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

Eagle Asset Management Inc. cut its position in shares of Eaton Co. plc (NYSE:ETN) by 2.1% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 589,389 shares of the industrial products company’s stock after selling 12,694 shares during the period. Eaton accounts for 1.2% of Eagle Asset Management Inc.’s holdings, making the stock its 7th biggest position. Eagle Asset Management Inc.’s holdings in Eaton were worth $216,111,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ETN. IAM Advisory LLC purchased a new stake in Eaton during the 2nd quarter worth about $599,000. Interval Partners LP raised its position in shares of Eaton by 82.7% in the second quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock valued at $47,571,000 after buying an additional 68,693 shares during the last quarter. Scientech Research LLC raised its position in shares of Eaton by 285.5% in the second quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company’s stock valued at $1,801,000 after buying an additional 4,254 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its stake in Eaton by 25.9% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 27,609 shares of the industrial products company’s stock worth $8,657,000 after acquiring an additional 5,676 shares during the period. Finally, Leavell Investment Management Inc. raised its holdings in Eaton by 67.6% in the 2nd quarter. Leavell Investment Management Inc. now owns 8,556 shares of the industrial products company’s stock valued at $2,683,000 after acquiring an additional 3,452 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ETN has been the topic of a number of recent analyst reports. Citigroup started coverage on shares of Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 price target on the stock. Bank of America boosted their price target on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Mizuho upped their price objective on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Wells Fargo & Company raised their price target on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Finally, Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and boosted their price objective for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $357.83.

Eaton Trading Up 2.9 %

Shares of ETN stock opened at $371.08 on Friday. The stock has a 50-day simple moving average of $341.32 and a 200 day simple moving average of $322.65. The stock has a market capitalization of $146.65 billion, a P/E ratio of 39.48, a P/E/G ratio of 2.89 and a beta of 1.01. Eaton Co. plc has a fifty-two week low of $224.52 and a fifty-two week high of $373.49. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The company had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same quarter last year, the firm posted $2.47 EPS. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, sell-side analysts expect 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. Shareholders of record on Monday, November 4th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.01%. The ex-dividend date is Monday, November 4th. Eaton’s payout ratio is 40.00%.

Insider Transactions at Eaton

In related news, Director Dorothy C. Thompson bought 2,205 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the purchase, the director now directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the transaction, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. This represents a 44.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 68,705 shares of company stock valued at $24,516,346 over the last quarter. Company insiders own 0.53% of the company’s stock.

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.