Eaton Co. plc (NYSE:ETN) Shares Sold by Fmr LLC

Fmr LLC reduced its holdings in Eaton Co. plc (NYSE:ETN) by 25.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,039,793 shares of the industrial products company’s stock after selling 5,032,549 shares during the quarter. Fmr LLC’s holdings in Eaton were worth $4,984,789,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Breakwater Investment Management lifted its position in shares of Eaton by 1,560.0% during the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 78 shares during the last quarter. Proffitt & Goodson Inc. acquired a new position in Eaton during the second quarter worth $29,000. LGT Financial Advisors LLC acquired a new stake in shares of Eaton in the second quarter worth $33,000. West Financial Advisors LLC bought a new stake in Eaton during the 3rd quarter valued at approximately $35,000. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in Eaton in the 2nd quarter worth $37,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Eaton

In other news, Director Dorothy C. Thompson purchased 2,205 shares of Eaton stock in a transaction that occurred 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 completion of the purchase, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This represents a 10.84 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 68,705 shares of company stock worth $24,516,346. 0.33% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ETN has been the subject of a number of recent research reports. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and increased their target price for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Morgan Stanley assumed coverage on Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 price target on the stock. Sanford C. Bernstein initiated coverage on Eaton in a research note on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price objective for the company. UBS Group assumed coverage on Eaton in a research report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price objective for the company. Finally, Citigroup began coverage on Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 target price on the stock. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $357.83.

Eaton Stock Down 0.2 %

Shares of NYSE ETN opened at $376.56 on Tuesday. The business has a 50-day moving average of $344.15 and a 200-day moving average of $323.22. The firm has a market capitalization of $148.81 billion, a price-to-earnings ratio of 40.06, a PEG ratio of 2.99 and a beta of 1.01. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a 12 month low of $224.52 and a 12 month high of $379.12.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company’s revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.47 EPS. Sell-side analysts expect that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.00%. Eaton’s dividend payout ratio is currently 40.00%.

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.