Eaton Corporation, PLC (ETN) Stake Lowered by United Services Automobile Association

United Services Automobile Association cut its stake in shares of Eaton Corporation, PLC (NYSE:ETN) by 11.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 994,018 shares of the industrial products company’s stock after selling 124,041 shares during the period. United Services Automobile Association owned approximately 0.22% of Eaton Corporation, PLC worth $73,706,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp raised its position in shares of Eaton Corporation, PLC by 6.7% in the first quarter. Bank of New York Mellon Corp now owns 8,125,063 shares of the industrial products company’s stock valued at $602,474,000 after buying an additional 510,717 shares in the last quarter. Boston Partners raised its position in shares of Eaton Corporation, PLC by 286.0% in the first quarter. Boston Partners now owns 7,227,300 shares of the industrial products company’s stock valued at $535,904,000 after buying an additional 5,354,998 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Eaton Corporation, PLC by 2.3% in the first quarter. Wells Fargo & Company MN now owns 4,994,761 shares of the industrial products company’s stock valued at $370,362,000 after buying an additional 111,208 shares in the last quarter. Levin Capital Strategies L.P. raised its position in shares of Eaton Corporation, PLC by 7.2% in the first quarter. Levin Capital Strategies L.P. now owns 2,929,738 shares of the industrial products company’s stock valued at $217,240,000 after buying an additional 197,882 shares in the last quarter. Finally, Schroder Investment Management Group raised its position in shares of Eaton Corporation, PLC by 10.1% in the first quarter. Schroder Investment Management Group now owns 2,622,319 shares of the industrial products company’s stock valued at $194,576,000 after buying an additional 241,431 shares in the last quarter. Institutional investors and hedge funds own 76.30% of the company’s stock.

Eaton Corporation, PLC (NYSE:ETN) traded down 0.74% on Friday, reaching $78.97. 2,436,414 shares of the company were exchanged. The stock has a market capitalization of $35.32 billion, a P/E ratio of 18.40 and a beta of 1.35. The company’s 50-day moving average price is $77.76 and its 200-day moving average price is $74.22. Eaton Corporation, PLC has a 12-month low of $59.07 and a 12-month high of $81.63.

Eaton Corporation, PLC (NYSE:ETN) last released its quarterly earnings data on Tuesday, May 2nd. The industrial products company reported $0.96 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $0.09. Eaton Corporation, PLC had a net margin of 9.86% and a return on equity of 12.82%. The firm had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the prior year, the company posted $0.88 earnings per share. The business’s revenue was up .7% on a year-over-year basis. Equities research analysts anticipate that Eaton Corporation, PLC will post $4.66 earnings per share for the current fiscal year.

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Several equities research analysts have weighed in on ETN shares. Zacks Investment Research upgraded shares of Eaton Corporation, PLC from a “hold” rating to a “buy” rating and set a $87.00 target price on the stock in a report on Monday, June 5th. JMP Securities started coverage on shares of Eaton Corporation, PLC in a report on Monday, June 19th. They issued a “market perform” rating on the stock. Argus reiterated a “buy” rating and issued a $85.00 target price (up from $83.00) on shares of Eaton Corporation, PLC in a report on Tuesday, May 30th. Barclays PLC set a $81.00 target price on shares of Eaton Corporation, PLC and gave the stock a “hold” rating in a report on Tuesday, May 2nd. Finally, ValuEngine upgraded shares of Eaton Corporation, PLC from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $78.54.

In other Eaton Corporation, PLC news, insider Uday Yadav sold 3,034 shares of the company’s stock in a transaction on Thursday, May 4th. The shares were sold at an average price of $76.08, for a total transaction of $230,826.72. Following the transaction, the insider now owns 22,601 shares in the company, valued at $1,719,484.08. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Richard H. Fearon sold 25,000 shares of the company’s stock in a transaction on Friday, May 5th. The stock was sold at an average price of $76.24, for a total transaction of $1,906,000.00. Following the transaction, the insider now owns 236,497 shares in the company, valued at approximately $18,030,531.28. The disclosure for this sale can be found here. Corporate insiders own 0.80% of the company’s stock.

About Eaton Corporation, 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.

Institutional Ownership by Quarter for Eaton Corporation, PLC (NYSE:ETN)

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