Smith Salley & Associates lessened its stake in shares of Eaton Co. PLC (NYSE:ETN) by 4.9% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 36,259 shares of the industrial products company’s stock after selling 1,860 shares during the quarter. Smith Salley & Associates’ holdings in Eaton were worth $3,144,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Stephens Inc. AR boosted its stake in Eaton by 5.2% during the second quarter. Stephens Inc. AR now owns 75,832 shares of the industrial products company’s stock worth $5,668,000 after buying an additional 3,775 shares during the period. South Texas Money Management Ltd. lifted its position in shares of Eaton by 13.9% during the second quarter. South Texas Money Management Ltd. now owns 437,414 shares of the industrial products company’s stock worth $32,692,000 after purchasing an additional 53,275 shares in the last quarter. OppenheimerFunds Inc. lifted its position in shares of Eaton by 44.2% during the second quarter. OppenheimerFunds Inc. now owns 996,721 shares of the industrial products company’s stock worth $74,495,000 after purchasing an additional 305,393 shares in the last quarter. Independent Advisor Alliance lifted its position in shares of Eaton by 11.1% during the second quarter. Independent Advisor Alliance now owns 14,434 shares of the industrial products company’s stock worth $993,000 after purchasing an additional 1,440 shares in the last quarter. Finally, BlackRock Inc. lifted its position in shares of Eaton by 1.9% during the second quarter. BlackRock Inc. now owns 29,464,156 shares of the industrial products company’s stock worth $2,202,152,000 after purchasing an additional 539,852 shares in the last quarter. 77.29% of the stock is owned by institutional investors.

Several brokerages have recently issued reports on ETN. Barclays increased their price target on shares of Eaton from $71.00 to $77.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 1st. Royal Bank of Canada reissued a “hold” rating and set a $80.00 price target on shares of Eaton in a research report on Tuesday, July 31st. Wells Fargo & Co reissued a “buy” rating on shares of Eaton in a research report on Wednesday, September 26th. Citigroup reduced their price target on shares of Eaton from $92.00 to $88.00 and set a “buy” rating on the stock in a research report on Friday, November 2nd. Finally, Deutsche Bank increased their price target on shares of Eaton from $92.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $86.12.

In related news, insider Revathi Advaithi sold 15,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $82.98, for a total value of $1,286,190.00. Following the sale, the insider now owns 24,715 shares of the company’s stock, valued at $2,050,850.70. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Deborah L. Mccoy sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 6th. The shares were sold at an average price of $84.55, for a total transaction of $253,650.00. Following the completion of the sale, the director now directly owns 32,936 shares in the company, valued at approximately $2,784,738.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,000 shares of company stock worth $4,617,645. 0.50% of the stock is owned by corporate insiders.

Shares of NYSE:ETN opened at $73.43 on Friday. The company has a market capitalization of $32.69 billion, a P/E ratio of 14.48, a PEG ratio of 1.37 and a beta of 1.49. Eaton Co. PLC has a fifty-two week low of $67.70 and a fifty-two week high of $89.85. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.96 and a current ratio of 1.49.

Eaton (NYSE:ETN) last issued its earnings results on Tuesday, October 30th. The industrial products company reported $1.43 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.43. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.49 billion. Eaton had a net margin of 10.06% and a return on equity of 13.48%. The firm’s revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.25 earnings per share. As a group, analysts predict that Eaton Co. PLC will post 5.35 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 16th. Investors of record on Friday, November 2nd will be issued a $0.66 dividend. The ex-dividend date is Thursday, November 1st. This represents a $2.64 annualized dividend and a yield of 3.60%. Eaton’s dividend payout ratio (DPR) is 56.77%.

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About Eaton

Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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