Transce3nd LLC Reduces Position in Eaton Corporation, PLC (NYSE:ETN)

Transce3nd LLC lowered its holdings in Eaton Corporation, PLC (NYSE:ETN) by 3.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 999 shares of the industrial products company’s stock after selling 38 shares during the period. Transce3nd LLC’s holdings in Eaton were worth $272,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Eaton by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company’s stock valued at $12,351,506,000 after acquiring an additional 99,291 shares during the period. FMR LLC grew its holdings in shares of Eaton by 1.2% during the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company’s stock valued at $5,051,807,000 after purchasing an additional 182,455 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Eaton by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock valued at $2,714,677,000 after purchasing an additional 129,071 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in shares of Eaton by 4.3% during the fourth quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company’s stock valued at $1,550,226,000 after purchasing an additional 192,482 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Eaton by 8.8% in the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock worth $1,518,207,000 after buying an additional 368,241 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Transactions at Eaton

In other Eaton news, insider Michael Yelton sold 2,120 shares of the firm’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the transaction, the insider owned 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Craig Arnold sold 103,486 shares of the firm’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the transaction, the insider owned 490,208 shares of the company’s stock, valued at approximately $158,214,632. This represents a 17.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 156,660 shares of company stock valued at $49,622,894. Corporate insiders own 0.30% of the company’s stock.

Eaton Stock Up 4.8%

ETN stock opened at $380.49 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The company has a 50-day moving average of $337.91 and a two-hundred day moving average of $314.48. Eaton Corporation, PLC has a 52-week low of $231.85 and a 52-week high of $387.50. The stock has a market capitalization of $148.88 billion, a price-to-earnings ratio of 38.39, a price-to-earnings-growth ratio of 2.74 and a beta of 1.17.

Eaton (NYSE:ETN) last released its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.70 by $0.02. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The business had revenue of $6.38 billion during the quarter, compared to analysts’ expectations of $6.26 billion. During the same quarter last year, the company earned $2.40 earnings per share. The firm’s revenue was up 7.3% on a year-over-year basis. As a group, equities research analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend was Monday, May 5th. Eaton’s dividend payout ratio is 41.98%.

Wall Street Analysts Forecast Growth

ETN has been the subject of a number of recent analyst reports. BNP Paribas Exane began coverage on Eaton in a report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective for the company. Evercore ISI increased their price objective on Eaton from $326.00 to $349.00 and gave the company an “in-line” rating in a research report on Monday, May 19th. Barclays upped their price target on shares of Eaton from $323.00 to $340.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 9th. Morgan Stanley dropped their price target on shares of Eaton from $385.00 to $375.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 6th. Finally, Wall Street Zen raised shares of Eaton from a “hold” rating to a “buy” rating in a research note on Saturday, July 5th. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and a consensus price target of $377.89.

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.