Eaton Co. plc (NYSE:ETN) Position Reduced by 1620 Investment Advisors Inc.

1620 Investment Advisors Inc. decreased its stake in shares of Eaton Co. plc (NYSE:ETN) by 40.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,155 shares of the industrial products company’s stock after selling 2,171 shares during the quarter. Eaton accounts for about 0.8% of 1620 Investment Advisors Inc.’s holdings, making the stock its 29th biggest holding. 1620 Investment Advisors Inc.’s holdings in Eaton were worth $1,046,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. increased its stake in Eaton by 36.0% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 1,450 shares of the industrial products company’s stock valued at $453,000 after buying an additional 384 shares during the period. Valley National Advisers Inc. increased its holdings in Eaton by 5.6% in the first quarter. Valley National Advisers Inc. now owns 682 shares of the industrial products company’s stock worth $213,000 after buying an additional 36 shares during the last quarter. Norden Group LLC acquired a new stake in shares of Eaton in the 1st quarter valued at $2,176,000. Accel Wealth Management increased its position in Eaton by 57.7% during the first quarter. Accel Wealth Management now owns 1,364 shares of the industrial products company’s stock worth $426,000 after buying an additional 499 shares during the last quarter. Finally, Everett Harris & Co. CA bought a new stake in shares of Eaton during the 1st quarter worth about $294,000. 82.97% of the stock is owned by institutional investors.

Eaton Stock Down 0.8 %

Shares of ETN opened at $342.81 on Thursday. The stock’s 50-day moving average price is $321.71 and its two-hundred day moving average price is $318.06. Eaton Co. plc has a 12 month low of $198.68 and a 12 month high of $349.74. The company has a market capitalization of $136.47 billion, a PE ratio of 37.71, a PEG ratio of 2.62 and a beta of 1.02. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The business had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.35 billion. On average, analysts anticipate that Eaton Co. plc will post 10.75 EPS for the current year.

Eaton Announces Dividend

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 paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio is currently 41.36%.

Analyst Ratings Changes

Several equities analysts have commented on ETN shares. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Barclays boosted their price objective on shares of Eaton from $319.00 to $327.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Jefferies Financial Group lifted their price objective on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Royal Bank of Canada dropped their price objective on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Wells Fargo & Company lifted their target price on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $340.06.

Insiders Place Their Bets

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, 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 transaction, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 71,262 shares in the company, valued at $21,451,287.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,511 shares of company stock worth $15,809,326 over the last quarter. 0.33% 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.