Eaton Co. plc (NYSE:ETN) Stake Cut by Townsend & Associates Inc

Townsend & Associates Inc decreased its holdings in shares of Eaton Co. plc (NYSE:ETN) by 3.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,466 shares of the industrial products company’s stock after selling 60 shares during the period. Townsend & Associates Inc’s holdings in Eaton were worth $506,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of ETN. Breakwater Investment Management raised its stake in Eaton by 1,560.0% during the second 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 period. Proffitt & Goodson Inc. bought a new stake in shares of Eaton in the 2nd quarter worth approximately $29,000. LGT Financial Advisors LLC bought a new position in Eaton during the 2nd quarter worth $33,000. West Financial Advisors LLC acquired a new stake in Eaton in the third quarter worth $35,000. Finally, DiNuzzo Private Wealth Inc. bought a new stake in Eaton in the second quarter valued at $37,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Eaton

In related 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 transaction of $96,721.20. Following the transaction, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was 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 in the company, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the sale, the insider now owns 506,360 shares in the company, valued at approximately $182,780,769.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 118,080 shares of company stock worth $39,375,088 over the last three months. 0.33% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Citigroup initiated coverage on shares of Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective on the stock. Morgan Stanley started coverage on Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective for the company. Sanford C. Bernstein initiated coverage on Eaton in a research report on Tuesday. They set an “outperform” rating and a $382.00 price target for the company. Mizuho raised their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Raymond James reduced 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. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $343.28.

Eaton Trading Up 1.7 %

Shares of NYSE ETN opened at $366.77 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. The stock has a market cap of $144.95 billion, a price-to-earnings ratio of 39.02, a PEG ratio of 2.66 and a beta of 1.01. Eaton Co. plc has a 52 week low of $217.61 and a 52 week high of $369.29. The business has a 50 day simple moving average of $328.30 and a 200 day simple moving average of $319.74.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping the consensus estimate of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same period in the prior year, the business posted $2.47 earnings per share. The business’s quarterly revenue was up 7.9% on a year-over-year basis. On average, research analysts predict that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date is Monday, November 4th. Eaton’s dividend payout ratio (DPR) is currently 40.00%.

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.