ASB Consultores LLC Reduces Holdings in Eaton Co. plc (NYSE:ETN)

ASB Consultores LLC lessened its position in shares of Eaton Co. plc (NYSE:ETN) by 53.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,323 shares of the industrial products company’s stock after selling 1,544 shares during the period. ASB Consultores LLC’s holdings in Eaton were worth $415,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ETN. Royal Bank of Canada reduced their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Citigroup began coverage on Eaton in a research report on Monday. They set a “buy” rating and a $348.00 price objective on the stock. Jefferies Financial Group increased their price objective on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Morgan Stanley started coverage on Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective on the stock. Finally, Raymond James dropped their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $337.41.

Insider Activity at Eaton

In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction 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 completion of the sale, the insider now owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction 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 completion of the sale, the insider now owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of Eaton 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 of the company’s stock, valued at approximately $2,858,328. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock valued at $15,809,326 in the last 90 days. Corporate insiders own 0.53% of the company’s stock.

Eaton Stock Up 4.5 %

Shares of NYSE:ETN opened at $328.92 on Friday. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19. The firm has a market capitalization of $131.50 billion, a P/E ratio of 38.83, a P/E/G ratio of 2.28 and a beta of 1.01. The stock has a 50 day moving average price of $299.93 and a 200-day moving average price of $312.22. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56.

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

Eaton Dividend Announcement

The business 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. This represents a $3.76 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

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.