Strategy Asset Managers LLC Decreases Stake in Eaton Co. plc (NYSE:ETN)

Strategy Asset Managers LLC trimmed its position in Eaton Co. plc (NYSE:ETN - Free Report) by 34.5% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 21,166 shares of the industrial products company's stock after selling 11,168 shares during the period. Eaton comprises approximately 1.3% of Strategy Asset Managers LLC's holdings, making the stock its 20th largest holding. Strategy Asset Managers LLC's holdings in Eaton were worth $7,015,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ETN. Breakwater Investment Management lifted its stake in Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company's stock valued at $26,000 after buying an additional 78 shares in the last quarter. Proffitt & Goodson Inc. acquired a new position in Eaton during the second quarter worth $29,000. LGT Financial Advisors LLC acquired a new position in shares of Eaton during the 2nd quarter worth about $33,000. West Financial Advisors LLC bought a new stake in shares of Eaton in the 3rd quarter valued at about $35,000. Finally, DiNuzzo Private Wealth Inc. bought a new position in Eaton during the second quarter worth about $37,000. Institutional investors own 82.97% of the company's stock.

Insider Buying and Selling

In other Eaton news, Director Gregory R. Page sold 4,000 shares of the company's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the sale, the director now owns 51,422 shares in the company, valued at approximately $17,241,796.60. This represents a 7.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through 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 in the company, 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 68,705 shares of company stock valued at $24,516,346 over the last quarter. 0.33% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently commented on ETN. Evercore ISI downgraded shares of Eaton from an "outperform" rating to an "inline" rating and lifted their target price for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Citigroup started coverage on Eaton in a report on Monday, September 16th. They issued a "buy" rating and a $348.00 price objective for the company. Raymond James reduced their price target on shares of Eaton from $375.00 to $365.00 and set an "outperform" rating on the stock in a research report on Monday, September 9th. Barclays decreased their target price on Eaton from $327.00 to $320.00 and set an "equal weight" rating on the stock in a research report on Friday, November 1st. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $374.00 price target on shares of Eaton in a report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Eaton presently has a consensus rating of "Moderate Buy" and an average price target of $357.83.

Eaton Stock Down 1.3 %

Eaton stock traded down $4.86 during trading hours on Wednesday, reaching $358.83. The stock had a trading volume of 589,225 shares, compared to its average volume of 2,102,683. Eaton Co. plc has a 52 week low of $224.52 and a 52 week high of $373.49. The company has a market cap of $141.81 billion, a price-to-earnings ratio of 38.44, a PEG ratio of 2.85 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The business's 50 day moving average price is $338.69 and its 200-day moving average price is $322.04.

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

Eaton Announces Dividend

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 of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.05%. Eaton's payout ratio is presently 40.00%.

Eaton Company 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.