Eaton Co. plc (NYSE:ETN) Shares Sold by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC reduced its stake in Eaton Co. plc (NYSE:ETN - Free Report) by 10.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 617,351 shares of the industrial products company's stock after selling 75,646 shares during the period. Lord Abbett & CO. LLC owned approximately 0.16% of Eaton worth $204,615,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Breakwater Investment Management raised its position in shares of Eaton by 1,560.0% during the 2nd 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 second quarter valued at approximately $29,000. Groupama Asset Managment lifted its stake in shares of Eaton by 83.2% in the 3rd quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company's stock valued at $31,000 after purchasing an additional 4,298 shares during the last quarter. LGT Financial Advisors LLC purchased a new position in shares of Eaton in the 2nd quarter worth approximately $33,000. Finally, Morse Asset Management Inc bought a new position in shares of Eaton during the 3rd quarter valued at approximately $33,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Eaton Stock Performance

ETN stock traded down $2.63 during trading on Friday, reaching $356.01. The company had a trading volume of 1,165,048 shares, compared to its average volume of 2,082,403. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. Eaton Co. plc has a twelve month low of $231.84 and a twelve month high of $379.99. The company has a market cap of $140.70 billion, a price-to-earnings ratio of 37.87, a price-to-earnings-growth ratio of 2.74 and a beta of 1.03. The firm has a 50-day simple moving average of $355.79 and a 200-day simple moving average of $326.62.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts' consensus estimates of $2.80 by $0.04. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business's quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.47 earnings per share. As a group, sell-side analysts expect that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were given a $0.94 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.06%. Eaton's dividend payout ratio is currently 40.00%.

Insider Transactions at Eaton

In related news, insider Craig Arnold sold 61,569 shares of the 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 sale, the insider now directly owns 506,360 shares of the company's stock, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Gregory R. Page sold 4,000 shares of the firm'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 sale, the director now owns 51,422 shares in the company, valued at approximately $17,241,796.60. This represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,981 shares of company stock worth $24,100,317 over the last 90 days. 0.53% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on ETN. Wells Fargo & Company boosted their price objective on shares of Eaton from $315.00 to $342.00 and gave the company an "equal weight" rating in a research report on Monday, October 7th. Jefferies Financial Group increased their price objective on shares of Eaton from $400.00 to $440.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Bank of America boosted their target price on Eaton from $350.00 to $410.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. Wolfe Research upgraded Eaton from an "underperform" rating to a "peer perform" rating in a report on Friday, September 6th. Finally, Morgan Stanley assumed coverage on Eaton in a report on Friday, September 6th. They set an "overweight" rating and a $370.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Eaton currently has an average rating of "Moderate Buy" and a consensus target price of $367.83.

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.