Mackenzie Financial Corp Trims Holdings in Eaton Co. plc (NYSE:ETN)

Mackenzie Financial Corp lowered its position in Eaton Co. plc (NYSE:ETN) by 0.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 101,816 shares of the industrial products company’s stock after selling 921 shares during the period. Mackenzie Financial Corp’s holdings in Eaton were worth $31,924,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. LifeSteps Financial Inc. acquired a new stake in Eaton during the 1st quarter valued at approximately $25,000. Breakwater Investment Management raised its holdings in shares of Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares during the last quarter. Atwood & Palmer Inc. lifted its position in Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 50 shares during the period. Proffitt & Goodson Inc. purchased a new stake in Eaton in the second quarter valued at $29,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in Eaton during the 1st quarter worth about $33,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Stock Down 1.4 %

ETN opened at $328.45 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The company has a market cap of $130.76 billion, a PE ratio of 38.78, a price-to-earnings-growth ratio of 2.53 and a beta of 1.01. The company has a 50-day moving average price of $301.03 and a 200 day moving average price of $313.73.

Eaton (NYSE:ETN) last released its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating the consensus estimate of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The business had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. Sell-side analysts expect that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date was Monday, August 5th. Eaton’s payout ratio is 44.39%.

Insider Activity

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now owns 9,900 shares in the company, valued at $2,858,328. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Dorothy C. Thompson acquired 2,205 shares of the stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the purchase, the director now directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The disclosure for this purchase can be found here. Insiders sold 52,511 shares of company stock worth $15,809,326 over the last three months. Insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ETN shares. Evercore ISI decreased their price objective on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Raymond James dropped their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Jefferies Financial Group boosted their target price on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Finally, Morgan Stanley began coverage on shares of Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $337.41.

Eaton Company 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.