Los Angeles Capital Management LLC Sells 293,942 Shares of Eaton Co. plc (NYSE:ETN)

Los Angeles Capital Management LLC lessened its stake in shares of Eaton Co. plc (NYSE:ETN) by 51.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 274,941 shares of the industrial products company’s stock after selling 293,942 shares during the period. Los Angeles Capital Management LLC owned 0.07% of Eaton worth $91,126,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of ETN. WealthPLAN Partners LLC bought a new position in shares of Eaton in the first quarter worth about $250,000. Atomi Financial Group Inc. boosted its stake in shares of Eaton by 18.3% in the first quarter. Atomi Financial Group Inc. now owns 2,369 shares of the industrial products company’s stock worth $741,000 after acquiring an additional 366 shares during the period. Sei Investments Co. boosted its stake in shares of Eaton by 6.5% in the first quarter. Sei Investments Co. now owns 283,757 shares of the industrial products company’s stock worth $88,724,000 after acquiring an additional 17,285 shares during the period. Choate Investment Advisors boosted its stake in shares of Eaton by 2.8% in the first quarter. Choate Investment Advisors now owns 4,011 shares of the industrial products company’s stock worth $1,254,000 after acquiring an additional 108 shares during the period. Finally, NorthRock Partners LLC boosted its stake in shares of Eaton by 33.1% in the first quarter. NorthRock Partners LLC now owns 3,011 shares of the industrial products company’s stock worth $941,000 after acquiring an additional 749 shares during the period. Institutional investors own 82.97% of the company’s stock.

Eaton Trading Up 1.7 %

ETN stock traded up $6.11 during midday trading on Friday, reaching $366.67. 2,390,618 shares of the company traded hands, compared to its average volume of 1,806,327. 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 business has a 50 day moving average of $328.30 and a 200-day moving average of $319.79. Eaton Co. plc has a 52-week low of $217.61 and a 52-week high of $369.29. The firm has a market capitalization of $144.91 billion, a price-to-earnings ratio of 39.01, a P/E/G ratio of 2.88 and a beta of 1.01.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share 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 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 company’s revenue for the quarter was up 7.9% on a year-over-year basis. As a group, sell-side analysts expect that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Eaton Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on ETN shares. Morgan Stanley started coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Mizuho increased their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Royal Bank of Canada reissued an “outperform” rating and set a $374.00 price target on shares of Eaton in a research note on Friday, November 1st. Wells Fargo & Company increased their price target on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Finally, Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $343.28.

Insider Transactions at Eaton

In related news, insider Craig Arnold sold 61,569 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Craig Arnold sold 61,569 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the 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 transaction, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 118,080 shares of company stock worth $39,375,088. 0.53% of the stock is currently owned by company insiders.

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.