Elo Mutual Pension Insurance Co Sells 2,224 Shares of Eaton Co. plc (NYSE:ETN)

Elo Mutual Pension Insurance Co trimmed its position in Eaton Co. plc (NYSE:ETN) by 6.1% during the second quarter, Holdings Channel reports. The institutional investor owned 34,261 shares of the industrial products company’s stock after selling 2,224 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Eaton were worth $10,743,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Gryphon Financial Partners LLC raised its position in shares of Eaton by 81.3% during the 4th quarter. Gryphon Financial Partners LLC now owns 2,348 shares of the industrial products company’s stock valued at $565,000 after acquiring an additional 1,053 shares during the last quarter. Great Lakes Advisors LLC lifted its stake in Eaton by 24.8% in the fourth quarter. Great Lakes Advisors LLC now owns 2,176 shares of the industrial products company’s stock valued at $524,000 after buying an additional 432 shares during the period. Gladstone Institutional Advisory LLC boosted its holdings in Eaton by 32.7% during the fourth quarter. Gladstone Institutional Advisory LLC now owns 2,047 shares of the industrial products company’s stock worth $493,000 after buying an additional 505 shares during the last quarter. Coldstream Capital Management Inc. grew its position in shares of Eaton by 10.1% during the 4th quarter. Coldstream Capital Management Inc. now owns 7,758 shares of the industrial products company’s stock worth $1,868,000 after buying an additional 710 shares during the period. Finally, Sachetta LLC acquired a new stake in shares of Eaton in the 4th quarter valued at approximately $66,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Price Performance

ETN stock opened at $311.70 on Wednesday. The company’s fifty day simple moving average is $300.17 and its 200 day simple moving average is $312.08. Eaton Co. plc has a 12-month low of $191.82 and a 12-month high of $345.19. The firm has a market cap of $124.62 billion, a price-to-earnings ratio of 36.80, a PEG ratio of 2.28 and a beta of 1.01. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44.

Eaton (NYSE:ETN) last announced its quarterly earnings data 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 net margin of 15.12% and a return on equity of 21.45%. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. On average, analysts expect that Eaton Co. plc will post 10.74 earnings per share for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s payout ratio is 44.39%.

Insiders Place Their Bets

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction that occurred 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 directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction that occurred 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 directly owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of Eaton 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 sale, the insider now owns 9,900 shares in the company, valued at $2,858,328. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,511 shares of company stock worth $15,809,326. Corporate insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Royal Bank of Canada cut their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Wells Fargo & Company reduced their target price on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Jefferies Financial Group increased their price target on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Barclays lifted their price objective on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Citigroup started coverage on shares of Eaton in a report on Monday. They set a “buy” rating and a $348.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and a consensus price target of $337.41.

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.