Beech Hill Advisors Inc. Sells 6,736 Shares of Eaton Co. plc (NYSE:ETN)

Beech Hill Advisors Inc. reduced its stake in shares of Eaton Co. plc (NYSE:ETN) by 28.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 17,276 shares of the industrial products company’s stock after selling 6,736 shares during the quarter. Eaton makes up approximately 2.2% of Beech Hill Advisors Inc.’s portfolio, making the stock its 10th largest position. Beech Hill Advisors Inc.’s holdings in Eaton were worth $5,726,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Breakwater Investment Management raised its stake in shares of Eaton by 1,560.0% during the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares in the last quarter. Atwood & Palmer Inc. raised its position in Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 50 shares in the last quarter. Proffitt & Goodson Inc. acquired a new stake in Eaton in the second quarter valued at approximately $29,000. Redmont Wealth Advisors LLC bought a new stake in Eaton in the first quarter worth approximately $33,000. Finally, LGT Financial Advisors LLC acquired a new position in shares of Eaton during the 2nd quarter worth $33,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Trading Up 0.9 %

ETN opened at $341.10 on Thursday. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $347.35. The firm has a 50-day moving average price of $311.66 and a two-hundred day moving average price of $316.19. The stock has a market capitalization of $136.37 billion, a PE ratio of 40.27, a PEG ratio of 2.58 and a beta of 1.02. 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 (NYSE:ETN) last posted its quarterly earnings data 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 firm had revenue of $6.35 billion during the quarter, compared to analysts’ expectations 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 anticipate that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given 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 1.10%. Eaton’s payout ratio is 44.39%.

Insiders Place Their Bets

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the business’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 transaction of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Eaton news, Director Karenann K. Terrell acquired 500 shares of the stock in a transaction dated Wednesday, August 21st. The shares were bought at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the acquisition, the director now directly owns 500 shares of the company’s stock, valued at approximately $149,485. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ETN shares. Raymond James decreased their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Evercore ISI lowered their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. 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 objective for the company. Royal Bank of Canada decreased 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. Finally, Jefferies Financial Group lifted their price objective on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and a consensus target price of $339.47.

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.