Investment Management of Virginia LLC Trims Stock Position in Eaton Co. PLC (NYSE:ETN)

Investment Management of Virginia LLC lessened its stake in shares of Eaton Co. PLC (NYSE:ETN) by 2.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,440 shares of the industrial products company’s stock after selling 375 shares during the quarter. Investment Management of Virginia LLC’s holdings in Eaton were worth $1,283,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of ETN. Nuveen Asset Management LLC lifted its position in shares of Eaton by 16,401.5% during the 2nd quarter. Nuveen Asset Management LLC now owns 3,151,288 shares of the industrial products company’s stock worth $262,439,000 after buying an additional 3,132,191 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Eaton by 61.8% during the 2nd quarter. AQR Capital Management LLC now owns 3,988,837 shares of the industrial products company’s stock worth $331,074,000 after buying an additional 1,524,042 shares during the last quarter. Invesco Ltd. lifted its position in shares of Eaton by 28.1% during the 2nd quarter. Invesco Ltd. now owns 5,815,463 shares of the industrial products company’s stock worth $484,312,000 after buying an additional 1,276,325 shares during the last quarter. Eaton Vance Management lifted its position in shares of Eaton by 501.2% during the 2nd quarter. Eaton Vance Management now owns 929,311 shares of the industrial products company’s stock worth $77,393,000 after buying an additional 774,731 shares during the last quarter. Finally, Lansdowne Partners UK LLP lifted its position in shares of Eaton by 507.5% during the 2nd quarter. Lansdowne Partners UK LLP now owns 892,699 shares of the industrial products company’s stock worth $74,344,000 after buying an additional 745,762 shares during the last quarter. Institutional investors and hedge funds own 77.43% of the company’s stock.

Shares of Eaton stock traded down $0.34 during trading on Monday, reaching $91.88. The company’s stock had a trading volume of 82,900 shares, compared to its average volume of 2,354,764. The company has a 50-day moving average price of $83.71 and a two-hundred day moving average price of $81.29. The firm has a market cap of $37.59 billion, a PE ratio of 17.05, a P/E/G ratio of 1.81 and a beta of 1.42. Eaton Co. PLC has a fifty-two week low of $64.46 and a fifty-two week high of $92.37. The company has a current ratio of 1.72, a quick ratio of 1.10 and a debt-to-equity ratio of 0.52.

Eaton (NYSE:ETN) last announced its earnings results on Tuesday, October 29th. The industrial products company reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.01. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.51 billion. Eaton had a net margin of 11.06% and a return on equity of 15.15%. The company’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.43 EPS. On average, analysts predict that Eaton Co. PLC will post 5.73 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be paid a $0.71 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $2.84 annualized dividend and a yield of 3.09%. Eaton’s dividend payout ratio is currently 52.69%.

Several analysts have recently weighed in on the stock. Deutsche Bank set a $96.00 price objective on shares of Eaton and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Zacks Investment Research raised shares of Eaton from a “sell” rating to a “hold” rating and set a $94.00 target price on the stock in a report on Thursday, October 31st. Royal Bank of Canada set a $84.00 target price on shares of Eaton and gave the company a “hold” rating in a report on Wednesday, July 31st. Credit Suisse Group lifted their target price on shares of Eaton from $89.00 to $94.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, Wells Fargo & Co lifted their target price on shares of Eaton from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $90.92.

In other Eaton news, insider Joao V. Faria sold 1,000 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $86.89, for a total value of $86,890.00. Following the transaction, the insider now directly owns 52,841 shares of the company’s stock, valued at approximately $4,591,354.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Deborah L. Mccoy sold 3,000 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $79.18, for a total transaction of $237,540.00. Following the completion of the transaction, the director now directly owns 29,936 shares in the company, valued at $2,370,332.48. The disclosure for this sale can be found here. Insiders sold a total of 55,000 shares of company stock worth $4,893,860 over the last three months. 0.70% of the stock is currently owned by corporate 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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