Saxon Interests Inc. Decreases Holdings in Eaton Co. plc (NYSE:ETN)

Saxon Interests Inc. reduced its stake in Eaton Co. plc (NYSE:ETN) by 4.1% during the third quarter, according to its most recent filing with the SEC. The fund owned 5,194 shares of the industrial products company’s stock after selling 222 shares during the quarter. Saxon Interests Inc.’s holdings in Eaton were worth $1,721,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Breakwater Investment Management boosted its stake in Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 78 shares during the last quarter. Atwood & Palmer Inc. lifted its stake in Eaton by 142.9% in 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 last quarter. Proffitt & Goodson Inc. purchased a new position in Eaton in the second quarter valued at approximately $29,000. Redmont Wealth Advisors LLC bought a new position in Eaton during the first quarter valued at $33,000. Finally, LGT Financial Advisors LLC purchased a new stake in Eaton in the second quarter worth $33,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Eaton news, Director Karenann K. Terrell bought 500 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average cost of $298.97 per share, with a total value of $149,485.00. Following the completion of the purchase, the director now directly owns 500 shares of the company’s stock, valued at $149,485. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karenann K. Terrell acquired 500 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was purchased at an average price of $298.97 per share, with a total value of $149,485.00. Following the acquisition, the director now owns 500 shares of the company’s stock, valued at $149,485. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 52,511 shares of company stock valued at $15,809,326. Insiders own 0.53% of the company’s stock.

Eaton Trading Up 0.3 %

Shares of NYSE ETN traded up $0.93 during midday trading on Wednesday, reaching $336.51. The company had a trading volume of 143,801 shares, compared to its average volume of 2,140,158. The firm’s fifty day moving average price is $305.05 and its 200-day moving average price is $315.05. 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 one year low of $191.82 and a one year high of $345.19. The stock has a market cap of $134.54 billion, a PE ratio of 39.61, a price-to-earnings-growth ratio of 2.53 and a beta of 1.02.

Eaton (NYSE:ETN) last announced its quarterly earnings data 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 firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. On average, equities research analysts anticipate that Eaton Co. plc will post 10.75 earnings per share for the current year.

Eaton Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have recently commented on ETN shares. Evercore ISI cut their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Jefferies Financial Group upped their price objective on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Raymond James reduced their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Barclays boosted their price target on shares of Eaton from $319.00 to $327.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company raised their price objective on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a report on Monday. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $339.47.

Eaton 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.