Eaton Co. plc (NYSE:ETN) Shares Sold by Principal Street Partners LLC

Principal Street Partners LLC trimmed its position in Eaton Co. plc (NYSE:ETN) by 60.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm 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).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Legal & General Group Plc boosted its position in Eaton by 0.6% in the second quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock valued at $1,005,317,000 after buying an additional 18,077 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Eaton by 2.9% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,422,189 shares of the industrial products company’s stock valued at $471,370,000 after acquiring an additional 40,078 shares during the last quarter. International Assets Investment Management LLC increased its stake in shares of Eaton by 27,075.5% in the third quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after acquiring an additional 1,070,024 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Eaton by 8.8% during the third quarter. PNC Financial Services Group Inc. now owns 923,033 shares of the industrial products company’s stock worth $305,930,000 after purchasing an additional 74,415 shares during the last quarter. Finally, National Pension Service boosted its holdings in Eaton by 13.0% in the third quarter. National Pension Service now owns 865,820 shares of the industrial products company’s stock valued at $286,967,000 after purchasing an additional 99,381 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of ETN opened at $377.23 on Wednesday. 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 Co. plc has a 52-week low of $224.52 and a 52-week high of $379.99. The stock has a 50 day moving average price of $345.46 and a 200 day moving average price of $323.55. The company has a market capitalization 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.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. The company 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 firm’s revenue for the quarter 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. Research analysts predict that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date was Monday, November 4th. Eaton’s dividend payout ratio is presently 40.00%.

Analysts Set New Price Targets

A number of research firms have recently commented on ETN. Morgan Stanley initiated coverage on shares of Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 target price for the company. Sanford C. Bernstein started coverage on Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 target price on the stock. Citigroup began coverage on Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 price target for the company. Raymond James decreased their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Finally, Barclays lowered their price target on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $357.83.

Insiders Place Their Bets

In related news, insider Michael Yelton sold 3,136 shares of the 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 of the company’s stock, valued at approximately $1,186,411.68. This represents a 44.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the sale, the insider now directly owns 31,200 shares in the company, valued at approximately $11,811,696. The trade was a 4.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 70,117 shares of company stock worth $25,050,901. Company insiders own 0.33% of the company’s stock.

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.