Eaton Co. plc (NYSE:ETN) is Eagle Asset Management Inc.’s 7th Largest Position

Eagle Asset Management Inc. trimmed its holdings in shares of Eaton Co. plc (NYSE:ETN) by 2.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 589,389 shares of the industrial products company’s stock after selling 12,694 shares during the period. Eaton comprises about 1.2% of Eagle Asset Management Inc.’s portfolio, making the stock its 7th largest position. Eagle Asset Management Inc. owned approximately 0.15% of Eaton worth $216,111,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. Breakwater Investment Management raised its stake 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 buying an additional 78 shares during the last quarter. Proffitt & Goodson Inc. acquired a new stake in Eaton in the 2nd quarter worth approximately $29,000. LGT Financial Advisors LLC purchased a new stake in Eaton during the 2nd quarter worth approximately $33,000. West Financial Advisors LLC acquired a new position in Eaton during the 3rd quarter valued at approximately $35,000. Finally, DT Investment Partners LLC purchased a new position in shares of Eaton in the third quarter worth $37,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

NYSE:ETN opened at $371.08 on Friday. The company’s 50-day moving average is $341.32 and its two-hundred day moving average is $322.65. The firm has a market capitalization of $146.65 billion, a price-to-earnings ratio of 39.48, a PEG ratio of 2.89 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. Eaton Co. plc has a 1-year low of $224.52 and a 1-year high of $373.49.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. The company had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. Eaton’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.47 earnings per share. Analysts forecast that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Announces Dividend

The company also recently announced 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 annualized dividend and a yield of 1.01%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio is currently 40.00%.

Insiders Place Their Bets

In related news, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the transaction, the director now owns 51,422 shares in the company, valued at $17,241,796.60. The trade was a 7.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction 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 trade represents a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,705 shares of company stock worth $24,516,346 over the last three months. Company insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. UBS Group started coverage on shares of Eaton in a research report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price target for the company. Sanford C. Bernstein started coverage on Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 target price on the stock. Bank of America upped their target price on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $374.00 target price on shares of Eaton in a research report on Friday, November 1st. Finally, Citigroup initiated coverage on Eaton in a report on Monday, September 16th. They set a “buy” rating and a $348.00 target price for the company. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and an average price target of $357.83.

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.