Eaton Co. plc (NYSE:ETN) Shares Sold by Klingenstein Fields & Co. LP

Klingenstein Fields & Co. LP cut its holdings in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 2.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 97,794 shares of the industrial products company's stock after selling 2,205 shares during the period. Eaton accounts for approximately 1.3% of Klingenstein Fields & Co. LP's investment portfolio, making the stock its 28th biggest holding. Klingenstein Fields & Co. LP's holdings in Eaton were worth $30,663,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. LifeSteps Financial Inc. purchased a new stake in Eaton during the 1st quarter worth approximately $25,000. Atwood & Palmer Inc. increased its position in shares of Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company's stock valued at $27,000 after acquiring an additional 50 shares during the period. Clear Investment Research LLC purchased a new position in Eaton in the 4th quarter worth $29,000. Proffitt & Goodson Inc. purchased a new stake in Eaton during the 2nd quarter valued at about $29,000. Finally, Redmont Wealth Advisors LLC acquired a new position in shares of Eaton in the first quarter valued at about $33,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Eaton Price Performance

Shares of Eaton stock traded up $5.84 during mid-day trading on Monday, reaching $306.93. 2,320,200 shares of the stock traded hands, compared to its average volume of 2,169,084. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The business has a 50-day moving average of $304.81 and a 200 day moving average of $311.13. The stock has a market capitalization of $122.71 billion, a PE ratio of 36.24, a PEG ratio of 2.35 and a beta of 1.02. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19.

Eaton (NYSE:ETN - Get Free Report) last announced its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.12. The company had revenue of $6.35 billion for the quarter, compared to analysts' expectations of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. On average, analysts predict that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were given a $0.94 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.23%. Eaton's dividend payout ratio (DPR) is presently 44.39%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on ETN shares. Barclays lifted their target price on Eaton from $318.00 to $319.00 and gave the stock an "equal weight" rating in a report on Friday, August 2nd. Jefferies Financial Group upped their price objective on shares of Eaton from $370.00 to $385.00 and gave the company a "buy" rating in a report on Thursday, July 11th. Raymond James started coverage on shares of Eaton in a report on Friday, June 28th. They set an "outperform" rating and a $375.00 target price for the company. Royal Bank of Canada lowered their price target on shares of Eaton from $376.00 to $371.00 and set an "outperform" rating on the stock in a report on Friday, August 2nd. Finally, Wells Fargo & Company reduced their price objective on Eaton from $320.00 to $315.00 and set an "equal weight" rating for the company in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Eaton currently has an average rating of "Moderate Buy" and an average target price of $328.00.

Insider Activity at Eaton

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the company's stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Heath B. Monesmith sold 49,040 shares of the company's stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the transaction, the insider now directly owns 71,262 shares in the company, valued at $21,451,287.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the firm's stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the sale, the insider now directly owns 9,900 shares of the company's stock, valued at approximately $2,858,328. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is currently owned by insiders.

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.