Gries Financial LLC Has $3.51 Million Stake in Eaton Co. plc (NYSE:ETN)

Gries Financial LLC reduced its holdings in Eaton Co. plc (NYSE:ETN) by 2.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,594 shares of the industrial products company’s stock after selling 219 shares during the period. Eaton accounts for about 0.7% of Gries Financial LLC’s portfolio, making the stock its 25th largest holding. Gries Financial LLC’s holdings in Eaton were worth $3,511,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ETN. Capital World Investors raised its stake in Eaton by 323.8% in the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after buying an additional 2,439,270 shares during the period. Jennison Associates LLC lifted its holdings in 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 valued at $394,752,000 after purchasing an additional 1,219,790 shares during the last quarter. Swedbank AB bought a new position in Eaton during the second quarter worth $225,974,000. Assenagon Asset Management S.A. increased its holdings in shares of Eaton by 1,604.4% in the second quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock valued at $211,201,000 after purchasing an additional 634,059 shares during the last quarter. Finally, Wulff Hansen & CO. raised its position in shares of Eaton by 31,255.0% in the second quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock valued at $149,928,000 after purchasing an additional 476,639 shares during the period. 82.97% of the stock is owned by institutional investors.

Insider Activity at Eaton

In related news, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction on 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 transaction, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the sale, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,511 shares of company stock worth $15,809,326 over the last three months. Company insiders own 0.53% of the company’s stock.

Eaton Price Performance

Shares of NYSE ETN traded down $0.31 during midday trading on Friday, reaching $348.18. 1,173,441 shares of the company were exchanged, compared to its average volume of 2,114,890. Eaton Co. plc has a one year low of $191.82 and a one year high of $349.74. The stock has a market cap of $139.20 billion, a P/E ratio of 41.11, a PEG ratio of 2.58 and a beta of 1.02. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The stock’s 50-day moving average price is $314.01 and its 200-day moving average price is $316.67.

Eaton (NYSE:ETN) last issued its earnings results 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 return on equity of 21.45% and a net margin of 15.12%. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. On average, sell-side analysts anticipate that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued a dividend of $0.94 per share. The ex-dividend date was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.08%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Raymond James decreased their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Citigroup started coverage on shares of Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 price target on the stock. Royal Bank of Canada cut their price objective on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Morgan Stanley assumed coverage on shares of Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 target price on the stock. Finally, Jefferies Financial Group increased their price target on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and an average target price of $340.06.

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.