Eaton Co. plc (NYSE:ETN) Shares Sold by First City Capital Management Inc.

First City Capital Management Inc. trimmed its holdings in Eaton Co. plc (NYSE:ETN) by 13.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,885 shares of the industrial products company’s stock after selling 593 shares during the quarter. First City Capital Management Inc.’s holdings in Eaton were worth $1,218,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ETN. Gabelli Funds LLC grew its position in Eaton by 8.8% during the 2nd quarter. Gabelli Funds LLC now owns 161,298 shares of the industrial products company’s stock worth $50,575,000 after purchasing an additional 13,021 shares during the last quarter. Frank Rimerman Advisors LLC boosted its stake in shares of Eaton by 46,185.7% during the second quarter. Frank Rimerman Advisors LLC now owns 9,720 shares of the industrial products company’s stock worth $3,048,000 after buying an additional 9,699 shares during the period. Prospector Partners LLC increased its position in Eaton by 0.8% in the 2nd quarter. Prospector Partners LLC now owns 72,849 shares of the industrial products company’s stock valued at $22,842,000 after acquiring an additional 590 shares during the period. Holderness Investments Co. lifted its position in Eaton by 1.0% during the 2nd quarter. Holderness Investments Co. now owns 12,602 shares of the industrial products company’s stock worth $3,951,000 after acquiring an additional 127 shares during the period. Finally, ProShare Advisors LLC grew its stake in shares of Eaton by 10.9% in the 2nd quarter. ProShare Advisors LLC now owns 60,658 shares of the industrial products company’s stock valued at $19,019,000 after purchasing an additional 5,970 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Trading Up 0.5 %

NYSE ETN opened at $330.60 on Friday. The company has a 50-day moving average of $299.93 and a 200-day moving average of $312.60. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The company has a market cap of $132.17 billion, a P/E ratio of 39.03, a P/E/G ratio of 2.28 and a beta of 1.01.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. The company 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, equities analysts predict that Eaton Co. plc will post 10.74 earnings per share for the current year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued 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 dividend yield of 1.14%. Eaton’s dividend payout ratio (DPR) is 44.39%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ETN shares. Wells Fargo & Company decreased their price target on Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Royal Bank of Canada cut their price target on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Raymond James cut their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Finally, Morgan Stanley began coverage on shares of Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and a consensus price target of $337.41.

Insider Transactions at Eaton

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s 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 transaction, the insider now owns 9,900 shares in the company, valued at $2,858,328. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the sale, the insider now directly owns 3,914 shares in the company, valued at $1,186,411.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is currently owned by company insiders.

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.