Kornitzer Capital Management Inc. KS Has $2.23 Million Holdings in Eaton Co. plc (NYSE:ETN)

Kornitzer Capital Management Inc. KS lessened its holdings in Eaton Co. plc (NYSE:ETN) by 20.1% during the second quarter, HoldingsChannel reports. The fund owned 7,110 shares of the industrial products company’s stock after selling 1,784 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Eaton were worth $2,229,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in ETN. Norges Bank purchased a new stake in Eaton in the 4th quarter valued at about $1,087,983,000. Capital World Investors increased its stake in shares of Eaton by 323.8% during the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after purchasing an additional 2,439,270 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Eaton by 2,857.4% during the 1st quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock worth $394,752,000 after purchasing an additional 1,219,790 shares during the last quarter. Balyasny Asset Management L.P. increased its stake in shares of Eaton by 2,006.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 964,728 shares of the industrial products company’s stock worth $232,326,000 after purchasing an additional 918,936 shares during the last quarter. Finally, Swedbank AB purchased a new stake in shares of Eaton during the 2nd quarter worth approximately $225,974,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analyst Ratings Changes

ETN has been the subject of several analyst reports. Barclays raised their price objective on shares of Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Wells Fargo & Company cut their price objective on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Morgan Stanley assumed coverage on shares of Eaton in a report on Friday. They issued an “overweight” rating and a $370.00 price objective for the company. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday. Finally, Raymond James began coverage on shares of Eaton in a report on Friday, June 28th. They set an “outperform” rating and a $375.00 price objective for the company. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $335.76.

Eaton Stock Down 0.3 %

Shares of ETN stock opened at $284.93 on Friday. The company has a 50 day simple moving average of $302.48 and a two-hundred day simple moving average of $310.93. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. The stock has a market cap of $113.92 billion, a P/E ratio of 33.64, a P/E/G ratio of 2.35 and a beta of 1.01. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The firm had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. On average, research analysts expect that Eaton Co. plc will post 10.74 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.32%. Eaton’s dividend payout ratio (DPR) is currently 44.39%.

Insider Transactions at Eaton

In other news, Director Dorothy C. Thompson bought 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the acquisition, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the sale, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dorothy C. Thompson purchased 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the acquisition, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. The disclosure for this purchase can be found here. In the last quarter, insiders sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is currently owned by insiders.

Eaton Company Profile

Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.