Forum Financial Management LP Cuts Stake in Eaton Co. plc (NYSE:ETN)

Forum Financial Management LP reduced its position in shares of Eaton Co. plc (NYSE:ETN) by 8.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,069 shares of the industrial products company’s stock after selling 383 shares during the quarter. Forum Financial Management LP’s holdings in Eaton were worth $1,276,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LifeSteps Financial Inc. bought a new stake in Eaton during the 1st quarter valued at $25,000. Atwood & Palmer Inc. raised its holdings 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 in the last quarter. Proffitt & Goodson Inc. bought a new position in Eaton in the 2nd quarter worth $29,000. Redmont Wealth Advisors LLC bought a new position in Eaton in the 1st quarter worth $33,000. Finally, Clear Investment Research LLC bought a new position in Eaton in the 4th quarter worth $29,000. 82.97% of the stock is currently owned by institutional investors.

Eaton Stock Performance

Shares of ETN stock opened at $307.02 on Friday. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19. The company’s 50-day moving average is $305.37 and its 200 day moving average is $310.17. The company has a market capitalization of $122.75 billion, a price-to-earnings ratio of 36.25, a price-to-earnings-growth ratio of 2.47 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.56.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. Sell-side analysts expect that Eaton Co. plc will post 10.66 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s payout ratio is presently 44.39%.

Insider Activity

In other news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the sale, the insider now owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 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 is accessible through this link. Also, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the transaction, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. The disclosure for this sale can be found here. Insiders have sold a total of 52,511 shares of company stock valued at $15,809,326 in the last 90 days. 0.53% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Wells Fargo & Company decreased their price objective 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. HSBC upped their price objective on shares of Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. Royal Bank of Canada reduced their target price 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. Evercore ISI reduced their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Finally, Raymond James initiated coverage on shares of Eaton in a research report on Friday, June 28th. They issued an “outperform” rating and a $375.00 target price on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Eaton currently has an average rating of “Moderate Buy” and an average price target of $328.00.

About Eaton

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.