Eaton Co. plc (NYSE:ETN) Stake Cut by TD Asset Management Inc

TD Asset Management Inc cut its position in shares of Eaton Co. plc (NYSE:ETN) by 1.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,875,471 shares of the industrial products company’s stock after selling 27,769 shares during the period. TD Asset Management Inc’s holdings in Eaton were worth $588,054,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the company. FineMark National Bank & Trust lifted its stake in Eaton by 2.8% during the second quarter. FineMark National Bank & Trust now owns 3,627 shares of the industrial products company’s stock worth $1,137,000 after purchasing an additional 100 shares during the last quarter. Consolidated Planning Corp lifted its stake in Eaton by 2.0% during the second quarter. Consolidated Planning Corp now owns 23,466 shares of the industrial products company’s stock worth $7,358,000 after purchasing an additional 460 shares during the last quarter. Strategy Asset Managers LLC lifted its stake in Eaton by 68.5% during the second quarter. Strategy Asset Managers LLC now owns 32,334 shares of the industrial products company’s stock worth $10,138,000 after purchasing an additional 13,145 shares during the last quarter. Larson Financial Group LLC lifted its stake in Eaton by 5.6% during the second quarter. Larson Financial Group LLC now owns 13,124 shares of the industrial products company’s stock worth $4,115,000 after purchasing an additional 693 shares during the last quarter. Finally, Foundations Investment Advisors LLC lifted its stake in Eaton by 4.1% during the second quarter. Foundations Investment Advisors LLC now owns 1,559 shares of the industrial products company’s stock worth $489,000 after purchasing an additional 61 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the transaction, the insider now directly owns 3,914 shares of the company’s stock, valued at $1,186,411.68. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the transaction, the insider now owns 3,914 shares of the company’s stock, valued at approximately $1,186,411.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karenann K. Terrell purchased 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the purchase, the director now directly owns 500 shares in the company, valued at approximately $149,485. The disclosure for this purchase can be found here. Insiders have sold a total of 52,511 shares of company stock valued at $15,809,326 over the last three months. Company insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ETN shares. Royal Bank of Canada cut their target price on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Evercore ISI cut their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Jefferies Financial Group raised their target price on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Wells Fargo & Company cut their target price 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. Finally, Barclays raised their target price on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $328.00.

Eaton Price Performance

Shares of ETN opened at $286.93 on Thursday. The stock’s fifty day moving average is $303.62 and its 200-day moving average is $311.06. The firm has a market capitalization of $114.71 billion, a price-to-earnings ratio of 34.09, a price-to-earnings-growth ratio of 2.35 and a beta of 1.02. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56.

Eaton (NYSE:ETN) last released 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. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. Equities analysts anticipate that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s payout ratio is currently 44.39%.

About Eaton

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.