Eaton Co. plc (NYSE:ETN) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA trimmed its position in Eaton Co. plc (NYSE:ETN) by 12.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,322,650 shares of the industrial products company’s stock after selling 1,488,708 shares during the quarter. Eaton makes up 1.0% of Massachusetts Financial Services Co. MA’s investment portfolio, making the stock its 14th largest position. Massachusetts Financial Services Co. MA’s holdings in Eaton were worth $3,236,667,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of ETN. Congress Wealth Management LLC DE raised its position in shares of Eaton by 8.1% during 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 acquiring an additional 5,725 shares in the last quarter. Norden Group LLC purchased a new position in shares of Eaton in the 1st quarter valued at $2,176,000. Weiss Asset Management LP purchased a new stake in Eaton in the fourth quarter valued at $1,001,000. Prospector Partners LLC boosted its stake in Eaton by 0.6% in the fourth quarter. Prospector Partners LLC now owns 71,307 shares of the industrial products company’s stock valued at $17,172,000 after acquiring an additional 415 shares in the last quarter. Finally, Griffin Asset Management Inc. purchased a new position in shares of Eaton during the first quarter worth about $813,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Price Performance

Shares of NYSE ETN opened at $305.80 on Monday. 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 one year low of $191.82 and a one year high of $345.19. The firm has a market capitalization of $122.26 billion, a P/E ratio of 36.10, a PEG ratio of 2.28 and a beta of 1.01. The company’s fifty day moving average is $300.56 and its two-hundred day moving average is $311.83.

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 the consensus estimate 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 analyst estimates of $6.35 billion. Analysts forecast that Eaton Co. plc will post 10.74 EPS for the current fiscal 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 given a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.23%. Eaton’s payout ratio is 44.39%.

Insider Buying and Selling at Eaton

In other Eaton news, Director Dorothy C. Thompson acquired 2,205 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the transaction, the director now directly owns 2,205 shares of the company’s stock, valued at $662,161.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Eaton news, Director Dorothy C. Thompson bought 2,205 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the transaction, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karenann K. Terrell purchased 500 shares of the stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the transaction, the director now directly owns 500 shares of the company’s stock, valued at $149,485. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 52,511 shares of company stock valued at $15,809,326. Insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

ETN has been the topic of a number of research reports. Barclays raised their price target on Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Wells Fargo & Company reduced their price target on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Raymond James dropped their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, Morgan Stanley started coverage on Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $335.18.

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.