Bahl & Gaynor Inc. Lowers Stock Position in Eaton Co. plc (NYSE:ETN)

Bahl & Gaynor Inc. reduced its stake in shares of Eaton Co. plc (NYSE:ETN) by 9.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,181,554 shares of the industrial products company’s stock after selling 129,064 shares during the period. Eaton accounts for 2.1% of Bahl & Gaynor Inc.’s portfolio, making the stock its 14th biggest holding. Bahl & Gaynor Inc.’s holdings in Eaton were worth $370,476,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Congress Wealth Management LLC DE lifted its holdings in Eaton by 8.1% in the 4th quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock worth $18,479,000 after purchasing an additional 5,725 shares in the last quarter. Norden Group LLC purchased a new position in Eaton in the 1st quarter worth about $2,176,000. Weiss Asset Management LP purchased a new position in Eaton in the 4th quarter worth about $1,001,000. Prospector Partners LLC increased its stake in Eaton by 0.6% in the 4th quarter. Prospector Partners LLC now owns 71,307 shares of the industrial products company’s stock worth $17,172,000 after buying an additional 415 shares during the period. Finally, Griffin Asset Management Inc. purchased a new position in Eaton in the 1st quarter worth about $813,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on ETN shares. Raymond James cut their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday. Morgan Stanley assumed coverage on Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price on the stock. Wells Fargo & Company dropped their target price on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Evercore ISI cut their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Finally, Barclays lifted their price objective on shares of Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Eaton presently has an average rating of “Moderate Buy” and a consensus target price of $335.18.

Insiders Place Their Bets

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Michael Yelton sold 3,136 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the sale, the insider now directly owns 3,914 shares of the company’s stock, valued at approximately $1,186,411.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’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 transaction 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 disclosure for this sale can be found here. Insiders have sold 52,511 shares of company stock valued at $15,809,326 over the last ninety days. Company insiders own 0.53% of the company’s stock.

Eaton Price Performance

Shares of ETN stock opened at $288.30 on Wednesday. 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 firm’s 50-day moving average is $301.53 and its two-hundred day moving average is $311.47. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The company has a market capitalization of $115.26 billion, a PE ratio of 34.04, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The company had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. Analysts predict that Eaton Co. plc will post 10.74 earnings per share for the current 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 paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

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.