Torray Investment Partners LLC Lowers Position in Eaton Co. plc (NYSE:ETN)

Torray Investment Partners LLC reduced its holdings in Eaton Co. plc (NYSE:ETN) by 11.6% during the second quarter, Holdings Channel.com reports. The fund owned 41,092 shares of the industrial products company’s stock after selling 5,411 shares during the quarter. Eaton accounts for 1.9% of Torray Investment Partners LLC’s investment portfolio, making the stock its 20th largest holding. Torray Investment Partners LLC’s holdings in Eaton were worth $12,884,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Gryphon Financial Partners LLC grew its position in Eaton by 81.3% in the fourth quarter. Gryphon Financial Partners LLC now owns 2,348 shares of the industrial products company’s stock worth $565,000 after acquiring an additional 1,053 shares in the last quarter. Ethos Financial Group LLC bought a new position in shares of Eaton during the 4th quarter valued at about $201,000. Montag A & Associates Inc. grew its position in Eaton by 6.6% during the fourth quarter. Montag A & Associates Inc. now owns 3,246 shares of the industrial products company’s stock valued at $782,000 after acquiring an additional 200 shares during the last quarter. Principal Securities Inc. purchased a new position in Eaton in the 4th quarter worth $1,043,000. Finally, Calton & Associates Inc. bought a new stake in shares of Eaton in the 4th quarter valued at about $224,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling at Eaton

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s 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 of the company’s stock, valued at $2,858,328. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 9,900 shares in the company, valued at $2,858,328. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Karenann K. Terrell bought 500 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were bought at an average price of $298.97 per share, with a total value of $149,485.00. Following the completion of the purchase, the director now owns 500 shares in the company, valued at approximately $149,485. The disclosure for this purchase can be found here. In the last three months, insiders have sold 52,511 shares of company stock worth $15,809,326. Insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ETN shares. Morgan Stanley assumed coverage on shares of Eaton in a report on Friday. They set an “overweight” rating and a $370.00 price target for the company. Jefferies Financial Group upped their price target on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Wells Fargo & Company cut their price objective on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Evercore ISI reduced 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. Finally, Raymond James initiated coverage on Eaton in a research note on Friday, June 28th. They issued an “outperform” rating and a $375.00 price target for the company. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $335.76.

Eaton Stock Down 0.3 %

ETN stock traded down $0.75 on Friday, reaching $284.97. 2,163,854 shares of the company traded hands, compared to its average volume of 2,172,430. The firm has a fifty day simple moving average of $302.48 and a 200-day simple moving average of $310.93. The company has a market cap of $113.93 billion, a P/E ratio of 33.64, a price-to-earnings-growth ratio of 2.35 and a beta of 1.01. 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 current ratio of 1.56 and a quick ratio of 1.07.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating the consensus estimate of $2.61 by $0.12. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. Research analysts anticipate 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. Investors of record on Monday, August 5th were given a $0.94 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.32%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

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.