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

Empowered Funds LLC lessened its stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 57.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,900 shares of the industrial products company's stock after selling 13,450 shares during the period. Empowered Funds LLC's holdings in Eaton were worth $3,281,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ETN. Breakwater Investment Management raised 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 worth $26,000 after acquiring an additional 78 shares in the last quarter. Proffitt & Goodson Inc. acquired a new position in Eaton during the 2nd quarter worth approximately $29,000. LGT Financial Advisors LLC bought a new position in Eaton in the 2nd quarter valued at approximately $33,000. West Financial Advisors LLC acquired a new stake in Eaton in the third quarter valued at approximately $35,000. Finally, DT Investment Partners LLC bought a new stake in shares of Eaton during the third quarter worth $37,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Trading Up 1.6 %

Shares of Eaton stock traded up $5.83 on Tuesday, hitting $363.66. 1,796,959 shares of the company's stock traded hands, compared to its average volume of 2,109,122. The company has a market capitalization of $143.72 billion, a price-to-earnings ratio of 38.69, a price-to-earnings-growth ratio of 2.85 and a beta of 1.01. The company has a fifty day moving average of $338.69 and a two-hundred day moving average of $322.04. 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 one year low of $224.52 and a one year high of $373.49.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping 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 company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter last year, the firm posted $2.47 EPS. The company's quarterly revenue was up 7.9% on a year-over-year basis. As a group, sell-side analysts expect that Eaton Co. plc will post 10.79 earnings per share for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be paid a $0.94 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.03%. Eaton's dividend payout ratio is presently 40.00%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ETN shares. Bank of America increased their price target on Eaton from $350.00 to $410.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Raymond James cut 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. Royal Bank of Canada reiterated an "outperform" rating and issued a $374.00 price objective on shares of Eaton in a report on Friday, November 1st. Citigroup began coverage on shares of Eaton in a report on Monday, September 16th. They set a "buy" rating and a $348.00 target price on the stock. Finally, Wolfe Research raised shares of Eaton from an "underperform" rating to a "peer perform" rating in a research note on Friday, September 6th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $357.83.

Insider Activity at Eaton

In other Eaton news, Director Karenann K. Terrell purchased 500 shares of the firm's stock in a transaction on Wednesday, August 21st. The stock was acquired at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the purchase, the director now owns 500 shares of the company's stock, valued at $149,485. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the firm's 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 completion of the transaction, the insider now directly owns 506,360 shares in the company, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,705 shares of company stock valued at $24,516,346 in the last three months. Corporate insiders own 0.33% of the company's stock.

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.