Cornerstone Investment Partners LLC Trims Stock Position in Eaton Co. PLC (NYSE:ETN)

Cornerstone Investment Partners LLC cut its stake in shares of Eaton Co. PLC (NYSE:ETN) by 23.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 225,290 shares of the industrial products company’s stock after selling 70,900 shares during the quarter. Cornerstone Investment Partners LLC owned approximately 0.06% of Eaton worth $19,708,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of ETN. AllSquare Wealth Management LLC purchased a new position in Eaton in the first quarter valued at $27,000. NuWave Investment Management LLC purchased a new position in Eaton in the second quarter valued at $32,000. Lenox Wealth Management Inc. increased its holdings in Eaton by 53.0% in the first quarter. Lenox Wealth Management Inc. now owns 439 shares of the industrial products company’s stock valued at $34,000 after buying an additional 152 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in Eaton in the first quarter valued at $34,000. Finally, Red Door Wealth Management LLC purchased a new position in Eaton in the first quarter valued at $36,000. 78.16% of the stock is currently owned by institutional investors and hedge funds.

NYSE:ETN traded down $1.33 on Friday, hitting $93.13. The stock had a trading volume of 1,664,194 shares, compared to its average volume of 1,480,001. The company has a quick ratio of 1.28, a current ratio of 1.50 and a debt-to-equity ratio of 0.51. The stock has a market cap of $37.26 billion, a price-to-earnings ratio of 24.97, a PEG ratio of 2.31 and a beta of 1.14. The company has a fifty day moving average price of $89.39 and a two-hundred day moving average price of $87.38. Eaton Co. PLC has a 1-year low of $56.42 and a 1-year high of $105.78.

Eaton (NYSE:ETN) last posted its earnings results on Wednesday, July 29th. The industrial products company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.17. The company had revenue of $3.90 billion for the quarter, compared to analyst estimates of $3.65 billion. Eaton had a net margin of 8.03% and a return on equity of 12.73%. Eaton’s revenue was down 29.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.53 EPS. As a group, analysts anticipate that Eaton Co. PLC will post 3.78 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be issued a $0.73 dividend. The ex-dividend date is Thursday, August 13th. This represents a $2.92 annualized dividend and a yield of 3.14%. Eaton’s payout ratio is 51.50%.

In other news, Director Michael J. Critelli sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $84.71, for a total value of $211,775.00. Following the transaction, the director now directly owns 50,566 shares in the company, valued at approximately $4,283,445.86. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael J. Critelli sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. Following the completion of the transaction, the director now owns 50,566 shares in the company, valued at $4,096,351.66. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,961 shares of company stock worth $2,661,001. Company insiders own 0.54% of the company’s stock.

A number of research firms have weighed in on ETN. UBS Group lifted their price objective on shares of Eaton from $90.00 to $93.00 and gave the company a “buy” rating in a report on Friday, May 8th. Wells Fargo & Co boosted their target price on shares of Eaton from $92.00 to $110.00 in a research note on Thursday. Deutsche Bank boosted their target price on shares of Eaton from $104.00 to $111.00 and gave the stock a “buy” rating in a research note on Thursday. Credit Suisse Group boosted their target price on shares of Eaton from $94.00 to $102.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Oppenheimer reissued a “buy” rating and set a $100.00 target price on shares of Eaton in a research note on Friday. Ten research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $95.59.

About Eaton

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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