Eaton Co. plc (NYSE:ETN) Shares Sold by Carnegie Investment Counsel

Carnegie Investment Counsel reduced its holdings in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 1.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 177,183 shares of the industrial products company's stock after selling 2,811 shares during the quarter. Eaton makes up 1.7% of Carnegie Investment Counsel's investment portfolio, making the stock its 10th largest position. Carnegie Investment Counsel's holdings in Eaton were worth $58,802,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Groupama Asset Managment boosted its stake in shares of Eaton by 83.2% during the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company's stock valued at $31,000 after acquiring an additional 4,298 shares during the last quarter. Horizon Bancorp Inc. IN boosted its stake in shares of Eaton by 321.7% during the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company's stock worth $32,000 after purchasing an additional 74 shares during the last quarter. Morse Asset Management Inc acquired a new stake in shares of Eaton during the 3rd quarter worth about $33,000. West Financial Advisors LLC acquired a new position in shares of Eaton in the third quarter valued at approximately $35,000. Finally, DT Investment Partners LLC acquired a new position in shares of Eaton in the third quarter valued at approximately $37,000. Institutional investors and hedge funds own 82.97% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on ETN shares. Mizuho lifted their target price on shares of Eaton from $365.00 to $385.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Jefferies Financial Group increased their target price on Eaton from $400.00 to $440.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Wells Fargo & Company decreased their price target on Eaton from $365.00 to $350.00 and set an "equal weight" rating on the stock in a research note on Tuesday, January 7th. Evercore ISI lowered shares of Eaton from an "outperform" rating to an "inline" rating and increased their price objective for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Finally, Bank of America raised their target price on shares of Eaton from $350.00 to $410.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $368.89.

Eaton Stock Up 0.4 %

NYSE ETN traded up $1.35 during trading hours on Friday, hitting $346.54. The company had a trading volume of 2,454,294 shares, compared to its average volume of 2,489,136. The firm's 50 day moving average is $354.73 and its 200 day moving average is $329.53. The company has a market capitalization of $136.95 billion, a price-to-earnings ratio of 36.87, a P/E/G ratio of 2.27 and a beta of 1.06. Eaton Co. plc has a fifty-two week low of $236.20 and a fifty-two week high of $379.99. 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 (NYSE:ETN - Get Free Report) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 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 the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company's revenue was up 7.9% on a year-over-year basis. During the same period last year, the business posted $2.47 EPS. Sell-side analysts anticipate that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were paid a $0.94 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.09%. Eaton's dividend payout ratio (DPR) is presently 40.00%.

Insider Buying and Selling

In other news, insider Craig Arnold sold 61,569 shares of the firm's stock in a transaction that occurred 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 sale, the insider now owns 506,360 shares of the company's stock, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gregory R. Page sold 4,000 shares of the company's stock in a transaction on Friday, November 1st. The shares were sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the completion of the sale, the director now directly owns 51,422 shares in the company, valued at $17,241,796.60. This represents a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 76,981 shares of company stock valued at $27,660,117 in the last quarter. Company insiders own 0.33% of the company's stock.

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.