Golden State Equity Partners Sells 499 Shares of Eaton Co. plc (NYSE:ETN)

Golden State Equity Partners trimmed its stake in shares of Eaton Co. plc (NYSE:ETN) by 34.4% in the third quarter, Holdings Channel.com reports. The fund owned 950 shares of the industrial products company’s stock after selling 499 shares during the quarter. Golden State Equity Partners’ holdings in Eaton were worth $315,000 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 lifted its position in shares of Eaton by 1,560.0% in the 2nd 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 period. Proffitt & Goodson Inc. acquired a new position in Eaton in the second quarter valued at $29,000. LGT Financial Advisors LLC bought a new stake in Eaton during the second quarter valued at $33,000. West Financial Advisors LLC acquired a new stake in Eaton during the 3rd quarter worth about $35,000. Finally, DT Investment Partners LLC bought a new position in shares of Eaton in the 3rd quarter worth about $37,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Eaton

In other news, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the transaction, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the sale, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the transaction, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 52,511 shares of company stock worth $15,809,326. Insiders own 0.33% of the company’s stock.

Eaton Stock Down 3.3 %

Shares of NYSE:ETN opened at $331.54 on Friday. The business’s 50 day moving average is $322.39 and its 200 day moving average is $318.15. Eaton Co. plc has a 12-month low of $198.68 and a 12-month high of $349.74. The stock has a market cap of $131.99 billion, a price-to-earnings ratio of 36.47, a PEG ratio of 2.62 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.

Eaton (NYSE:ETN) last posted its quarterly earnings data 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 firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. On average, sell-side analysts forecast that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s payout ratio is 41.36%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Jefferies Financial Group raised their target price on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Mizuho boosted their target price on shares of Eaton from $355.00 to $365.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Barclays raised their price target on shares of Eaton from $319.00 to $327.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Royal Bank of Canada dropped their price objective 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. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $340.06.

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.