Ferguson Wellman Capital Management Inc. Sells 2,452 Shares of Eaton Co. plc (NYSE:ETN)

Ferguson Wellman Capital Management Inc. lowered its position in Eaton Co. plc (NYSE:ETN - Free Report) by 1.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 154,024 shares of the industrial products company's stock after selling 2,452 shares during the period. Eaton accounts for 1.0% of Ferguson Wellman Capital Management Inc.'s portfolio, making the stock its 28th largest holding. Ferguson Wellman Capital Management Inc.'s holdings in Eaton were worth $51,050,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Breakwater Investment Management raised its holdings 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 purchasing an additional 78 shares in the last quarter. Proffitt & Goodson Inc. acquired a new stake in shares of Eaton in the second quarter worth about $29,000. LGT Financial Advisors LLC bought a new stake in shares of Eaton during the 2nd quarter worth about $33,000. West Financial Advisors LLC acquired a new position in shares of Eaton during the 3rd quarter valued at about $35,000. Finally, DiNuzzo Private Wealth Inc. bought a new position in shares of Eaton in the 2nd quarter valued at approximately $37,000. Institutional investors own 82.97% of the company's stock.

Eaton Price Performance

Eaton stock traded down $7.81 during trading hours on Thursday, hitting $361.85. 1,816,815 shares of the stock were exchanged, compared to its average volume of 2,112,224. 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 $332.81 and its two-hundred day moving average is $320.84. 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 stock has a market capitalization of $143.00 billion, a P/E ratio of 39.35, a P/E/G ratio of 2.96 and a beta of 1.01.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings results 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 during the quarter, compared to analysts' expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. During the same period last year, the firm posted $2.47 EPS. The business's revenue was up 7.9% on a year-over-year basis. Equities research analysts expect that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date of this dividend is Monday, November 4th. Eaton's dividend payout ratio is presently 40.00%.

Insider Transactions at Eaton

In other news, Director Karenann K. Terrell purchased 500 shares of the firm's stock in a transaction that occurred on Wednesday, August 21st. The shares were acquired at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the acquisition, the director now directly owns 500 shares in the company, valued at approximately $149,485. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Yelton sold 3,136 shares of the business's stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the sale, the insider now directly owns 3,914 shares of the company's stock, valued at $1,186,411.68. This represents a 44.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,705 shares of company stock worth $24,516,346. Corporate insiders own 0.53% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have 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 report on Wednesday. Sanford C. Bernstein began coverage on shares of Eaton in a report on Tuesday, November 5th. They issued an "outperform" rating and a $382.00 target price on the stock. Morgan Stanley initiated coverage on shares of Eaton in a report on Friday, September 6th. They set an "overweight" rating and a $370.00 price target for the company. Barclays reduced their price target on shares of Eaton from $327.00 to $320.00 and set an "equal weight" rating for the company in a report on Friday, November 1st. Finally, Wells Fargo & Company upped their price target on Eaton from $315.00 to $342.00 and gave the company an "equal weight" rating in a report on Monday, October 7th. Four equities research analysts have rated the stock with a hold rating and thirteen have given 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.

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.