Summerhill Capital Management lnc. Lowers Holdings in Eaton Co. plc (NYSE:ETN)

Summerhill Capital Management lnc. trimmed its stake in shares of Eaton Co. plc (NYSE:ETN) by 2.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,325 shares of the industrial products company’s stock after selling 362 shares during the period. Eaton comprises about 3.0% of Summerhill Capital Management lnc.’s holdings, making the stock its 17th biggest position. Summerhill Capital Management lnc.’s holdings in Eaton were worth $4,178,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Congress Wealth Management LLC DE grew its position in shares of Eaton by 8.1% in the fourth quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock valued at $18,479,000 after purchasing an additional 5,725 shares during the last quarter. Norden Group LLC acquired a new stake in Eaton during the 1st quarter valued at $2,176,000. Weiss Asset Management LP acquired a new position in shares of Eaton in the fourth quarter worth $1,001,000. Prospector Partners LLC lifted its position in shares of Eaton by 0.6% in the fourth quarter. Prospector Partners LLC now owns 71,307 shares of the industrial products company’s stock valued at $17,172,000 after acquiring an additional 415 shares in the last quarter. Finally, Griffin Asset Management Inc. purchased a new stake in Eaton during the 1st quarter worth about $813,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Activity

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Karenann K. Terrell acquired 500 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were bought at an average cost of $298.97 per share, with a total value of $149,485.00. Following the completion of the acquisition, the director now owns 500 shares in the company, valued at $149,485. The disclosure for this purchase can be found here. Over the last three months, insiders sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Evercore ISI reduced their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Morgan Stanley initiated coverage on shares of Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective on the stock. Jefferies Financial Group boosted their price target on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, Royal Bank of Canada lowered their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $335.18.

Eaton Stock Up 0.8 %

Shares of Eaton stock opened at $305.80 on Monday. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The stock has a market cap of $122.26 billion, a price-to-earnings ratio of 36.10, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01. 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 company has a fifty day moving average price of $300.56 and a 200 day moving average price of $311.83.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. The business had revenue of $6.35 billion during 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 research analysts forecast that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were given 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 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.