Cornell Pochily Investment Advisors Inc. Has $348,000 Stake in Eaton Co. plc (NYSE:ETN)

Cornell Pochily Investment Advisors Inc. cut its position in Eaton Co. plc (NYSE:ETN) by 36.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,050 shares of the industrial products company’s stock after selling 590 shares during the quarter. Cornell Pochily Investment Advisors Inc.’s holdings in Eaton were worth $348,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Creative Planning lifted its position in shares of Eaton by 2.7% during the 3rd quarter. Creative Planning now owns 181,067 shares of the industrial products company’s stock worth $60,013,000 after buying an additional 4,705 shares during the last quarter. Wesbanco Bank Inc. lifted its holdings in shares of Eaton by 8.2% in the third quarter. Wesbanco Bank Inc. now owns 73,011 shares of the industrial products company’s stock worth $24,199,000 after acquiring an additional 5,539 shares during the last quarter. Elmwood Wealth Management Inc. acquired a new stake in shares of Eaton in the 3rd quarter valued at approximately $751,000. Affinity Wealth Management LLC grew its holdings in shares of Eaton by 0.7% during the 3rd quarter. Affinity Wealth Management LLC now owns 12,952 shares of the industrial products company’s stock valued at $4,293,000 after purchasing an additional 86 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new position in Eaton in the 3rd quarter valued at approximately $140,000. Institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ETN shares. Royal Bank of Canada decreased their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Wells Fargo & Company increased their target price on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Morgan Stanley started coverage on Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 price target on the stock. Barclays raised their price objective on shares of Eaton from $319.00 to $327.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Citigroup assumed coverage on shares of Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Eaton has an average rating of “Moderate Buy” and an average target price of $339.47.

Eaton Stock Up 1.3 %

ETN stock opened at $345.88 on Tuesday. The stock’s 50 day simple moving average is $309.18 and its 200 day simple moving average is $315.84. The company has a market cap of $138.28 billion, a P/E ratio of 40.84, a price-to-earnings-growth ratio of 2.58 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.94.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. The company had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. On average, research analysts expect that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were given a dividend of $0.94 per share. The ex-dividend date was Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.09%. Eaton’s dividend payout ratio is currently 44.39%.

Insider Activity

In related news, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the sale, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Dorothy C. Thompson bought 2,205 shares of Eaton stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $300.30 per share, with a total value of $662,161.50. Following the transaction, the director now directly 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 is accessible through the SEC website. Also, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the sale, the insider now directly owns 3,914 shares in the company, valued at $1,186,411.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock valued at $15,809,326 over the last three months. Corporate insiders own 0.53% of the company’s stock.

Eaton Company 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.