Empower Advisory Group LLC Lowers Position in Eaton Co. plc (NYSE:ETN)

Empower Advisory Group LLC lowered its holdings in Eaton Co. plc (NYSE:ETN) by 21.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 994 shares of the industrial products company’s stock after selling 268 shares during the period. Empower Advisory Group LLC’s holdings in Eaton were worth $329,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ETN. Breakwater Investment Management raised its holdings in shares of Eaton by 1,560.0% during the 2nd 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 in the last quarter. Proffitt & Goodson Inc. purchased a new position in shares of Eaton during the 2nd quarter valued at about $29,000. LGT Financial Advisors LLC purchased a new position in shares of Eaton during the 2nd quarter valued at about $33,000. West Financial Advisors LLC purchased a new position in shares of Eaton during the 3rd quarter valued at about $35,000. Finally, DiNuzzo Private Wealth Inc. purchased a new position in shares of Eaton during the 2nd quarter valued at about $37,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

ETN has been the topic of a number of research reports. Bank of America raised their price objective on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a report on Wednesday. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Morgan Stanley started coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and lifted their price target for the stock from $333.00 to $389.00 in a research note on Wednesday. Finally, Citigroup initiated coverage on Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective on the stock. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $357.83.

Eaton Stock Down 0.8 %

Shares of NYSE:ETN opened at $358.99 on Friday. The stock has a fifty day simple moving average of $334.34 and a two-hundred day simple moving average of $321.13. The stock has a market capitalization of $141.87 billion, a price-to-earnings ratio of 38.34, a PEG ratio of 2.96 and a beta of 1.01. Eaton Co. plc has a 12-month low of $224.52 and a 12-month high of $373.49. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last posted 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. The firm had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company’s revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.47 earnings per share. On average, research analysts anticipate that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date is Monday, November 4th. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insider Activity at Eaton

In other Eaton news, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gregory R. Page sold 4,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was 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 directly owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. This trade represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 68,705 shares of company stock worth $24,516,346. 0.53% of the stock is owned by 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.