Wellington Management Group LLP Sells 2,874,090 Shares of Eaton Co. plc (NYSE:ETN)

Wellington Management Group LLP trimmed its stake in Eaton Co. plc (NYSE:ETN) by 99.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,642 shares of the industrial products company’s stock after selling 2,874,090 shares during the period. Wellington Management Group LLP’s holdings in Eaton were worth $3,526,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ETN. Qube Research & Technologies Ltd purchased a new position in Eaton in the 3rd quarter worth approximately $4,814,000. Schonfeld Strategic Advisors LLC purchased a new stake in Eaton during the 3rd quarter valued at $2,720,000. Jones Financial Companies Lllp increased its position in shares of Eaton by 322.9% in the third quarter. Jones Financial Companies Lllp now owns 351 shares of the industrial products company’s stock valued at $75,000 after acquiring an additional 268 shares during the period. AQR Capital Management LLC increased its holdings in Eaton by 47.7% during the 3rd quarter. AQR Capital Management LLC now owns 200,225 shares of the industrial products company’s stock valued at $42,704,000 after purchasing an additional 64,685 shares during the period. Finally, Shelton Capital Management lifted its holdings in Eaton by 5.6% in the 3rd quarter. Shelton Capital Management now owns 15,229 shares of the industrial products company’s stock worth $3,248,000 after buying an additional 813 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Eaton

In other news, insider Peter Denk sold 2,416 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the completion of the sale, the insider now owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.53% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on ETN. Bank of America raised their price target on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. The Goldman Sachs Group increased their price target on shares of Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Argus lifted their price objective on Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. HSBC increased their target price on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. Finally, JPMorgan Chase & Co. raised their price objective on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $318.06.

Eaton Stock Down 0.1 %

Shares of Eaton stock opened at $313.55 on Monday. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. The company’s 50 day moving average is $325.35 and its 200 day moving average is $293.12. The company has a market cap of $125.36 billion, a price-to-earnings ratio of 37.02, a price-to-earnings-growth ratio of 2.62 and a beta of 1.04.

Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The firm had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.91 billion. During the same period last year, the business posted $1.88 EPS. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. Research analysts anticipate that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend was Friday, May 3rd. Eaton’s payout ratio is 44.39%.

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.