Griffin Asset Management Inc. Sells 571 Shares of Eaton Co. PLC (NYSE:ETN)

Griffin Asset Management Inc. trimmed its stake in shares of Eaton Co. PLC (NYSE:ETN) by 9.0% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 5,787 shares of the industrial products company’s stock after selling 571 shares during the quarter. Griffin Asset Management Inc.’s holdings in Eaton were worth $481,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in 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 valued at $262,439,000 after acquiring an additional 3,132,191 shares during the period. 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 valued at $331,074,000 after acquiring an additional 1,524,042 shares during the period. Invesco Ltd. raised its holdings 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 in the last quarter. Eaton Vance Management raised its holdings 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 in the last quarter. Finally, Lansdowne Partners UK LLP raised its holdings 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 in the last quarter. Hedge funds and other institutional investors own 78.73% of the company’s stock.

In related news, insider Joao V. Faria sold 1,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $86.89, for a total transaction of $86,890.00. Following the sale, the insider now owns 52,841 shares in the company, valued at approximately $4,591,354.49. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Deborah L. Mccoy sold 3,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $79.18, for a total value of $237,540.00. Following the sale, the director now owns 29,936 shares in the company, valued at approximately $2,370,332.48. The disclosure for this sale can be found here. In the last three months, insiders sold 55,000 shares of company stock valued at $4,893,860. Insiders own 0.70% of the company’s stock.

ETN traded up $0.55 on Tuesday, reaching $92.43. The stock had a trading volume of 2,635,435 shares, compared to its average volume of 2,283,589. The company has a market capitalization of $38.12 billion, a price-to-earnings ratio of 17.15, a price-to-earnings-growth ratio of 1.84 and a beta of 1.42. The firm has a 50-day moving average of $84.05 and a 200-day moving average of $81.36. 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 Co. PLC has a fifty-two week low of $64.46 and a fifty-two week high of $92.37.

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

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders 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 dividend yield of 3.07%. Eaton’s payout ratio is 52.69%.

A number of research firms have recently commented on ETN. Vertical Group cut Eaton from a “buy” rating to a “hold” rating in a report on Wednesday, October 9th. Deutsche Bank set a $96.00 price target on Eaton and gave the stock a “buy” rating in a report on Wednesday, July 31st. Oppenheimer raised Eaton from a “market perform” rating to an “outperform” rating and set a $95.00 price target for the company in a report on Wednesday, October 16th. Vertical Research cut Eaton from a “buy” rating to a “hold” rating and set a $85.00 price target for the company. in a report on Wednesday, October 9th. Finally, Robert W. Baird boosted their price target on Eaton from $80.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company’s stock. Eaton presently has an average rating of “Hold” and a consensus target price of $91.29.

Eaton Company 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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