Intech Investment Management LLC Has $7.61 Million Stock Position in Eaton Co. plc (NYSE:ETN)

Intech Investment Management LLC lowered its position in shares of Eaton Co. plc (NYSE:ETN) by 25.9% during the third quarter, HoldingsChannel reports. The fund owned 22,972 shares of the industrial products company’s stock after selling 8,013 shares during the quarter. Intech Investment Management LLC’s holdings in Eaton were worth $7,614,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Breakwater Investment Management grew its position in shares of Eaton by 1,560.0% in the 2nd 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. bought a new stake in shares of Eaton during the 2nd quarter valued at about $29,000. LGT Financial Advisors LLC acquired a new position in Eaton during the 2nd quarter worth approximately $33,000. West Financial Advisors LLC acquired a new position in Eaton during the 3rd quarter worth approximately $35,000. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in shares of Eaton in the second quarter worth approximately $37,000. Institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Shares of NYSE ETN opened at $371.08 on Friday. The stock has a fifty day simple moving average of $341.32 and a two-hundred day simple moving average of $322.65. Eaton Co. plc has a 1-year low of $224.52 and a 1-year high of $373.49. The firm has a market cap of $146.65 billion, a price-to-earnings ratio of 39.48, a price-to-earnings-growth ratio of 2.89 and a beta of 1.01. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same period in the prior year, the company earned $2.47 earnings per share. Eaton’s revenue was up 7.9% compared to the same quarter last year. Analysts anticipate that Eaton Co. plc will post 10.79 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date is Monday, November 4th. Eaton’s payout ratio is currently 40.00%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and increased their price objective for the stock from $333.00 to $389.00 in a research note on Wednesday, November 13th. Raymond James lowered their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Wells Fargo & Company increased their price target on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Finally, Bank of America increased their price target on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $357.83.

Insider Transactions at Eaton

In related news, insider Craig Arnold sold 61,569 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value 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 10.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Gregory R. Page sold 4,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the sale, the director now owns 51,422 shares in the company, valued at $17,241,796.60. The trade was a 7.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,705 shares of company stock valued at $24,516,346 over the last three months. Company insiders own 0.53% of the company’s stock.

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.