Perkins Coie Trust Co Has $10.23 Million Holdings in Eaton Co. plc (NYSE:ETN)

Perkins Coie Trust Co decreased its holdings in shares of Eaton Co. plc (NYSE:ETN) by 0.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 30,865 shares of the industrial products company’s stock after selling 56 shares during the quarter. Eaton accounts for about 2.3% of Perkins Coie Trust Co’s investment portfolio, making the stock its 8th biggest position. Perkins Coie Trust Co’s holdings in Eaton were worth $10,230,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of ETN. Breakwater Investment Management lifted its holdings in Eaton by 1,560.0% during the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after buying an additional 78 shares in the last quarter. Atwood & Palmer Inc. increased its position in shares of Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 50 shares during the period. Proffitt & Goodson Inc. bought a new stake in shares of Eaton during the second quarter valued at approximately $29,000. LGT Financial Advisors LLC purchased a new stake in shares of Eaton in the second quarter valued at approximately $33,000. Finally, Redmont Wealth Advisors LLC bought a new position in Eaton in the first quarter worth approximately $33,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ETN. Evercore ISI decreased their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Citigroup initiated coverage on Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective for the company. Royal Bank of Canada dropped their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Morgan Stanley assumed coverage on shares of Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target for the company. Finally, Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $339.47.

Insider Transactions at Eaton

In other news, Director Karenann K. Terrell bought 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were purchased at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the transaction, the director now directly owns 500 shares in the company, valued at approximately $149,485. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Eaton news, Director Karenann K. Terrell bought 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the transaction, the director now directly owns 500 shares of the company’s stock, valued at approximately $149,485. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Dorothy C. Thompson purchased 2,205 shares of the stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares of the company’s stock, valued at $662,161.50. The disclosure for this purchase can be found here. Insiders sold a total of 52,511 shares of company stock worth $15,809,326 over the last three months. 0.53% of the stock is currently owned by insiders.

Eaton Stock Up 0.0 %

Shares of ETN traded up $0.07 during mid-day trading on Wednesday, hitting $335.65. 35,033 shares of the company traded hands, compared to its average volume of 2,139,601. The company has a market capitalization of $134.19 billion, a PE ratio of 39.61, a price-to-earnings-growth ratio of 2.53 and a beta of 1.02. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The business has a 50 day moving average of $305.05 and a 200 day moving average of $315.05. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $345.19.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. Equities research analysts anticipate that Eaton Co. plc will post 10.75 EPS for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a dividend of $0.94 per share. The ex-dividend date was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.12%. Eaton’s payout ratio is presently 44.39%.

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.