Clearbridge Investments LLC Sells 254,650 Shares of Eaton Co. plc (NYSE:ETN)

Clearbridge Investments LLC decreased its position in Eaton Co. plc (NYSE:ETN - Free Report) by 7.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,403,268 shares of the industrial products company's stock after selling 254,650 shares during the period. Eaton makes up approximately 0.9% of Clearbridge Investments LLC's holdings, making the stock its 15th biggest position. Clearbridge Investments LLC owned 0.85% of Eaton worth $1,067,095,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. LifeSteps Financial Inc. acquired a new position in Eaton in the 1st quarter worth approximately $25,000. Breakwater Investment Management raised its holdings in Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company's stock worth $26,000 after acquiring an additional 78 shares during the period. Atwood & Palmer Inc. raised its holdings in Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company's stock worth $27,000 after acquiring an additional 50 shares during the period. Proffitt & Goodson Inc. bought a new position in Eaton in the 2nd quarter worth $29,000. Finally, LGT Financial Advisors LLC bought a new position in shares of Eaton during the 2nd quarter worth about $33,000. Institutional investors own 82.97% of the company's stock.

Wall Street Analyst Weigh In

ETN has been the topic of a number of recent analyst reports. Wolfe Research upgraded shares of Eaton from an "underperform" rating to a "peer perform" rating in a research report on Friday, September 6th. Royal Bank of Canada dropped their price target on shares of Eaton from $376.00 to $371.00 and set an "outperform" rating for the company in a research note on Friday, August 2nd. Morgan Stanley started coverage on shares of Eaton in a research note on Friday, September 6th. They issued an "overweight" rating and a $370.00 target price for the company. Citigroup initiated coverage on shares of Eaton in a research note on Monday, September 16th. They issued a "buy" rating and a $348.00 target price for the company. Finally, Evercore ISI reduced their target price on shares of Eaton from $357.00 to $333.00 and set an "outperform" rating for the company in a report on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $337.41.

Eaton Stock Down 1.2 %

ETN stock traded down $3.92 during mid-day trading on Tuesday, reaching $327.52. The company had a trading volume of 1,000,645 shares, compared to its average volume of 2,176,422. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. The company has a market capitalization of $130.94 billion, a price-to-earnings ratio of 38.67, a price-to-earnings-growth ratio of 2.53 and a beta of 1.01. The firm has a fifty day simple moving average of $301.36 and a 200 day simple moving average of $314.25. 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 posted its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating the consensus estimate of $2.61 by $0.12. The business had revenue of $6.35 billion during the quarter, compared to analysts' expectations of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. Analysts forecast that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given a dividend of $0.94 per share. The ex-dividend date was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.15%. Eaton's payout ratio is 44.39%.

Insider Activity at Eaton

In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the firm's stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction 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 filing with the SEC, which is available through this link. In related news, Director Dorothy C. Thompson acquired 2,205 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the transaction, the director now directly owns 2,205 shares of the company's stock, valued at approximately $662,161.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Heath B. Monesmith sold 49,040 shares of the company's stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the sale, the insider now owns 71,262 shares of the company's stock, valued at approximately $21,451,287.24. 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. Insiders own 0.53% of the company's stock.

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.