Perkins Coie Trust Co Reduces Stake in Eaton Co. plc (NYSE:ETN)

Perkins Coie Trust Co decreased its position in Eaton Co. plc (NYSE:ETN) by 0.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,865 shares of the industrial products company’s stock after selling 56 shares during the quarter. Eaton makes up 2.3% of Perkins Coie Trust Co’s portfolio, making the stock its 8th biggest position. Perkins Coie Trust Co’s holdings in Eaton were worth $10,230,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position 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 purchasing an additional 259,615 shares in the last quarter. Coatue Management LLC boosted its holdings in Eaton by 5.2% in the fourth 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 in the last quarter. Legal & General Group Plc grew its stake in shares of Eaton by 0.6% in the second quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock worth $1,005,317,000 after acquiring an additional 18,077 shares during the last quarter. Capital World Investors increased its holdings in shares of Eaton by 323.8% during the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after acquiring an additional 2,439,270 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of Eaton by 15.5% in the 1st quarter. Janus Henderson Group PLC now owns 1,318,025 shares of the industrial products company’s stock worth $412,108,000 after purchasing an additional 176,571 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on ETN. Royal Bank of Canada cut their price objective on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Evercore ISI reduced their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Raymond James lowered their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Wells Fargo & Company lifted their target price on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, Morgan Stanley assumed coverage on Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $339.47.

Eaton Stock Performance

ETN stock traded up $0.07 during midday trading on Wednesday, reaching $335.65. 35,033 shares of the company’s stock traded hands, compared to its average volume of 2,139,601. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19. The stock has a market cap of $134.19 billion, a P/E ratio of 39.61, a PEG ratio of 2.53 and a beta of 1.02. The stock’s 50-day moving average is $305.05 and its 200 day moving average is $315.05.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS 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 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, analysts anticipate that Eaton Co. plc will post 10.75 EPS for the current year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a $0.94 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.12%. Eaton’s payout ratio is presently 44.39%.

Insider Buying and Selling at Eaton

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the sale, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the transaction, the insider now owns 3,914 shares of the company’s stock, valued at $1,186,411.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 52,511 shares of company stock valued at $15,809,326 over the last ninety days. 0.53% of the stock is currently owned by company 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.