Keybank National Association OH lessened its stake in shares of Eaton Co. PLC (NYSE:ETN) by 2.1% during the third quarter, Holdings Channel.com reports. The fund owned 338,769 shares of the industrial products company’s stock after selling 7,427 shares during the period. Keybank National Association OH’s holdings in Eaton were worth $28,169,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Arcadia Investment Management Corp MI acquired a new position in shares of Eaton during the second quarter valued at approximately $25,000. Hexavest Inc. acquired a new position in Eaton in the second quarter worth approximately $28,000. Kings Point Capital Management acquired a new position in Eaton in the second quarter worth approximately $28,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Eaton in the second quarter worth approximately $33,000. Finally, Northern Oak Wealth Management Inc. purchased a new position in Eaton during the 3rd quarter worth approximately $33,000. Institutional investors and hedge funds own 77.43% of the company’s stock.

In other news, insider Richard H. Fearon sold 34,000 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $90.05, for a total transaction of $3,061,700.00. Following the transaction, the insider now directly owns 200,384 shares in the company, valued at $18,044,579.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Deborah L. Mccoy sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $79.18, for a total transaction of $237,540.00. Following the transaction, the director now owns 29,936 shares in the company, valued at $2,370,332.48. The disclosure for this sale can be found here. Insiders have sold 55,000 shares of company stock worth $4,893,860 over the last quarter. 0.70% of the stock is owned by company insiders.

ETN has been the subject of a number of research reports. Deutsche Bank set a $96.00 target price on shares of Eaton and gave the company a “buy” rating in a research note on Wednesday, July 31st. Robert W. Baird lifted their target price on shares of Eaton from $80.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Credit Suisse Group lifted their target price on shares of Eaton from $89.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Wells Fargo & Co lifted their target price on shares of Eaton from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, Vertical Group downgraded shares of Eaton from a “buy” rating to a “hold” rating in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $90.92.

NYSE:ETN traded up $1.18 on Friday, reaching $92.09. The stock had a trading volume of 1,088,976 shares, compared to its average volume of 2,327,406. The company has a market capitalization of $37.59 billion, a P/E ratio of 17.08, a price-to-earnings-growth ratio of 1.81 and a beta of 1.42. Eaton Co. PLC has a 1-year low of $64.46 and a 1-year high of $92.15. The company has a quick ratio of 1.10, a current ratio of 1.72 and a debt-to-equity ratio of 0.52. The stock has a fifty day moving average price of $83.57 and a 200-day moving average price of $81.26.

Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported $1.52 EPS for the quarter, beating the Zacks’ consensus estimate of $1.51 by $0.01. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.51 billion. Eaton had a net margin of 11.06% and a return on equity of 15.15%. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.43 earnings per share. Sell-side analysts predict that Eaton Co. PLC will post 5.73 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be given a $0.71 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $2.84 dividend on an annualized basis and a yield of 3.08%. Eaton’s dividend payout ratio (DPR) is presently 52.69%.

Eaton Company Profile

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.

Further Reading: Basic Economics

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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