Eaton Co. plc (NYSE:ETN) Shares Sold by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC reduced its position in shares of Eaton Co. plc (NYSE:ETN) by 5.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,529 shares of the industrial products company’s stock after selling 732 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Eaton were worth $4,490,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ETN. Strategic Wealth Partners Ltd. boosted its position in shares of Eaton by 3.0% in the third quarter. Strategic Wealth Partners Ltd. now owns 1,027 shares of the industrial products company’s stock worth $340,000 after buying an additional 30 shares during the period. Fairfield Financial Advisors LTD lifted its stake in Eaton by 16.2% in the 3rd quarter. Fairfield Financial Advisors LTD now owns 215 shares of the industrial products company’s stock worth $71,000 after acquiring an additional 30 shares in the last quarter. Westmount Partners LLC boosted its position in Eaton by 3.1% during the 4th quarter. Westmount Partners LLC now owns 985 shares of the industrial products company’s stock worth $327,000 after acquiring an additional 30 shares during the period. Venturi Wealth Management LLC grew its stake in Eaton by 2.1% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,549 shares of the industrial products company’s stock valued at $513,000 after acquiring an additional 32 shares in the last quarter. Finally, Austin Private Wealth LLC increased its holdings in shares of Eaton by 3.7% in the 3rd quarter. Austin Private Wealth LLC now owns 929 shares of the industrial products company’s stock valued at $308,000 after purchasing an additional 33 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Performance

Shares of Eaton stock traded down $0.85 during midday trading on Monday, hitting $340.60. The company had a trading volume of 2,523,144 shares, compared to its average volume of 2,292,568. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. Eaton Co. plc has a 1-year low of $236.04 and a 1-year high of $379.99. The business’s 50 day simple moving average is $355.14 and its two-hundred day simple moving average is $328.96. The stock has a market cap of $134.61 billion, a PE ratio of 36.23, a P/E/G ratio of 2.70 and a beta of 1.06.

Eaton (NYSE:ETN) last released its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter last year, the company earned $2.47 earnings per share. The firm’s revenue was up 7.9% on a year-over-year basis. As a group, equities analysts predict that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insider Transactions at Eaton

In related news, Director Gregory R. Page sold 10,000 shares of Eaton stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the completion of the transaction, the director now directly owns 43,203 shares of the company’s stock, valued at $15,379,403.94. This trade represents a 18.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the sale, the insider now directly owns 506,360 shares in the company, valued at $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 76,981 shares of company stock valued at $27,660,117. Company insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

ETN has been the topic of a number of research analyst reports. Sanford C. Bernstein initiated coverage on shares of Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price objective on the stock. Jefferies Financial Group boosted their price target on shares of Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a report on Friday, December 6th. UBS Group began coverage on Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price objective for the company. Barclays upped their target price on Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Finally, Mizuho lifted their price target on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $367.61.

About Eaton

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.