Eaton Co. plc (NYSE:ETN) Shares Sold by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC cut its stake in Eaton Co. plc (NYSE:ETN) by 0.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 51,552 shares of the industrial products company’s stock after selling 359 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Eaton were worth $16,164,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Eaton by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock worth $8,812,966,000 after acquiring an additional 259,615 shares during the last quarter. Coatue Management LLC increased its stake in shares of Eaton by 5.2% in the 4th quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock worth $960,016,000 after acquiring an additional 195,809 shares during the last quarter. Capital World Investors increased its stake in shares of Eaton by 323.8% in the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after acquiring an additional 2,439,270 shares during the last quarter. TD Asset Management Inc increased its stake in shares of Eaton by 19.9% in the 4th quarter. TD Asset Management Inc now owns 2,029,795 shares of the industrial products company’s stock worth $488,815,000 after acquiring an additional 337,351 shares during the last quarter. Finally, Stifel Financial Corp increased its stake in shares of Eaton by 1.3% in the 4th quarter. Stifel Financial Corp now owns 1,480,444 shares of the industrial products company’s stock worth $356,535,000 after acquiring an additional 19,529 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. 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. Barclays raised their price objective on Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Evercore ISI cut their price objective on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Jefferies Financial Group raised their price objective on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Finally, Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $337.41.

Insider Activity

In related news, Director Karenann K. Terrell acquired 500 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the purchase, the director now owns 500 shares of the company’s stock, valued at approximately $149,485. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Karenann K. Terrell acquired 500 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the purchase, the director now owns 500 shares of the company’s stock, valued at approximately $149,485. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Dorothy C. Thompson acquired 2,205 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the purchase, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. The disclosure for this purchase 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 Stock Performance

Shares of Eaton stock opened at $330.60 on Friday. The business has a 50-day moving average of $299.93 and a 200 day moving average of $312.60. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The stock has a market capitalization of $132.17 billion, a price-to-earnings ratio of 39.03, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01. 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 (NYSE:ETN) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (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%. As a group, sell-side analysts forecast that Eaton Co. plc will post 10.74 earnings per share for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were paid 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 payout ratio is presently 44.39%.

About Eaton

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.