Keybank National Association OH Reduces Stake in Eaton Co. PLC (NYSE:ETN)

Keybank National Association OH cut its position in Eaton Co. PLC (NYSE:ETN) by 1.3% in the second quarter, Holdings Channel reports. The firm owned 346,196 shares of the industrial products company’s stock after selling 4,514 shares during the period. Keybank National Association OH’s holdings in Eaton were worth $28,831,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Financial Gravity Wealth Inc. acquired a new stake in shares of Eaton in the 1st quarter valued at about $25,000. Arcadia Investment Management Corp MI acquired a new stake in shares of Eaton in the 2nd quarter valued at about $25,000. Destination Wealth Management boosted its position in shares of Eaton by 103.2% in the 1st quarter. Destination Wealth Management now owns 319 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 162 shares during the period. Hexavest Inc. acquired a new stake in shares of Eaton in the 2nd quarter valued at about $28,000. Finally, Alera Investment Advisors LLC boosted its position in shares of Eaton by 82.9% in the 1st quarter. Alera Investment Advisors LLC now owns 384 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 174 shares during the period. 77.35% of the stock is owned by hedge funds and other institutional investors.

Eaton stock traded down $4.29 during mid-day trading on Wednesday, reaching $75.12. 89,750 shares of the company were exchanged, compared to its average volume of 2,398,159. Eaton Co. PLC has a twelve month low of $64.46 and a twelve month high of $89.46. The stock has a 50-day moving average price of $80.79. The company has a current ratio of 1.83, a quick ratio of 1.18 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $32.54 billion, a price-to-earnings ratio of 14.05, a PEG ratio of 1.54 and a beta of 1.44.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. Eaton had a return on equity of 14.88% and a net margin of 10.16%. The company had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.63 billion. During the same period last year, the firm earned $1.39 EPS. The firm’s revenue for the quarter was up .8% on a year-over-year basis. Sell-side analysts predict that Eaton Co. PLC will post 5.88 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, August 2nd will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, August 1st. This represents a $2.84 dividend on an annualized basis and a yield of 3.78%. Eaton’s payout ratio is 52.69%.

ETN has been the subject of a number of research analyst reports. Deutsche Bank set a $96.00 target price on Eaton and gave the company a “buy” rating in a research report on Wednesday, July 31st. Morgan Stanley upped their target price on Eaton from $88.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Royal Bank of Canada set a $84.00 target price on Eaton and gave the company a “hold” rating in a research report on Wednesday, July 31st. Finally, Barclays reissued a “sell” rating and issued a $76.00 target price on shares of Eaton in a research report on Thursday, June 6th. Three analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $88.55.

In other news, insider Richard H. Fearon sold 80,592 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $82.75, for a total value of $6,668,988.00. Following the completion of the sale, the insider now directly owns 270,097 shares of the company’s stock, valued at approximately $22,350,526.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joao V. Faria sold 4,301 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $80.00, for a total value of $344,080.00. Following the completion of the sale, the insider now directly owns 58,688 shares of the company’s stock, valued at $4,695,040. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by company insiders.

Eaton Profile

Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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