Eaton Co. plc (NYSE:ETN) Stake Trimmed by Angeles Investment Advisors LLC

Angeles Investment Advisors LLC cut its position in shares of Eaton Co. plc (NYSE:ETN) by 26.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,014 shares of the industrial products company’s stock after selling 743 shares during the quarter. Angeles Investment Advisors LLC’s holdings in Eaton were worth $631,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Gryphon Financial Partners LLC grew its position in Eaton by 81.3% during the 4th quarter. Gryphon Financial Partners LLC now owns 2,348 shares of the industrial products company’s stock worth $565,000 after purchasing an additional 1,053 shares in the last quarter. Foundations Investment Advisors LLC purchased a new position in shares of Eaton during the fourth quarter valued at $407,000. Great Lakes Advisors LLC raised its position in Eaton by 24.8% during the fourth quarter. Great Lakes Advisors LLC now owns 2,176 shares of the industrial products company’s stock valued at $524,000 after buying an additional 432 shares during the period. Financial Advocates Investment Management lifted its stake in Eaton by 1.8% in the 4th quarter. Financial Advocates Investment Management now owns 2,499 shares of the industrial products company’s stock worth $602,000 after acquiring an additional 45 shares in the last quarter. Finally, Norges Bank acquired a new stake in Eaton during the 4th quarter worth about $1,087,983,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Performance

NYSE:ETN opened at $305.80 on Monday. The firm has a market capitalization of $122.26 billion, a PE ratio of 36.10, a PEG ratio of 2.28 and a beta of 1.01. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. 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 firm’s fifty day simple moving average is $300.56 and its 200 day simple moving average is $311.83.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The company had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. On average, sell-side analysts anticipate that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Dividend Announcement

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 of this dividend was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.23%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Royal Bank of Canada reduced their price target on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Morgan Stanley assumed coverage on shares of Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 target price for the company. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Raymond James reduced their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Finally, Wells Fargo & Company dropped their target price 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. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and a consensus price target of $335.18.

Insider Activity

In related news, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction 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 filing with the SEC, which is available through the SEC website. In other news, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the transaction, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction dated 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 owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The disclosure for this sale can be found here. Over the last three months, insiders sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is owned by company insiders.

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.