnings results on Tuesday, July 31st. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.32 by $0.07. The business had revenue of $5.49 billion for the quarter, compared to analyst estimates of $5.45 billion. Eaton had a return on equity of 13.11% and a net margin of 14.80%. Eaton’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.15 EPS. As a group, equities research analysts predict that Eaton Co. PLC will post 5.36 EPS for the current year.
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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