Verition Fund Management LLC Sells 2,155 Shares of Eaton Co. plc (NYSE:ETN)

Verition Fund Management LLC trimmed its position in Eaton Co. plc (NYSE:ETN) by 5.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,355 shares of the industrial products company’s stock after selling 2,155 shares during the period. Verition Fund Management LLC’s holdings in Eaton were worth $11,718,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ETN. Breakwater Investment Management boosted its stake in Eaton by 1,560.0% during 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 period. Proffitt & Goodson Inc. bought a new stake in shares of Eaton during the 2nd quarter valued at about $29,000. LGT Financial Advisors LLC purchased a new position in shares of Eaton during the second quarter worth about $33,000. West Financial Advisors LLC bought a new position in shares of Eaton in the third quarter worth approximately $35,000. Finally, DT Investment Partners LLC purchased a new stake in Eaton in the third quarter valued at approximately $37,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Eaton

In other news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the transaction, the insider now owns 31,200 shares in the company, valued at $11,811,696. This trade represents a 4.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dorothy C. Thompson purchased 2,205 shares of Eaton stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the purchase, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 66,981 shares of company stock valued at $24,100,317. Company insiders own 0.53% of the company’s stock.

Eaton Stock Performance

Shares of NYSE:ETN opened at $375.42 on Friday. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The company has a 50-day moving average price of $348.37 and a 200-day moving average price of $324.50. The company has a market cap of $148.37 billion, a price-to-earnings ratio of 39.94, a price-to-earnings-growth ratio of 2.82 and a beta of 1.01. Eaton Co. plc has a 12 month low of $224.61 and a 12 month high of $379.99.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping 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 analysts’ expectations of $6.37 billion. During the same quarter last year, the business posted $2.47 EPS. The business’s revenue was up 7.9% on a year-over-year basis. As a group, equities analysts anticipate that Eaton Co. plc will post 10.8 EPS for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were issued a $0.94 dividend. The ex-dividend date was Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.00%. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. UBS Group began coverage on shares of Eaton in a report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target on the stock. Barclays lowered their price target on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research report on Friday, November 1st. Wells Fargo & Company upped their price objective on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and raised their price objective for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Finally, Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four investment analysts have rated the stock with a hold rating and thirteen 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 $357.83.

About Eaton

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.