5,005 Eaton Corporation, PLC $ETN Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC cut its holdings in shares of Eaton Corporation, PLC (NYSE:ETN) by 10.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 44,654 shares of the industrial products company’s stock after selling 5,005 shares during the quarter. Cornerstone Advisors LLC’s holdings in Eaton were worth $19,188,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Wellington Management Group LLP increased its holdings in shares of Eaton by 19.6% in the 2nd quarter. Wellington Management Group LLP now owns 6,827,266 shares of the industrial products company’s stock valued at $2,909,235,000 after purchasing an additional 1,120,567 shares during the period. Sustainable Growth Advisers LP acquired a new stake in shares of Eaton during the third quarter worth approximately $85,752,000. Clal Insurance Enterprises Holdings Ltd grew its position in Eaton by 112.6% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 336,060 shares of the industrial products company’s stock valued at $120,199,000 after purchasing an additional 178,000 shares in the last quarter. Aberdeen Group plc increased its stake in Eaton by 24.1% in the 3rd quarter. Aberdeen Group plc now owns 838,318 shares of the industrial products company’s stock valued at $360,234,000 after buying an additional 162,941 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new position in Eaton in the 2nd quarter valued at approximately $64,858,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Shares of Eaton stock opened at $352.35 on Friday. Eaton Corporation, PLC has a fifty-two week low of $311.92 and a fifty-two week high of $478.00. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.23 and a quick ratio of 0.78. The company has a market cap of $136.89 billion, a PE ratio of 35.20, a price-to-earnings-growth ratio of 2.26 and a beta of 1.15. The firm has a fifty day moving average price of $401.20 and a two-hundred day moving average price of $397.13.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, November 3rd. The industrial products company reported $3.68 EPS for the quarter, topping analysts’ consensus estimates of $3.54 by $0.14. The company had revenue of $8.95 billion during the quarter, compared to the consensus estimate of $8.53 billion. Eaton had a return on equity of 25.09% and a net margin of 12.18%. The company’s quarterly revenue was up 28.0% on a year-over-year basis. During the same quarter last year, the company earned $3.07 EPS. Analysts expect that Eaton Corporation, PLC will post 13.78 EPS for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Tuesday, November 10th will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Tuesday, November 10th. Eaton’s payout ratio is 43.96%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ETN shares. HSBC lifted their target price on shares of Eaton from $440.00 to $460.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Morgan Stanley upped their price target on shares of Eaton from $500.00 to $520.00 and gave the stock an “overweight” rating in a research note on Friday, August 28th. Wells Fargo & Company cut their price objective on Eaton from $503.00 to $485.00 and set an “overweight” rating for the company in a report on Wednesday, November 4th. Mizuho set a $485.00 price objective on Eaton in a research report on Wednesday, November 4th. Finally, Citigroup lifted their price objective on Eaton from $485.00 to $498.00 and gave the company a “buy” rating in a research report on Monday, October 12th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $476.86.

Eaton Company Profile

Eaton is a global power management company that designs and manufactures products and services intended to help customers manage electrical, hydraulic and mechanical power. Founded in 1911, the company serves customers across a range of industries, including utilities, commercial buildings, data centers, aerospace and transportation. Its offerings include electrical distribution and circuit protection equipment, power quality and backup systems, and power management software and services. Eaton also makes aerospace components and systems, as well as products for vehicle powertrains and related applications.