Empowered Funds LLC Sells 13,450 Shares of Eaton Co. plc (NYSE:ETN)

Empowered Funds LLC cut its holdings in Eaton Co. plc (NYSE:ETN) by 57.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,900 shares of the industrial products company’s stock after selling 13,450 shares during the quarter. Empowered Funds LLC’s holdings in Eaton were worth $3,281,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Breakwater Investment Management increased its stake in shares of 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 period. Proffitt & Goodson Inc. purchased a new position in Eaton during the 2nd quarter valued at $29,000. LGT Financial Advisors LLC bought a new position in Eaton in the 2nd quarter worth $33,000. West Financial Advisors LLC purchased a new stake in shares of Eaton in the 3rd quarter worth about $35,000. Finally, DiNuzzo Private Wealth Inc. bought a new stake in shares of Eaton during the 2nd quarter valued at about $37,000. Institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on ETN shares. Bank of America raised their price objective on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Wells Fargo & Company raised their target price on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Raymond James reduced their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Morgan Stanley began coverage on shares of Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 target price on the stock. Finally, Sanford C. Bernstein initiated coverage on shares of Eaton in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and an average price target of $357.83.

Eaton Trading Down 0.3 %

Shares of NYSE:ETN opened at $357.83 on Tuesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. Eaton Co. plc has a 1 year low of $224.52 and a 1 year high of $373.49. The company has a market cap of $141.41 billion, a P/E ratio of 38.07, a PEG ratio of 2.85 and a beta of 1.01. The stock’s fifty day moving average price is $337.19 and its 200-day moving average price is $321.74.

Eaton (NYSE:ETN) last posted 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. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter in the prior year, the business earned $2.47 EPS. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. Sell-side analysts expect that Eaton Co. plc will post 10.79 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be issued 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 dividend yield of 1.05%. Eaton’s payout ratio is 40.00%.

Insider Transactions at Eaton

In other news, insider Craig Arnold sold 61,569 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 506,360 shares in the company, valued at $182,780,769.20. This represents a 10.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Yelton sold 3,136 shares of the business’s 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 sale, the insider now owns 3,914 shares of the company’s stock, valued at $1,186,411.68. This trade represents a 44.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,705 shares of company stock worth $24,516,346 in the last ninety days. Insiders own 0.53% of the company’s stock.

Eaton Company 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.