Eaton Co. plc (NYSE:ETN) Shares Sold by CCM Investment Advisers LLC

CCM Investment Advisers LLC reduced its stake in shares of Eaton Co. plc (NYSE:ETN) by 3.5% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 64,964 shares of the industrial products company’s stock after selling 2,328 shares during the quarter. Eaton accounts for approximately 2.4% of CCM Investment Advisers LLC’s investment portfolio, making the stock its 9th biggest holding. CCM Investment Advisers LLC’s holdings in Eaton were worth $21,532,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in ETN. Vanguard Group Inc. lifted its position in Eaton by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock valued at $8,812,966,000 after purchasing an additional 259,615 shares during the period. Legal & General Group Plc lifted its position in Eaton by 0.6% during the second quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock valued at $1,005,317,000 after purchasing an additional 18,077 shares during the period. Capital World Investors lifted 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 purchasing an additional 2,439,270 shares during the period. Janus Henderson Group PLC lifted its position in Eaton by 15.5% during the first quarter. Janus Henderson Group PLC now owns 1,318,025 shares of the industrial products company’s stock valued at $412,108,000 after purchasing an additional 176,571 shares during the period. Finally, Jennison Associates LLC lifted its position in Eaton by 2,857.4% during the first quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after purchasing an additional 1,219,790 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Price Performance

Eaton stock opened at $336.94 on Friday. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19. The firm has a market capitalization of $134.14 billion, a price-to-earnings ratio of 37.07, a PEG ratio of 2.58 and a beta of 1.02. The company has a fifty day simple moving average of $306.50 and a 200-day simple moving average of $315.37. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44.

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. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The business had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.35 billion. On average, equities analysts anticipate that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently announced 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. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s payout ratio is 41.36%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ETN. Jefferies Financial Group boosted their target price on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Morgan Stanley started coverage on shares of Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Wells Fargo & Company lifted their price target on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday. Citigroup initiated coverage on Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 price target on the stock. Finally, Raymond James cut 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. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $339.47.

Insider Transactions at Eaton

In other news, Director Dorothy C. Thompson acquired 2,205 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Dorothy C. Thompson bought 2,205 shares of the stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $300.30 per share, with a total value of $662,161.50. Following the purchase, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The disclosure for this purchase can be found here. Insiders sold 52,511 shares of company stock valued at $15,809,326 over the last 90 days. 0.53% of the stock is currently owned by corporate 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.