Kentucky Retirement Systems Sells 2,393 Shares of Eaton Co. plc (NYSE:ETN)

Kentucky Retirement Systems lowered its stake in Eaton Co. plc (NYSE:ETN - Free Report) by 7.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,734 shares of the industrial products company's stock after selling 2,393 shares during the period. Kentucky Retirement Systems' holdings in Eaton were worth $9,192,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Meridian Investment Counsel Inc. increased its position in shares of Eaton by 4.0% during the third quarter. Meridian Investment Counsel Inc. now owns 1,300 shares of the industrial products company's stock valued at $431,000 after buying an additional 50 shares during the period. Coastline Trust Co boosted its position in Eaton by 13.9% during the 3rd quarter. Coastline Trust Co now owns 12,475 shares of the industrial products company's stock valued at $4,135,000 after acquiring an additional 1,525 shares in the last quarter. First Long Island Investors LLC purchased a new position in shares of Eaton during the 3rd quarter worth approximately $315,000. Altrius Capital Management Inc raised its position in shares of Eaton by 3.4% in the 3rd quarter. Altrius Capital Management Inc now owns 27,474 shares of the industrial products company's stock worth $9,106,000 after acquiring an additional 907 shares in the last quarter. Finally, KCM Investment Advisors LLC lifted its stake in shares of Eaton by 0.8% in the 3rd quarter. KCM Investment Advisors LLC now owns 18,032 shares of the industrial products company's stock valued at $5,976,000 after purchasing an additional 143 shares during the period. 82.97% of the stock is 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 on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the sale, the insider now directly owns 3,914 shares in the company, valued at $1,186,411.68. This represents a 44.48 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Karenann K. Terrell bought 500 shares of the firm's stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the acquisition, the director now owns 500 shares in the company, valued at $149,485. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders sold 68,705 shares of company stock valued at $24,516,346 in the last quarter. 0.53% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ETN. 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. Barclays decreased their price target on shares of Eaton from $327.00 to $320.00 and set an "equal weight" rating for the company in a research note on Friday, November 1st. UBS Group started coverage on shares of Eaton in a research note on Wednesday. They set a "buy" rating and a $431.00 price objective on the stock. Wells Fargo & Company raised their target price on shares of Eaton from $315.00 to $342.00 and gave the company an "equal weight" rating in a research note on Monday, October 7th. Finally, 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. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $357.83.

Eaton Stock Performance

Shares of NYSE ETN traded down $2.87 during trading on Friday, reaching $358.99. 2,232,026 shares of the company traded hands, compared to its average volume of 2,112,767. The firm has a 50 day simple moving average of $335.82 and a 200-day simple moving average of $321.35. Eaton Co. plc has a 52-week low of $224.52 and a 52-week high of $373.49. The stock has a market capitalization of $141.87 billion, a PE ratio of 38.19, a P/E/G ratio of 2.96 and a beta of 1.01. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN - Get Free Report) last issued its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. The company had revenue of $6.35 billion for the quarter, compared to analysts' expectations of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm's quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the company posted $2.47 earnings per share. Equities research analysts anticipate that Eaton Co. plc will post 10.79 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be paid a dividend of $0.94 per share. The ex-dividend date is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.05%. Eaton's dividend payout ratio is currently 40.00%.

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.