Clean Energy Transition LLP Sells 220,335 Shares of Eaton Co. plc (NYSE:ETN)

Clean Energy Transition LLP cut its position in shares of Eaton Co. plc (NYSE:ETN) by 74.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 74,317 shares of the industrial products company’s stock after selling 220,335 shares during the quarter. Eaton comprises 1.3% of Clean Energy Transition LLP’s portfolio, making the stock its 6th biggest position. Clean Energy Transition LLP’s holdings in Eaton were worth $24,632,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ETN. Concentric Capital Strategies LP increased its position in Eaton by 68.5% during the 3rd quarter. Concentric Capital Strategies LP now owns 33,627 shares of the industrial products company’s stock worth $11,145,000 after purchasing an additional 13,669 shares in the last quarter. Ascent Group LLC grew its stake in Eaton by 537.5% during the third quarter. Ascent Group LLC now owns 5,049 shares of the industrial products company’s stock worth $1,673,000 after buying an additional 4,257 shares during the period. Beacon Investment Advisory Services Inc. increased its position in shares of Eaton by 1.3% in the third quarter. Beacon Investment Advisory Services Inc. now owns 46,328 shares of the industrial products company’s stock worth $15,355,000 after acquiring an additional 575 shares in the last quarter. Benjamin Edwards Inc. purchased a new position in shares of Eaton in the 3rd quarter valued at $3,371,000. Finally, Avalon Global Asset Management LLC lifted its holdings in shares of Eaton by 49.8% during the 3rd quarter. Avalon Global Asset Management LLC now owns 45,100 shares of the industrial products company’s stock valued at $14,948,000 after acquiring an additional 15,000 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the transaction, the insider now directly owns 31,200 shares of the company’s stock, valued at $11,811,696. This represents a 4.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction 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. The trade was 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 worth $24,100,317 in the last three months. 0.53% of the stock is owned by insiders.

Eaton Stock Performance

Eaton stock opened at $375.42 on Monday. 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 Co. plc has a 12 month low of $224.61 and a 12 month high of $379.99. The company has a fifty day moving average price of $348.37 and a two-hundred day moving average price of $324.41. The company has a market cap of $148.37 billion, a PE ratio of 39.94, a P/E/G ratio of 2.84 and a beta of 1.01.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same period in the previous year, the business posted $2.47 EPS. The company’s quarterly revenue was up 7.9% on a year-over-year basis. Research analysts expect that Eaton Co. plc will post 10.8 earnings per share for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.00%. Eaton’s dividend payout ratio is currently 40.00%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Morgan Stanley initiated coverage on Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target for the company. Bank of America upped their price target on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Citigroup began coverage on shares of Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 target price for the company. Finally, Barclays dropped their price target on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $357.83.

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.