Eaton Co. plc (NYSE:ETN) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. decreased its holdings in shares of Eaton Co. plc (NYSE:ETN) by 1.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 392,107 shares of the industrial products company’s stock after selling 5,744 shares during the quarter. Federated Hermes Inc. owned about 0.10% of Eaton worth $122,945,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ETN. Congress Wealth Management LLC DE lifted its position in Eaton by 8.1% in the fourth quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock valued at $18,479,000 after buying an additional 5,725 shares during the last quarter. Norden Group LLC purchased a new position in shares of Eaton during the 1st quarter worth approximately $2,176,000. Weiss Asset Management LP acquired a new stake in Eaton in the 4th quarter valued at approximately $1,001,000. Prospector Partners LLC raised its position in Eaton by 0.6% in the fourth quarter. Prospector Partners LLC now owns 71,307 shares of the industrial products company’s stock valued at $17,172,000 after purchasing an additional 415 shares during the period. Finally, Griffin Asset Management Inc. acquired a new position in Eaton during the first quarter worth $813,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling at Eaton

In other news, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the sale, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Heath B. Monesmith sold 49,040 shares of the firm’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 transaction of $14,762,020.80. Following the transaction, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction that occurred on 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. The disclosure for this sale can be found here. Insiders sold 52,511 shares of company stock worth $15,809,326 over the last 90 days. Corporate insiders own 0.53% of the company’s stock.

Eaton Trading Up 2.1 %

NYSE:ETN opened at $303.39 on Friday. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The stock has a market cap of $120.78 billion, a P/E ratio of 35.82, a P/E/G ratio of 2.28 and a beta of 1.01. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. The stock has a 50-day simple moving average of $300.80 and a 200-day simple moving average of $311.32.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) 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 firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. As a group, analysts anticipate that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given a $0.94 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.24%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ETN shares. Barclays boosted their price objective on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Raymond James reduced their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday. Wells Fargo & Company dropped their price objective on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Jefferies Financial Group raised their price target 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. Finally, Royal Bank of Canada cut their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Eaton has an average rating of “Moderate Buy” and an average price target of $335.18.

Eaton Company 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.