Eaton Co. plc (NYSE:ETN) Shares Sold by Adirondack Trust Co.

Adirondack Trust Co. lessened its holdings in Eaton Co. plc (NYSE:ETN) by 8.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 402 shares of the industrial products company’s stock after selling 35 shares during the period. Adirondack Trust Co.’s holdings in Eaton were worth $133,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Breakwater Investment Management increased its position in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after buying an additional 78 shares in the last quarter. Atwood & Palmer Inc. boosted its stake in shares of Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 50 shares during the last quarter. Proffitt & Goodson Inc. purchased a new stake in Eaton during the 2nd quarter worth about $29,000. Redmont Wealth Advisors LLC acquired a new position in Eaton in the 1st quarter valued at about $33,000. Finally, LGT Financial Advisors LLC purchased a new position in Eaton in the 2nd quarter valued at about $33,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Price Performance

ETN opened at $338.25 on Thursday. The company has a 50 day moving average of $305.05 and a two-hundred day moving average of $315.05. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The company has a market cap of $135.23 billion, a P/E ratio of 39.94, a P/E/G ratio of 2.53 and a beta of 1.02.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $6.35 billion. On average, analysts expect that Eaton Co. plc will post 10.75 earnings per share for the current 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. This represents a $3.76 annualized dividend and a yield of 1.11%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ETN. Royal Bank of Canada reduced their price objective on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Raymond James reduced their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Citigroup initiated coverage on Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective for the company. Evercore ISI reduced their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Finally, Barclays raised their price target on Eaton from $319.00 to $327.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $339.47.

Insiders Place Their Bets

In other news, Director Dorothy C. Thompson bought 2,205 shares of Eaton stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the transaction, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Eaton news, Director Dorothy C. Thompson bought 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was bought 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 directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the transaction, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock worth $15,809,326 in the last 90 days. 0.53% of the stock is owned by company insiders.

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.