Principal Street Partners LLC Lowers Stake in Eaton Co. plc (NYSE:ETN)

Principal Street Partners LLC cut its position in Eaton Co. plc (NYSE:ETN) by 60.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 726 shares of the industrial products company’s stock after selling 1,131 shares during the period. Principal Street Partners LLC’s holdings in Eaton were worth $232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Bayesian Capital Management LP purchased a new position in Eaton in the 1st quarter worth approximately $600,000. Beacon Capital Management LLC lifted its holdings in shares of Eaton by 81.4% in the first quarter. Beacon Capital Management LLC now owns 214 shares of the industrial products company’s stock worth $67,000 after buying an additional 96 shares in the last quarter. Advisory Resource Group boosted its position in shares of Eaton by 4.0% during the first quarter. Advisory Resource Group now owns 4,105 shares of the industrial products company’s stock worth $1,284,000 after acquiring an additional 156 shares during the last quarter. Pacific Center for Financial Services purchased a new position in Eaton during the first quarter valued at $585,000. Finally, Strategic Wealth Partners Ltd. increased its holdings in Eaton by 8.7% in the 1st quarter. Strategic Wealth Partners Ltd. now owns 1,002 shares of the industrial products company’s stock valued at $313,000 after acquiring an additional 80 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Eaton Price Performance

Eaton stock opened at $377.23 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The stock has a market cap of $149.08 billion, a price-to-earnings ratio of 40.13, a price-to-earnings-growth ratio of 2.99 and a beta of 1.01. The firm has a 50-day moving average of $345.46 and a two-hundred day moving average of $323.55. Eaton Co. plc has a 1 year low of $224.52 and a 1 year high of $379.99.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. Eaton’s quarterly 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 forecast that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were paid a dividend of $0.94 per share. The ex-dividend date was Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.00%. Eaton’s dividend payout ratio is currently 40.00%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Citigroup initiated coverage on Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 price objective for the company. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and increased their target price for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Raymond James decreased their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $374.00 target price on shares of Eaton in a research report on Friday, November 1st. 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, the company currently has an average rating of “Moderate Buy” and an average price target of $357.83.

Insider Buying and Selling

In other news, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the sale, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. This trade represents a 44.48 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the sale, the insider now directly owns 506,360 shares of the company’s stock, valued at $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 70,117 shares of company stock valued at $25,050,901 over the last three months. 0.33% of the stock is 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.