Concurrent Investment Advisors LLC Lowers Position in Eaton Co. plc (NYSE:ETN)

Concurrent Investment Advisors LLC reduced its stake in shares of Eaton Co. plc (NYSE:ETN) by 13.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,188 shares of the industrial products company’s stock after selling 3,017 shares during the period. Concurrent Investment Advisors LLC’s holdings in Eaton were worth $6,360,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. IAM Advisory LLC bought a new position in shares of Eaton in the 2nd quarter valued at about $599,000. Envestnet Portfolio Solutions Inc. increased its position in Eaton by 19.2% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 78,725 shares of the industrial products company’s stock valued at $24,616,000 after acquiring an additional 12,689 shares during the last quarter. Interval Partners LP increased its stake in Eaton by 82.7% in the second quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock worth $47,571,000 after purchasing an additional 68,693 shares during the period. Empowered Funds LLC increased its stake in Eaton by 302.4% in the 1st quarter. Empowered Funds LLC now owns 23,273 shares of the industrial products company’s stock worth $7,277,000 after buying an additional 17,490 shares during the period. Finally, Avantax Advisory Services Inc. grew its stake in Eaton by 40.6% in the 1st quarter. Avantax Advisory Services Inc. now owns 19,513 shares of the industrial products company’s stock worth $6,101,000 after acquiring an additional 5,634 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Trading Up 5.9 %

Shares of ETN stock traded up $19.77 on Wednesday, hitting $357.25. 776,142 shares of the stock traded hands, compared to its average volume of 2,098,476. 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 capitalization of $141.19 billion, a PE ratio of 35.91, a PEG ratio of 2.55 and a beta of 1.01. The firm’s 50-day moving average price is $324.60 and its two-hundred day moving average price is $318.76. Eaton Co. plc has a twelve month low of $214.03 and a twelve month high of $358.97.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter last year, the firm earned $2.47 earnings per share. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. As a group, analysts anticipate that Eaton Co. plc will post 10.78 EPS for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio is currently 40.00%.

Wall Street Analysts Forecast Growth

ETN has been the subject of a number of research reports. Raymond James lowered their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Jefferies Financial Group lifted their price objective on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Morgan Stanley assumed coverage on Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 target price on the stock. Sanford C. Bernstein initiated coverage on Eaton in a research note on Tuesday. They issued an “outperform” rating and a $382.00 price target for the company. Finally, Mizuho upped their price objective on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and an average price target of $343.28.

Insider Transactions at Eaton

In other news, Director Karenann K. Terrell purchased 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the purchase, the director now directly owns 500 shares of the company’s stock, valued at $149,485. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Eaton news, Director Gregory R. Page sold 4,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the transaction, the director now owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Karenann K. Terrell bought 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was purchased at an average cost of $298.97 per share, with a total value of $149,485.00. Following the completion of the transaction, the director now owns 500 shares in the company, valued at approximately $149,485. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 56,511 shares of company stock valued at $17,150,526. 0.33% of the stock is currently owned by corporate insiders.

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.