MAI Capital Management Sells 4,804 Shares of Eaton Co. plc (NYSE:ETN)

MAI Capital Management reduced its stake in Eaton Co. plc (NYSE:ETN - Free Report) by 4.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 101,729 shares of the industrial products company's stock after selling 4,804 shares during the quarter. MAI Capital Management's holdings in Eaton were worth $33,717,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Aljian Capital Management LLC acquired a new stake in Eaton in the 3rd quarter worth approximately $1,046,000. Glass Wealth Management Co LLC lifted its holdings in Eaton by 31.5% in the 3rd quarter. Glass Wealth Management Co LLC now owns 3,905 shares of the industrial products company's stock worth $1,294,000 after purchasing an additional 935 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in Eaton by 38.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 80,187 shares of the industrial products company's stock worth $26,576,000 after purchasing an additional 22,367 shares during the last quarter. Claro Advisors LLC lifted its holdings in Eaton by 4.3% in the 3rd quarter. Claro Advisors LLC now owns 5,640 shares of the industrial products company's stock worth $1,869,000 after purchasing an additional 232 shares during the last quarter. Finally, Tower Bridge Advisors lifted its holdings in Eaton by 1.4% in the 3rd quarter. Tower Bridge Advisors now owns 33,429 shares of the industrial products company's stock worth $11,080,000 after purchasing an additional 450 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on ETN shares. Citigroup initiated coverage on Eaton in a research report on Monday, September 16th. They issued a "buy" rating and a $348.00 price target on the stock. Mizuho boosted their price objective on Eaton from $365.00 to $385.00 and gave the company an "outperform" rating in a research report on Friday, November 1st. Wolfe Research upgraded Eaton from an "underperform" rating to a "peer perform" rating in a research report on Friday, September 6th. Royal Bank of Canada restated an "outperform" rating and set a $374.00 price objective on shares of Eaton in a research report on Friday, November 1st. Finally, Barclays decreased their price target on Eaton from $327.00 to $320.00 and set an "equal weight" rating on the stock in a research note on Friday, November 1st. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $357.83.

Eaton Stock Down 0.3 %

NYSE ETN traded down $1.16 during trading hours on Monday, hitting $357.83. 1,611,737 shares of the company traded hands, compared to its average volume of 2,110,521. The business's 50-day moving average is $337.19 and its 200-day moving average is $321.74. Eaton Co. plc has a twelve month low of $224.52 and a twelve month high of $373.49. 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 $141.41 billion, a price-to-earnings ratio of 38.07, a P/E/G ratio of 2.85 and a beta of 1.01.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly 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. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm had revenue of $6.35 billion during the quarter, compared to analysts' expectations of $6.37 billion. During the same period in the prior year, the firm posted $2.47 earnings per share. The business's quarterly revenue was up 7.9% compared to the same quarter last year. Sell-side analysts anticipate that Eaton Co. plc will post 10.79 earnings per share for the current year.

Eaton Announces Dividend

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

Insider Activity

In other news, insider Michael Yelton sold 3,136 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at $1,186,411.68. This trade represents a 44.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, 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 value of $22,224,561.93. Following the completion of the sale, the insider now directly owns 506,360 shares of the company's stock, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,705 shares of company stock valued at $24,516,346 over the last three months. Insiders own 0.53% 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.