Harrell Investment Partners LLC Sells 2,318 Shares of Eaton Co. plc (NYSE:ETN)

Harrell Investment Partners LLC lessened its holdings in shares of Eaton Co. plc (NYSE:ETN) by 6.2% in the third quarter, HoldingsChannel.com reports. The firm owned 35,123 shares of the industrial products company’s stock after selling 2,318 shares during the period. Eaton comprises 3.3% of Harrell Investment Partners LLC’s holdings, making the stock its 5th largest position. Harrell Investment Partners LLC’s holdings in Eaton were worth $11,641,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of ETN. Breakwater Investment Management raised its holdings in shares of Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 78 shares during the last quarter. Atwood & Palmer Inc. lifted its holdings in shares of Eaton by 142.9% in the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 50 shares in the last quarter. Proffitt & Goodson Inc. bought a new stake in Eaton during the second quarter worth $29,000. LGT Financial Advisors LLC purchased a new stake in Eaton in the 2nd quarter valued at $33,000. Finally, Redmont Wealth Advisors LLC bought a new stake in shares of Eaton in the 1st quarter worth $33,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

ETN has been the subject of a number of recent analyst reports. Evercore ISI reduced their price objective on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Raymond James decreased their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Citigroup assumed coverage on shares of Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 price target on the stock. Finally, Wells Fargo & Company boosted their target price on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $339.47.

Insider Transactions at Eaton

In other news, insider Heath B. Monesmith sold 49,040 shares of the 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 completion of the sale, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton 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 completion of the transaction, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the sale, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,511 shares of company stock worth $15,809,326. Company insiders own 0.53% of the company’s stock.

Eaton Price Performance

Shares of NYSE:ETN traded up $3.02 during trading on Monday, reaching $344.41. The company had a trading volume of 213,118 shares, compared to its average volume of 2,125,715. Eaton Co. plc has a 12 month low of $191.82 and a 12 month 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 stock has a market capitalization of $137.70 billion, a P/E ratio of 40.31, a price-to-earnings-growth ratio of 2.58 and a beta of 1.02. The company has a fifty day moving average of $307.72 and a two-hundred day moving average of $315.60.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The business had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. Equities research analysts forecast that Eaton Co. plc will post 10.75 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.09%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio is presently 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.