IQ EQ FUND MANAGEMENT IRELAND Ltd Cuts Stock Holdings in Eaton Co. plc (NYSE:ETN)

IQ EQ FUND MANAGEMENT IRELAND Ltd cut its stake in shares of Eaton Co. plc (NYSE:ETN) by 0.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 26,399 shares of the industrial products company’s stock after selling 99 shares during the period. Eaton accounts for approximately 0.9% of IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings, making the stock its 20th biggest holding. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Eaton were worth $8,750,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ETN. Vontobel Holding Ltd. increased its stake in Eaton by 52.6% during the third quarter. Vontobel Holding Ltd. now owns 26,611 shares of the industrial products company’s stock worth $8,820,000 after acquiring an additional 9,174 shares during the last quarter. Sumitomo Life Insurance Co. grew its holdings in shares of Eaton by 1.6% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 12,968 shares of the industrial products company’s stock worth $4,298,000 after purchasing an additional 209 shares during the period. SeaCrest Wealth Management LLC grew its holdings in shares of Eaton by 1.4% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 5,657 shares of the industrial products company’s stock worth $1,875,000 after purchasing an additional 78 shares during the period. Proquility Private Wealth Partners LLC increased its position in Eaton by 9.3% during the 3rd quarter. Proquility Private Wealth Partners LLC now owns 8,260 shares of the industrial products company’s stock worth $2,738,000 after purchasing an additional 702 shares in the last quarter. Finally, Bill Few Associates Inc. raised its holdings in Eaton by 2.7% in the third quarter. Bill Few Associates Inc. now owns 8,510 shares of the industrial products company’s stock valued at $2,820,000 after buying an additional 222 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Price Performance

ETN opened at $341.10 on Thursday. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $347.35. 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 has a market cap of $136.37 billion, a price-to-earnings ratio of 40.27, a PEG ratio of 2.58 and a beta of 1.02. The company has a fifty day simple moving average of $311.66 and a 200 day simple moving average of $316.19.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating 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 firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. Equities research analysts expect that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a dividend of $0.94 per share. The ex-dividend date was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.10%. Eaton’s dividend payout ratio (DPR) is 44.39%.

Insider Buying and Selling at Eaton

In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the 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 transaction, the insider now directly owns 71,262 shares in the company, valued at $21,451,287.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the transaction, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the transaction, the insider now owns 3,914 shares in the company, valued at approximately $1,186,411.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 52,511 shares of company stock worth $15,809,326 in the last ninety days. 0.53% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ETN has been the subject of several recent research reports. Morgan Stanley initiated 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. Citigroup initiated coverage on shares of Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective for the company. Jefferies Financial Group increased their price objective on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Evercore ISI dropped their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Finally, Wells Fargo & Company increased their price objective on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $339.47.

Eaton 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.