Eaton Corporation, PLC $ETN Stock Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC lessened its stake in shares of Eaton Corporation, PLC (NYSE:ETN) by 10.1% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 44,654 shares of the industrial products company’s stock after selling 5,005 shares during the period. Cornerstone Advisors LLC’s holdings in Eaton were worth $19,188,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Wellington Management Group LLP raised its stake in Eaton by 19.6% during the second quarter. Wellington Management Group LLP now owns 6,827,266 shares of the industrial products company’s stock worth $2,909,235,000 after acquiring an additional 1,120,567 shares in the last quarter. National Pension Service boosted its stake in shares of Eaton by 3.5% in the 2nd quarter. National Pension Service now owns 864,731 shares of the industrial products company’s stock valued at $368,479,000 after purchasing an additional 29,436 shares in the last quarter. Aberdeen Group plc boosted its stake in shares of Eaton by 24.1% in the 3rd quarter. Aberdeen Group plc now owns 838,318 shares of the industrial products company’s stock valued at $360,234,000 after purchasing an additional 162,941 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Eaton by 5.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 475,488 shares of the industrial products company’s stock worth $204,391,000 after purchasing an additional 25,003 shares during the last quarter. Finally, AMF Tjanstepension AB grew its holdings in shares of Eaton by 1.4% in the 3rd quarter. AMF Tjanstepension AB now owns 364,814 shares of the industrial products company’s stock worth $156,764,000 after purchasing an additional 5,168 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of NYSE:ETN opened at $352.35 on Friday. The business has a fifty day moving average of $401.20 and a 200-day moving average of $397.13. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.78 and a current ratio of 1.23. Eaton Corporation, PLC has a twelve month low of $311.92 and a twelve month high of $478.00. The firm has a market cap of $136.89 billion, a PE ratio of 35.20, a price-to-earnings-growth ratio of 2.26 and a beta of 1.15.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Tuesday, November 3rd. The industrial products company reported $3.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.54 by $0.14. Eaton had a net margin of 12.18% and a return on equity of 25.09%. The business had revenue of $8.95 billion for the quarter, compared to the consensus estimate of $8.53 billion. During the same quarter in the prior year, the company earned $3.07 EPS. The firm’s quarterly revenue was up 28.0% on a year-over-year basis. On average, equities research analysts predict that Eaton Corporation, PLC will post 13.78 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Tuesday, November 10th will be paid a $1.10 dividend. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.2%. Eaton’s payout ratio is currently 43.96%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Morgan Stanley lifted their price target on shares of Eaton from $500.00 to $520.00 and gave the company an “overweight” rating in a report on Friday, August 28th. Citigroup upped their price objective on shares of Eaton from $485.00 to $498.00 and gave the stock a “buy” rating in a research note on Monday, October 12th. Deutsche Bank raised their price objective on shares of Eaton from $493.00 to $521.00 and gave the stock a “buy” rating in a report on Wednesday, September 30th. HSBC lifted their target price on shares of Eaton from $440.00 to $460.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Finally, Weiss Ratings downgraded Eaton from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and an average price target of $476.86.

Eaton Profile

Eaton is a global power management company that designs and manufactures products and services intended to help customers manage electrical, hydraulic and mechanical power. Founded in 1911, the company serves customers across a range of industries, including utilities, commercial buildings, data centers, aerospace and transportation. Its offerings include electrical distribution and circuit protection equipment, power quality and backup systems, and power management software and services. Eaton also makes aerospace components and systems, as well as products for vehicle powertrains and related applications.