Eaton Co. plc (NYSE:ETN) Shares Sold by Swedbank AB

Swedbank AB lowered its position in Eaton Co. plc (NYSE:ETN) by 6.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 674,502 shares of the industrial products company’s stock after selling 46,194 shares during the quarter. Swedbank AB owned about 0.17% of Eaton worth $223,557,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ETN. Scarborough Advisors LLC purchased a new stake in shares of Eaton in the fourth quarter valued at about $64,000. Fisher Asset Management LLC lifted its position in Eaton by 3.3% in the fourth quarter. Fisher Asset Management LLC now owns 186,307 shares of the industrial products company’s stock valued at $44,867,000 after buying an additional 5,973 shares during the last quarter. SageView Advisory Group LLC lifted its position in Eaton by 148.6% in the fourth quarter. SageView Advisory Group LLC now owns 6,759 shares of the industrial products company’s stock valued at $1,692,000 after buying an additional 4,040 shares during the last quarter. ICA Group Wealth Management LLC acquired a new position in Eaton in the fourth quarter valued at about $207,000. Finally, Leo Wealth LLC acquired a new position in Eaton in the fourth quarter valued at about $323,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Eaton stock traded down $6.14 during midday trading on Tuesday, reaching $339.47. The company’s stock had a trading volume of 1,260,645 shares, compared to its average volume of 2,124,799. The firm has a market capitalization of $135.72 billion, a PE ratio of 40.84, a P/E/G ratio of 2.58 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $347.35. The stock’s 50 day simple moving average is $309.18 and its 200 day simple moving average is $315.84.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) 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%. On average, equities research analysts forecast that Eaton Co. plc will post 10.75 earnings per share for the current year.

Eaton Dividend Announcement

The company 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 1.11%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Morgan Stanley initiated coverage on shares of Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 target price on the stock. Evercore ISI cut their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Barclays increased their price target 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. Finally, Raymond James dropped their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $339.47.

Insider Buying and Selling

In related news, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the sale, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Eaton news, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the sale, the insider now owns 3,914 shares in the company, valued at $1,186,411.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction dated 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 owns 71,262 shares of the company’s stock, valued at $21,451,287.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale 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 owned by corporate insiders.

Eaton Company 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.