Eaton Co. plc (NYSE:ETN) Holdings Trimmed by Legacy Capital Group California Inc.

Legacy Capital Group California Inc. lowered its holdings in Eaton Co. plc (NYSE:ETN) by 3.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,673 shares of the industrial products company’s stock after selling 103 shares during the period. Legacy Capital Group California Inc.’s holdings in Eaton were worth $886,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Capital World Investors increased its holdings in shares of Eaton by 323.8% in the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after purchasing an additional 2,439,270 shares during the period. Jennison Associates LLC lifted its stake in Eaton by 2,857.4% in the first quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after acquiring an additional 1,219,790 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Eaton by 27,075.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock valued at $355,959,000 after purchasing an additional 1,070,024 shares in the last quarter. Swedbank AB bought a new stake in Eaton in the second quarter worth $225,974,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of Eaton by 1,604.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock valued at $211,201,000 after acquiring an additional 634,059 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ETN. Morgan Stanley started coverage on Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 price target on the stock. Raymond James dropped their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Evercore ISI cut their price objective on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Royal Bank of Canada lowered their target price on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Finally, Jefferies Financial Group upped their price target on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $340.06.

Insiders Place Their Bets

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the business’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 transaction of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Director Karenann K. Terrell acquired 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was purchased at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the acquisition, the director now owns 500 shares in the company, valued at $149,485. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the sale, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is currently owned by insiders.

Eaton Stock Up 0.1 %

NYSE ETN opened at $345.17 on Friday. The stock’s 50 day simple moving average is $317.08 and its 200 day simple moving average is $317.12. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. Eaton Co. plc has a one year low of $193.77 and a one year high of $349.74. The firm has a market cap of $138.00 billion, a PE ratio of 40.75, a price-to-earnings-growth ratio of 2.58 and a beta of 1.02.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (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 analysts’ expectations of $6.35 billion. As a group, sell-side analysts forecast that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio is 44.39%.

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.