Eaton Co. plc (NYSE:ETN) Shares Sold by Element Capital Management LLC

Element Capital Management LLC cut its stake in Eaton Co. plc (NYSE:ETN) by 51.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,069 shares of the industrial products company’s stock after selling 3,272 shares during the quarter. Element Capital Management LLC’s holdings in Eaton were worth $962,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of ETN. Lyell Wealth Management LP lifted its stake in shares of Eaton by 6.8% in the 2nd quarter. Lyell Wealth Management LP now owns 1,107 shares of the industrial products company’s stock valued at $347,000 after purchasing an additional 70 shares during the period. J.W. Cole Advisors Inc. raised its position in shares of Eaton by 1.7% in the second quarter. J.W. Cole Advisors Inc. now owns 2,053 shares of the industrial products company’s stock worth $644,000 after acquiring an additional 35 shares during the period. Prosperity Consulting Group LLC boosted its stake in shares of Eaton by 11.3% during the 2nd quarter. Prosperity Consulting Group LLC now owns 2,221 shares of the industrial products company’s stock worth $696,000 after acquiring an additional 225 shares in the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of Eaton by 2.6% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 51,020 shares of the industrial products company’s stock valued at $15,997,000 after acquiring an additional 1,313 shares during the period. Finally, Parallel Advisors LLC increased its stake in shares of Eaton by 4.9% in the 2nd quarter. Parallel Advisors LLC now owns 7,444 shares of the industrial products company’s stock valued at $2,334,000 after purchasing an additional 347 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

ETN stock opened at $305.80 on Friday. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The firm has a market capitalization of $121.74 billion, a PE ratio of 36.10, a price-to-earnings-growth 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. The business has a 50 day simple moving average of $300.56 and a 200-day simple moving average of $311.66.

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

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were issued a $0.94 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.23%. Eaton’s payout ratio is 44.39%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ETN shares. Morgan Stanley assumed coverage on Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 price target on the stock. Raymond James decreased their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Royal Bank of Canada cut their price target on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Evercore ISI decreased their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Finally, Barclays boosted their target price on shares of Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $335.18.

Insider Transactions at Eaton

In other Eaton news, Director Dorothy C. Thompson acquired 2,205 shares of the stock in a transaction that occurred on 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 transaction, the director now owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dorothy C. Thompson bought 2,205 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the acquisition, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. The disclosure for this purchase can be found here. Insiders sold 52,511 shares of company stock worth $15,809,326 in the last 90 days. Insiders own 0.53% of the company’s stock.

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.