Eaton Co. plc (NYSE:ETN) Shares Sold by Profund Advisors LLC

Profund Advisors LLC cut its stake in shares of Eaton Co. plc (NYSE:ETN) by 1.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,521 shares of the industrial products company’s stock after selling 78 shares during the quarter. Profund Advisors LLC’s holdings in Eaton were worth $2,045,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. LifeSteps Financial Inc. purchased a new stake in shares of Eaton in the 1st quarter valued at approximately $25,000. Breakwater Investment Management raised 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. Atwood & Palmer Inc. raised its stake in Eaton by 142.9% in the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after buying an additional 50 shares in the last quarter. Clear Investment Research LLC acquired a new stake in Eaton in the fourth quarter valued at $29,000. Finally, Proffitt & Goodson Inc. acquired a new stake in Eaton in the second quarter valued at $29,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Price Performance

Eaton stock opened at $330.60 on Monday. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. 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 business has a 50 day simple moving average of $299.93 and a 200-day simple moving average of $312.71. The stock has a market capitalization of $132.17 billion, a PE ratio of 39.03, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, topping the consensus estimate of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. Equities analysts predict that Eaton Co. plc will post 10.74 earnings per share for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.14%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Analysts Set New Price Targets

A number of research firms have weighed in on ETN. Barclays raised their price target on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Morgan Stanley began coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Citigroup started coverage on Eaton in a report on Monday, September 16th. They set a “buy” rating and a $348.00 price objective on the stock. Finally, Wells Fargo & Company dropped their price objective on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and a consensus price target of $337.41.

Insiders Place Their Bets

In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the 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 transaction, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the 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 transaction, the insider now owns 9,900 shares in the company, valued at $2,858,328. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were 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 directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is owned by corporate insiders.

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.