Chevy Chase Trust Holdings LLC Lowers Position in Eaton Co. plc (NYSE:ETN)

Chevy Chase Trust Holdings LLC decreased its position in shares of Eaton Co. plc (NYSE:ETN) by 2.1% during the third quarter, according to its most recent filing with the SEC. The firm owned 214,154 shares of the industrial products company’s stock after selling 4,589 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.05% of Eaton worth $70,979,000 at the end of the most recent quarter.

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

Eaton Trading Up 0.7 %

Shares of ETN stock opened at $377.90 on Monday. Eaton Co. plc has a 1 year low of $224.61 and a 1 year high of $379.99. The firm has a fifty day moving average price of $348.37 and a 200-day moving average price of $324.41. The company has a market cap of $149.35 billion, a price-to-earnings ratio of 39.94, a PEG ratio of 2.84 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business 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 business’s quarterly revenue was up 7.9% on a year-over-year basis. As a group, equities analysts predict that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were given a $0.94 dividend. The ex-dividend date was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.99%. Eaton’s payout ratio is currently 40.00%.

Analysts Set New Price Targets

A number of research firms recently weighed in on ETN. Evercore ISI lowered Eaton from an “outperform” rating to an “inline” rating and raised their price objective for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Morgan Stanley assumed coverage on Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target for the company. Sanford C. Bernstein initiated coverage on shares of Eaton in a research note on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price objective for the company. Wells Fargo & Company upped their target price on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Finally, Bank of America boosted their price objective on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $357.83.

Insider Transactions at Eaton

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $378.58, for a total transaction of $534,554.96. Following the completion of the sale, the insider now owns 31,200 shares in the company, valued at approximately $11,811,696. This trade represents a 4.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the sale, the director now directly owns 51,422 shares in the company, valued at $17,241,796.60. This trade represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,981 shares of company stock valued at $24,100,317 over the last three months. Corporate insiders own 0.53% of the company’s stock.

About Eaton

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.