TD Asset Management Inc Lowers Position in Eaton Co. plc (NYSE:ETN)

TD Asset Management Inc lessened its position in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 1.5% in the second quarter, according to its most recent filing with the SEC. The firm owned 1,875,471 shares of the industrial products company's stock after selling 27,769 shares during the quarter. TD Asset Management Inc owned approximately 0.47% of Eaton worth $588,054,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wealthcare Advisory Partners LLC grew its position in shares of Eaton by 125.8% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 3,189 shares of the industrial products company's stock worth $768,000 after buying an additional 1,777 shares during the period. Private Advisor Group LLC grew its position in shares of Eaton by 20.5% during the 4th quarter. Private Advisor Group LLC now owns 29,904 shares of the industrial products company's stock worth $7,202,000 after buying an additional 5,079 shares during the period. Gryphon Financial Partners LLC grew its position in shares of Eaton by 81.3% during the 4th quarter. Gryphon Financial Partners LLC now owns 2,348 shares of the industrial products company's stock worth $565,000 after buying an additional 1,053 shares during the period. Pinnacle Wealth Management Advisory Group LLC grew its position in shares of Eaton by 24.4% during the 4th quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,433 shares of the industrial products company's stock worth $1,068,000 after buying an additional 869 shares during the period. Finally, US Asset Management LLC acquired a new stake in shares of Eaton during the 4th quarter worth approximately $705,000. Institutional investors and hedge funds own 82.97% of the company's stock.

Analyst Ratings Changes

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

Eaton Price Performance

ETN stock traded down $3.07 during mid-day trading on Thursday, reaching $285.70. 1,930,590 shares of the company traded hands, compared to its average volume of 2,172,477. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. The company has a market capitalization of $114.22 billion, a P/E ratio of 33.81, a P/E/G ratio of 2.35 and a beta of 1.02. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19. The company has a fifty day moving average price of $303.62 and a 200-day moving average price of $311.06.

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

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given a $0.94 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.32%. Eaton's payout ratio is 44.39%.

Insider Buying and Selling at Eaton

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the business's stock in a transaction that occurred 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 owns 9,900 shares in the company, valued at $2,858,328. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction that occurred 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 in the company, valued at approximately $2,858,328. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Karenann K. Terrell purchased 500 shares of the company's stock in a transaction that occurred on Wednesday, August 21st. The stock was acquired at an average cost of $298.97 per share, with a total value of $149,485.00. Following the purchase, the director now directly owns 500 shares of the company's stock, valued at $149,485. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 52,511 shares of company stock worth $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.