Townsend & Associates Inc Sells 60 Shares of Eaton Co. plc (NYSE:ETN)

Townsend & Associates Inc lowered its stake in shares of Eaton Co. plc (NYSE:ETN) by 3.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,466 shares of the industrial products company’s stock after selling 60 shares during the quarter. Townsend & Associates Inc’s holdings in Eaton were worth $506,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ETN. Breakwater Investment Management raised its position in Eaton by 1,560.0% in 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 during the last quarter. Proffitt & Goodson Inc. acquired a new stake in shares of Eaton in the 2nd quarter valued at $29,000. LGT Financial Advisors LLC acquired a new position in shares of Eaton during the second quarter valued at $33,000. West Financial Advisors LLC bought a new position in Eaton in the third quarter valued at about $35,000. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in Eaton in the second quarter worth about $37,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analyst Ratings Changes

ETN has been the topic of several recent research reports. Citigroup initiated coverage on shares of Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 target price on the stock. Raymond James dropped their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Morgan Stanley began coverage on Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Finally, Wells Fargo & Company lifted their price objective on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $343.28.

Insider Buying and Selling at Eaton

In related news, insider Craig Arnold sold 61,569 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the sale, the insider now owns 506,360 shares in the company, valued at approximately $182,780,769.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the firm’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 value of $96,721.20. Following the sale, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 118,080 shares of company stock valued at $39,375,088 in the last ninety days. 0.33% of the stock is currently owned by company insiders.

Eaton Stock Performance

Shares of NYSE ETN opened at $366.77 on Friday. Eaton Co. plc has a one year low of $217.61 and a one year high of $369.29. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The firm has a market cap of $144.95 billion, a price-to-earnings ratio of 39.02, a P/E/G ratio of 2.66 and a beta of 1.01. The stock’s fifty day moving average price is $328.30 and its two-hundred day moving average price is $319.74.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.47 earnings per share. On average, equities analysts forecast that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.03%. Eaton’s dividend payout ratio is 40.00%.

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.