Bridges Investment Management Inc. Lowers Position in Eaton Co. plc (NYSE:ETN)

Bridges Investment Management Inc. decreased its holdings in shares of Eaton Co. plc (NYSE:ETN) by 1.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 30,170 shares of the industrial products company’s stock after selling 523 shares during the quarter. Bridges Investment Management Inc.’s holdings in Eaton were worth $10,000,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Breakwater Investment Management boosted its position in shares of Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares in the last quarter. Proffitt & Goodson Inc. purchased a new position in Eaton during the second quarter worth approximately $29,000. LGT Financial Advisors LLC purchased a new stake in shares of Eaton during the second quarter worth about $33,000. West Financial Advisors LLC acquired a new position in Eaton in the 3rd quarter valued at $35,000. Finally, DT Investment Partners LLC acquired a new stake in Eaton in the 3rd quarter valued at about $37,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Eaton news, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the completion of the transaction, the insider now owns 506,360 shares of the company’s stock, valued at $182,780,769.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated 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 directly owns 9,900 shares in the company, 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 Securities & Exchange Commission, which is available at this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the sale, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 118,080 shares of company stock valued at $39,375,088 over the last three months. 0.53% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ETN. Evercore ISI dropped their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Morgan Stanley started coverage on shares of Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Barclays cut their price target on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Mizuho lifted their price objective on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Wells Fargo & Company upped their price target on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and an average target price of $343.28.

Eaton Trading Up 1.7 %

Shares of Eaton stock opened at $366.77 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The business has a fifty day simple moving average of $328.30 and a 200-day simple moving average of $319.74. Eaton Co. plc has a fifty-two week low of $217.61 and a fifty-two week high of $369.29. The firm has a market cap of $144.95 billion, a price-to-earnings ratio of 39.02, a price-to-earnings-growth ratio of 2.88 and a beta of 1.01.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping the consensus estimate 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 net margin of 15.32% and a return on equity of 21.97%. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period last year, the company posted $2.47 earnings per share. On average, equities analysts forecast that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders 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 1.03%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

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.