Veracity Capital LLC Sells 182 Shares of Eaton Co. plc (NYSE:ETN)

Veracity Capital LLC lessened its holdings in shares of Eaton Co. plc (NYSE:ETN) by 18.7% during the 2nd quarter, Holdings Channel reports. The firm owned 789 shares of the industrial products company’s stock after selling 182 shares during the period. Veracity Capital LLC’s holdings in Eaton were worth $247,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Eaton by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock valued at $8,812,966,000 after buying an additional 259,615 shares in the last quarter. Norges Bank bought a new stake in Eaton during the fourth quarter worth approximately $1,087,983,000. Coatue Management LLC increased its position in shares of Eaton by 5.2% during the 4th quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock valued at $960,016,000 after purchasing an additional 195,809 shares during the last quarter. Raymond James & Associates lifted its position in Eaton by 1.7% in the first quarter. Raymond James & Associates now owns 3,804,171 shares of the industrial products company’s stock worth $1,189,488,000 after buying an additional 64,446 shares during the last quarter. Finally, Capital World Investors increased its position in Eaton by 323.8% during 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 acquiring an additional 2,439,270 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analyst Ratings Changes

ETN has been the topic of several analyst reports. Jefferies Financial Group upped their price target on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Argus raised their price target on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Royal Bank of Canada reduced their price target on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. JPMorgan Chase & Co. raised their target price on shares of Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Finally, Wells Fargo & Company dropped their price objective on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $328.00.

Eaton Stock Up 1.2 %

Eaton stock traded up $3.45 during midday trading on Wednesday, reaching $299.69. The company’s stock had a trading volume of 1,400,003 shares, compared to its average volume of 2,175,605. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.05. The stock has a market capitalization of $119.82 billion, a P/E ratio of 35.38, a PEG ratio of 2.47 and a beta of 1.02. The stock’s 50-day simple moving average is $309.24 and its 200-day simple moving average is $309.46. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Monday, August 5th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.25%. The ex-dividend date is Monday, August 5th. Eaton’s dividend payout ratio is presently 44.39%.

Insider Buying and Selling at Eaton

In other news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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 completion of the transaction, 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 SEC, which is accessible through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by company 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.