Plimoth Trust Co. LLC Reduces Stock Holdings in Eaton Co. plc (NYSE:ETN)

Plimoth Trust Co. LLC cut its position in shares of Eaton Co. plc (NYSE:ETN) by 0.4% during the third quarter, Holdings Channel.com reports. The firm owned 11,925 shares of the industrial products company’s stock after selling 50 shares during the quarter. Plimoth Trust Co. LLC’s holdings in Eaton were worth $3,952,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in ETN. Breakwater Investment Management lifted its position in Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after buying an additional 78 shares during the last quarter. Proffitt & Goodson Inc. acquired a new position in shares of Eaton in the 2nd quarter worth approximately $29,000. Redmont Wealth Advisors LLC purchased a new position in shares of Eaton during the 1st quarter worth approximately $33,000. LGT Financial Advisors LLC purchased a new stake in Eaton in the second quarter valued at approximately $33,000. Finally, West Financial Advisors LLC acquired a new position in Eaton during the third quarter worth $35,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Activity

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction 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 transaction, the insider now directly 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 document filed with the SEC, which is available at the SEC website. In related news, Director Dorothy C. Thompson purchased 2,205 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the acquisition, the director now directly owns 2,205 shares in the company, valued at $662,161.50. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the company’s 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 approximately $2,858,328. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 52,511 shares of company stock valued at $15,809,326 in the last ninety days. 0.53% of the stock is currently owned by company insiders.

Eaton Stock Down 0.3 %

Shares of NYSE ETN traded down $1.11 during mid-day trading on Monday, reaching $347.07. The company had a trading volume of 1,042,246 shares, compared to its average volume of 2,109,607. The firm has a 50 day simple moving average of $314.01 and a two-hundred day simple moving average of $316.65. Eaton Co. plc has a 52-week low of $193.26 and a 52-week high of $349.74. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. The stock has a market cap of $138.76 billion, a P/E ratio of 41.11, a PEG ratio of 2.58 and a beta of 1.02.

Eaton (NYSE:ETN) last posted 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 business 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%. Sell-side analysts predict that Eaton Co. plc will post 10.75 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.08%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ETN. Raymond James cut their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Morgan Stanley initiated coverage on shares of Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 price target on the stock. Jefferies Financial Group lifted 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. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Finally, Royal Bank of Canada dropped their price target on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Four research 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 company currently has a consensus rating of “Moderate Buy” and a consensus price target of $340.06.

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.