MAI Capital Management Cuts Position in Eaton Co. plc (NYSE:ETN)

MAI Capital Management lowered its position in shares of Eaton Co. plc (NYSE:ETN) by 4.5% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 101,729 shares of the industrial products company’s stock after selling 4,804 shares during the quarter. MAI Capital Management’s holdings in Eaton were worth $33,717,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. IAM Advisory LLC purchased a new position in shares of Eaton in the 2nd quarter valued at $599,000. Interval Partners LP raised its position in Eaton by 82.7% in the second quarter. Interval Partners LP now owns 151,716 shares of the industrial products company’s stock valued at $47,571,000 after purchasing an additional 68,693 shares during the period. Scientech Research LLC boosted its position in shares of Eaton by 285.5% in the second quarter. Scientech Research LLC now owns 5,744 shares of the industrial products company’s stock worth $1,801,000 after buying an additional 4,254 shares during the period. B. Riley Wealth Advisors Inc. raised its holdings in shares of Eaton by 25.9% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 27,609 shares of the industrial products company’s stock valued at $8,657,000 after buying an additional 5,676 shares during the period. Finally, Leavell Investment Management Inc. lifted its position in Eaton by 67.6% during the 2nd quarter. Leavell Investment Management Inc. now owns 8,556 shares of the industrial products company’s stock worth $2,683,000 after acquiring an additional 3,452 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Activity

In related news, insider Craig Arnold sold 61,569 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the transaction, the insider now owns 506,360 shares in the company, valued at $182,780,769.20. This trade represents a 10.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Karenann K. Terrell acquired 500 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were bought at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the acquisition, the director now owns 500 shares in the company, valued at approximately $149,485. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 68,705 shares of company stock worth $24,516,346. 0.53% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ETN. Mizuho lifted their price objective on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. UBS Group began coverage on shares of Eaton in a research note on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target for the company. Citigroup started coverage on shares of Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 price objective on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $374.00 target price on shares of Eaton in a research report on Friday, November 1st. Finally, Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and a consensus price target of $357.83.

Eaton Stock Performance

Shares of NYSE ETN opened at $358.99 on Monday. Eaton Co. plc has a 12-month low of $224.52 and a 12-month high of $373.49. The company has a market cap of $141.87 billion, a PE ratio of 38.19, a P/E/G ratio of 2.85 and a beta of 1.01. The stock has a 50 day simple moving average of $335.82 and a 200-day simple moving average of $321.44. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter in the prior year, the business posted $2.47 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, equities research analysts forecast that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be given a $0.94 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.05%. Eaton’s dividend payout ratio (DPR) is 40.00%.

Eaton Profile

Eaton Corporation plc operates as a power management company worldwide. The company’s Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.