Commerce Bank Reduces Holdings in Eaton Co. plc (NYSE:ETN)

Commerce Bank trimmed its position in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 4.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 218,319 shares of the industrial products company's stock after selling 9,467 shares during the period. Commerce Bank owned about 0.06% of Eaton worth $72,360,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Breakwater Investment Management increased its position in shares of Eaton by 1,560.0% in 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 in the last quarter. Proffitt & Goodson Inc. purchased a new stake in Eaton during the 2nd quarter worth approximately $29,000. LGT Financial Advisors LLC bought a new position in Eaton during the 2nd quarter worth $33,000. West Financial Advisors LLC acquired a new position in Eaton during the 3rd quarter worth $35,000. Finally, DT Investment Partners LLC acquired a new stake in shares of Eaton in the third quarter valued at $37,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Michael Yelton sold 3,136 shares of the company'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 value of $950,584.32. Following the transaction, the insider now owns 3,914 shares in the company, valued at approximately $1,186,411.68. This represents a 44.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Dorothy C. Thompson bought 2,205 shares of Eaton stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares of the company's stock, valued at $662,161.50. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders sold 68,705 shares of company stock worth $24,516,346 in the last quarter. Corporate insiders own 0.33% of the company's stock.

Eaton Trading Down 1.3 %

NYSE ETN traded down $4.80 during trading hours on Wednesday, hitting $358.89. 646,093 shares of the company's stock were exchanged, compared to its average volume of 2,102,936. Eaton Co. plc has a 12-month low of $224.52 and a 12-month high of $373.49. The business's 50 day moving average is $338.69 and its 200-day moving average is $322.04. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. The firm has a market capitalization of $141.83 billion, a P/E ratio of 38.44, a price-to-earnings-growth ratio of 2.85 and a beta of 1.01.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly 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 return on equity of 21.97% and a net margin of 15.32%. The company had revenue of $6.35 billion for the quarter, compared to analysts' expectations of $6.37 billion. During the same period last year, the firm earned $2.47 EPS. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. As a group, analysts anticipate that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.05%. The ex-dividend date is Monday, November 4th. Eaton's payout ratio is 40.00%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ETN. Bank of America increased their price objective on Eaton from $350.00 to $410.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. Citigroup started coverage on Eaton in a research report on Monday, September 16th. They issued a "buy" rating and a $348.00 price objective for the company. Morgan Stanley began coverage on Eaton in a research report on Friday, September 6th. They issued an "overweight" rating and a $370.00 price objective for the company. Wells Fargo & Company lifted their price objective on Eaton from $315.00 to $342.00 and gave the stock an "equal weight" rating in a research note on Monday, October 7th. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $374.00 price objective on shares of Eaton in a research note on Friday, November 1st. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $357.83.

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.