Eaton Co. plc (NYSE:ETN) Shares Sold by Patton Fund Management Inc.

Patton Fund Management Inc. trimmed its position in Eaton Co. plc (NYSE:ETN) by 5.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,506 shares of the industrial products company’s stock after selling 671 shares during the period. Patton Fund Management Inc.’s holdings in Eaton were worth $4,145,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Breakwater Investment Management boosted its holdings in Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 78 shares during the last quarter. Atwood & Palmer Inc. boosted its holdings in 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 during the last quarter. Proffitt & Goodson Inc. purchased a new stake in Eaton in the second quarter valued at $29,000. Redmont Wealth Advisors LLC purchased a new stake in Eaton in the first quarter valued at $33,000. Finally, LGT Financial Advisors LLC purchased a new stake in Eaton in the second quarter valued at $33,000. 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 the business’s stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the acquisition, the director now directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dorothy C. Thompson bought 2,205 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the acquisition, the director now directly owns 2,205 shares in the company, valued at $662,161.50. The disclosure for this purchase can be found here. Insiders sold 52,511 shares of company stock worth $15,809,326 in the last 90 days. Insiders own 0.53% of the company’s stock.

Eaton Price Performance

Eaton stock traded up $5.35 during midday trading on Thursday, reaching $346.45. The company had a trading volume of 519,428 shares, compared to its average volume of 2,113,317. The company has a market capitalization of $138.51 billion, a P/E ratio of 40.27, a P/E/G ratio of 2.58 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. Eaton Co. plc has a 12-month low of $191.82 and a 12-month high of $347.35. The firm’s fifty day simple moving average is $311.66 and its 200-day simple moving average is $316.19.

Eaton (NYSE:ETN) last released 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. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. As a group, equities analysts anticipate that Eaton Co. plc will post 10.75 EPS for the current year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were issued a $0.94 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.09%. Eaton’s payout ratio is 44.39%.

Analysts Set New Price Targets

ETN has been the topic of several recent research reports. Citigroup initiated 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. Raymond James lowered their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Wells Fargo & Company increased their target price on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Finally, Barclays increased their target price on shares of Eaton from $319.00 to $327.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and an average target price of $340.06.

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.