Raymond James & Associates Sells 111,790 Shares of Eaton Co. plc (NYSE:ETN)

Raymond James & Associates cut its holdings in Eaton Co. plc (NYSE:ETN) by 3.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,665,425 shares of the industrial products company’s stock after selling 111,790 shares during the quarter. Eaton makes up about 0.7% of Raymond James & Associates’ holdings, making the stock its 18th biggest holding. Raymond James & Associates’ holdings in Eaton were worth $1,214,868,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Norden Group LLC purchased a new stake in shares of Eaton during the first quarter valued at $2,176,000. Griffin Asset Management Inc. purchased a new stake in Eaton in the 1st quarter worth $813,000. IAM Advisory LLC bought a new stake in Eaton during the second quarter valued at about $599,000. Envestnet Portfolio Solutions Inc. lifted its position in shares of Eaton by 19.2% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 78,725 shares of the industrial products company’s stock valued at $24,616,000 after acquiring an additional 12,689 shares in the last quarter. Finally, Interval Partners LP boosted its stake in shares of Eaton by 82.7% in the second quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock worth $47,571,000 after acquiring an additional 68,693 shares during the period. 82.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Royal Bank of Canada dropped their price target on Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Barclays raised their target price on shares of Eaton from $319.00 to $327.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Citigroup assumed coverage on shares of Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 price target on the stock. Jefferies Financial Group increased their price objective on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Finally, Mizuho lifted their target price on Eaton from $355.00 to $365.00 and gave the stock an “outperform” rating in a report on Thursday. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $340.06.

Eaton Trading Down 0.1 %

Shares of ETN traded down $0.31 during mid-day trading on Friday, reaching $348.18. 1,173,441 shares of the company’s stock traded hands, compared to its average volume of 2,114,890. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $349.74. 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 stock has a market cap of $139.20 billion, a P/E ratio of 41.11, a P/E/G ratio of 2.58 and a beta of 1.02. The stock’s 50-day moving average is $314.01 and its two-hundred day moving average is $316.67.

Eaton (NYSE:ETN) last released its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping the consensus estimate of $2.61 by $0.12. The business had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. Research analysts forecast that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Dividend Announcement

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 1.08%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s dividend payout ratio is presently 44.39%.

Insider Activity at Eaton

In other news, Director Dorothy C. Thompson bought 2,205 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average cost of $300.30 per share, with a total value of $662,161.50. Following the transaction, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. The acquisition was disclosed in a document filed with the SEC, which can be accessed through 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 transaction of $96,721.20. Following the sale, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dorothy C. Thompson acquired 2,205 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the purchase, the director now directly owns 2,205 shares in the company, valued at $662,161.50. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 52,511 shares of company stock worth $15,809,326. Company insiders own 0.53% of the company’s stock.

Eaton 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.