Eaton Co. plc (NYSE:ETN) Shares Sold by Means Investment CO. Inc.

Means Investment CO. Inc. decreased its position in Eaton Co. plc (NYSE:ETN) by 6.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 3,123 shares of the industrial products company’s stock after selling 228 shares during the period. Means Investment CO. Inc.’s holdings in Eaton were worth $979,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Nisa Investment Advisors LLC increased its stake in shares of Eaton by 2.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 136,773 shares of the industrial products company’s stock worth $42,885,000 after purchasing an additional 3,076 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Eaton by 108.2% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 3,019 shares of the industrial products company’s stock valued at $947,000 after acquiring an additional 1,569 shares during the last quarter. Western Financial Corp CA purchased a new stake in Eaton during the 2nd quarter worth about $840,000. Chesley Taft & Associates LLC raised its stake in Eaton by 7.2% in the 2nd quarter. Chesley Taft & Associates LLC now owns 9,388 shares of the industrial products company’s stock valued at $2,944,000 after purchasing an additional 628 shares during the last quarter. Finally, Chapin Davis Inc. lifted its holdings in Eaton by 22.4% in the 2nd quarter. Chapin Davis Inc. now owns 10,692 shares of the industrial products company’s stock valued at $3,352,000 after purchasing an additional 1,955 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ETN shares. JPMorgan Chase & Co. boosted their price objective on shares of Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Jefferies Financial Group increased their price target on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Royal Bank of Canada lowered their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. HSBC upped their price objective on shares of Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. Finally, Argus upped their price target on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $328.00.

Insider Buying and Selling

In other news, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the sale, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the sale, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the sale, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

Eaton Stock Up 0.1 %

ETN stock traded up $0.37 during trading on Monday, reaching $297.05. The stock had a trading volume of 1,545,445 shares, compared to its average volume of 2,184,988. The firm has a fifty day moving average price of $310.21 and a 200 day moving average price of $309.05. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $118.76 billion, a P/E ratio of 34.99, a PEG ratio of 2.47 and a beta of 1.02. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $345.19.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Monday, August 5th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.27%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Eaton Company 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.