Empower Advisory Group LLC Sells 268 Shares of Eaton Co. plc (NYSE:ETN)

Empower Advisory Group LLC cut its position in shares of Eaton Co. plc (NYSE:ETN) by 21.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 994 shares of the industrial products company’s stock after selling 268 shares during the period. Empower Advisory Group LLC’s holdings in Eaton were worth $329,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Breakwater Investment Management boosted its stake in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after buying an additional 78 shares during the last quarter. Proffitt & Goodson Inc. purchased a new stake in Eaton during the second quarter valued at approximately $29,000. LGT Financial Advisors LLC purchased a new stake in Eaton during the second quarter valued at approximately $33,000. West Financial Advisors LLC purchased a new stake in Eaton during the third quarter valued at approximately $35,000. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in Eaton during the second quarter valued at approximately $37,000. 82.97% of the stock is owned by institutional investors.

Eaton Stock Down 0.8 %

Shares of NYSE:ETN opened at $358.99 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 stock has a market cap of $141.87 billion, a P/E ratio of 38.34, a price-to-earnings-growth ratio of 2.96 and a beta of 1.01. The business’s 50 day moving average is $334.34 and its 200 day moving average is $321.13. Eaton Co. plc has a 52-week low of $224.52 and a 52-week high of $373.49.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. The business had revenue of $6.35 billion for 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 business’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter last year, the firm earned $2.47 EPS. Sell-side analysts predict that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.05%. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Analyst Ratings Changes

A number of brokerages have issued reports on ETN. Wells Fargo & Company upped their price objective on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Mizuho upped their price objective on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Royal Bank of Canada restated an “outperform” rating and set a $374.00 price objective on shares of Eaton in a research report on Friday, November 1st. Barclays reduced 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. Finally, Bank of America increased their price target on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $357.83.

Insider Buying and Selling at Eaton

In other Eaton news, Director Karenann K. Terrell acquired 500 shares of the stock in a transaction dated Wednesday, August 21st. The stock was purchased at an average price of $298.97 per share, with a total value of $149,485.00. Following the transaction, the director now directly owns 500 shares of the company’s stock, valued at $149,485. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the sale, the insider now directly owns 3,914 shares of the company’s stock, valued at $1,186,411.68. The trade was a 44.48 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,705 shares of company stock valued at $24,516,346. 0.53% of the stock is currently owned by corporate insiders.

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.