Clean Energy Transition LLP Sells 173,085 Shares of Eaton Co. plc (NYSE:ETN)

Clean Energy Transition LLP reduced its stake in Eaton Co. plc (NYSE:ETN) by 37.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 294,652 shares of the industrial products company’s stock after selling 173,085 shares during the period. Eaton comprises approximately 5.0% of Clean Energy Transition LLP’s investment portfolio, making the stock its 7th largest position. Clean Energy Transition LLP owned 0.07% of Eaton worth $92,388,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ETN. Congress Wealth Management LLC DE boosted its position in Eaton by 8.1% during the 4th quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock worth $18,479,000 after buying an additional 5,725 shares during the period. Norden Group LLC acquired a new stake in Eaton during the 1st quarter worth approximately $2,176,000. Weiss Asset Management LP acquired a new stake in Eaton during the 4th quarter worth approximately $1,001,000. Griffin Asset Management Inc. acquired a new stake in Eaton during the 1st quarter worth approximately $813,000. Finally, Stifel Financial Corp boosted its position in Eaton by 1.3% during the 4th quarter. Stifel Financial Corp now owns 1,480,444 shares of the industrial products company’s stock worth $356,535,000 after buying an additional 19,529 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Price Performance

ETN opened at $330.59 on Friday. 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 $132.17 billion, a price-to-earnings ratio of 39.03, a P/E/G ratio of 2.28 and a beta of 1.01. The firm’s fifty day moving average price is $299.93 and its two-hundred day moving average price is $312.45. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19.

Eaton (NYSE:ETN) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. As a group, analysts anticipate that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Announces Dividend

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 $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is 44.39%.

Analysts Set New Price Targets

Several research analysts have issued reports on ETN shares. Morgan Stanley started coverage on shares of Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 price target for the company. Wells Fargo & Company lowered 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 note on Friday, August 2nd. Royal Bank of Canada lowered their price objective 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. Citigroup started coverage on shares of Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective for the company. Finally, Raymond James lowered their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $337.41.

Insider Buying and Selling

In other Eaton 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 completion of the sale, the insider now owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction that occurred on 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 completion of the sale, the insider now owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were 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 three months, insiders have sold 52,511 shares of company stock worth $15,809,326. Insiders own 0.53% of the company’s stock.

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.