Eaton Co. plc (NYSE:ETN) Stake Decreased by Summerhill Capital Management lnc.

Summerhill Capital Management lnc. reduced its holdings in Eaton Co. plc (NYSE:ETN) by 2.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,325 shares of the industrial products company’s stock after selling 362 shares during the quarter. Eaton accounts for 3.0% of Summerhill Capital Management lnc.’s portfolio, making the stock its 17th largest position. Summerhill Capital Management lnc.’s holdings in Eaton were worth $4,178,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ETN. LifeSteps Financial Inc. bought a new stake in shares of Eaton during the first quarter valued at about $25,000. Breakwater Investment Management lifted its stake 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 worth $26,000 after acquiring an additional 78 shares during the period. Atwood & Palmer Inc. raised its holdings in Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares in the last quarter. Proffitt & Goodson Inc. acquired a new stake in Eaton in the second quarter worth approximately $29,000. Finally, LGT Financial Advisors LLC bought a new position in Eaton during the 2nd quarter valued at $33,000. Institutional investors own 82.97% of the company’s stock.

Eaton Stock Up 0.8 %

Shares of NYSE:ETN opened at $305.80 on Monday. The company has a market capitalization of $122.26 billion, a PE ratio of 36.10, a P/E/G ratio of 2.28 and a beta of 1.01. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. The company’s fifty day moving average is $300.56 and its 200-day moving average is $311.83. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19.

Eaton (NYSE:ETN) last released its quarterly 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 analyst estimates of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. Equities research analysts predict that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors 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 annualized dividend and a yield of 1.23%. Eaton’s dividend payout ratio (DPR) is 44.39%.

Insider Transactions at Eaton

In related 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 completion of the sale, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the sale, the insider now owns 3,914 shares of the company’s stock, valued at approximately $1,186,411.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 52,511 shares of company stock worth $15,809,326. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

ETN has been the topic of a number of research reports. Jefferies Financial Group boosted their price objective on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Barclays boosted their target price on shares of Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Wells Fargo & Company reduced their target price on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Finally, Raymond James dropped their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $335.18.

Eaton Company 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.