Granite Investment Partners LLC Cuts Stake in Eaton Co. plc (NYSE:ETN)

Granite Investment Partners LLC lowered its holdings in shares of Eaton Co. plc (NYSE:ETN) by 1.2% during the second quarter, Holdings Channel reports. The firm owned 112,808 shares of the industrial products company’s stock after selling 1,392 shares during the period. Eaton accounts for about 1.5% of Granite Investment Partners LLC’s portfolio, making the stock its 10th largest position. Granite Investment Partners LLC’s holdings in Eaton were worth $35,371,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ETN. LifeSteps Financial Inc. bought a new position in Eaton in the 1st quarter worth $25,000. Breakwater Investment Management grew 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. Atwood & Palmer Inc. grew its position in Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares during the last quarter. Proffitt & Goodson Inc. acquired a new stake in Eaton in the 2nd quarter worth $29,000. Finally, LGT Financial Advisors LLC acquired a new stake in Eaton in the 2nd quarter worth $33,000. Institutional investors own 82.97% of the company’s stock.

Eaton Trading Up 4.5 %

Shares of NYSE ETN opened at $328.92 on Friday. The company’s 50 day simple moving average is $299.93 and its 200 day simple moving average is $312.22. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. The firm has a market capitalization of $131.50 billion, a P/E ratio of 38.83, 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 current ratio of 1.56 and a quick ratio of 1.07.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating the consensus estimate of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. On average, analysts predict that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Dividend Announcement

The business also recently disclosed 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. This represents a $3.76 annualized dividend and a dividend yield of 1.14%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio is 44.39%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Royal Bank of Canada decreased their price target on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Barclays raised their price target on shares of Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Morgan Stanley started coverage on shares of Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. Raymond James decreased their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Finally, Jefferies Financial Group lifted their target price on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $337.41.

Insider Transactions at Eaton

In related 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 value of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related 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 value of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Dorothy C. Thompson purchased 2,205 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, with a total value of $662,161.50. Following the purchase, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The disclosure for this purchase can be found here. Insiders sold 52,511 shares of company stock valued at $15,809,326 over the last quarter. Corporate insiders own 0.53% of the company’s stock.

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.