Klingenstein Fields & Co. LP Decreases Stake in Eaton Co. plc (NYSE:ETN)

Klingenstein Fields & Co. LP lessened its stake in shares of Eaton Co. plc (NYSE:ETN) by 1.0% in the third quarter, HoldingsChannel.com reports. The firm owned 96,774 shares of the industrial products company’s stock after selling 1,020 shares during the quarter. Eaton comprises approximately 1.3% of Klingenstein Fields & Co. LP’s holdings, making the stock its 29th largest holding. Klingenstein Fields & Co. LP’s holdings in Eaton were worth $32,075,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Breakwater Investment Management grew its holdings in Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 78 shares during the last quarter. Proffitt & Goodson Inc. purchased a new stake in shares of Eaton during the second quarter worth about $29,000. LGT Financial Advisors LLC bought a new stake in shares of Eaton in the second quarter worth about $33,000. West Financial Advisors LLC purchased a new position in Eaton during the 3rd quarter valued at about $35,000. Finally, DiNuzzo Private Wealth Inc. bought a new position in Eaton during the 2nd quarter valued at approximately $37,000. Institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

ETN opened at $336.00 on Monday. The firm has a market cap of $133.76 billion, a PE ratio of 35.64, a P/E/G ratio of 2.53 and a beta of 1.01. The stock has a 50-day moving average price of $323.09 and a 200-day moving average price of $318.36. Eaton Co. plc has a 1 year low of $211.99 and a 1 year high of $349.74. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.07.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.47 earnings per share. Sell-side analysts predict that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.12%. Eaton’s payout ratio is 40.00%.

Insiders Place Their Bets

In other news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton 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 completion of the sale, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the transaction, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the transaction, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Raymond James reduced their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Evercore ISI reduced their price objective 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. Morgan Stanley initiated coverage on shares of Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Wells Fargo & Company lifted their target price on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Finally, Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $341.00.

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.