Fmr LLC Sells 5,032,549 Shares of Eaton Co. plc (NYSE:ETN)

Fmr LLC trimmed its position in shares of Eaton Co. plc (NYSE:ETN) by 25.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,039,793 shares of the industrial products company’s stock after selling 5,032,549 shares during the quarter. Fmr LLC owned 3.81% of Eaton worth $4,984,789,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in ETN. Breakwater Investment Management grew its stake in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 78 shares in the last quarter. Proffitt & Goodson Inc. bought a new stake in Eaton in the second quarter valued at approximately $29,000. LGT Financial Advisors LLC purchased a new stake in Eaton during the 2nd quarter valued at $33,000. West Financial Advisors LLC bought a new stake in shares of Eaton in the third quarter worth about $35,000. Finally, DiNuzzo Private Wealth Inc. bought a new stake in shares of Eaton in the 2nd quarter worth approximately $37,000. 82.97% of the stock is owned by institutional investors.

Analyst Ratings Changes

ETN has been the topic of a number of research analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $374.00 target price on shares of Eaton in a report on Friday, November 1st. Citigroup assumed coverage on shares of Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 target price on the stock. Morgan Stanley started coverage on Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, UBS Group assumed coverage on shares of Eaton in a research note on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $357.83.

Insiders Place Their Bets

In other Eaton news, insider Michael Yelton sold 3,136 shares of the 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 transaction, the insider now owns 3,914 shares of the company’s stock, valued at $1,186,411.68. This represents a 44.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Dorothy C. Thompson bought 2,205 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 68,705 shares of company stock worth $24,516,346. Corporate insiders own 0.33% of the company’s stock.

Eaton Stock Down 0.2 %

Shares of NYSE ETN opened at $376.56 on Tuesday. Eaton Co. plc has a 12-month low of $224.52 and a 12-month high of $379.12. The stock has a market cap of $148.81 billion, a P/E ratio of 40.06, a PEG ratio of 2.99 and a beta of 1.01. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The business’s fifty day simple moving average is $344.15 and its 200-day simple moving average is $323.22.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same period in the previous year, the company earned $2.47 earnings per share. Eaton’s quarterly revenue was up 7.9% compared to the same quarter last year. 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. Stockholders of record on Monday, November 4th were issued a $0.94 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.00%. Eaton’s dividend payout ratio is currently 40.00%.

Eaton 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.