WINTON GROUP Ltd Sells 6,741 Shares of Eaton Co. plc (NYSE:ETN)

WINTON GROUP Ltd cut its holdings in shares of Eaton Co. plc (NYSE:ETN) by 79.4% during the 2nd quarter, Holdings Channel reports. The firm owned 1,753 shares of the industrial products company’s stock after selling 6,741 shares during the period. WINTON GROUP Ltd’s holdings in Eaton were worth $550,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in ETN. Capital World Investors increased its holdings in shares of Eaton by 323.8% during the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after purchasing an additional 2,439,270 shares during the period. Jennison Associates LLC increased its stake in Eaton by 2,857.4% in the first quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after acquiring an additional 1,219,790 shares during the last quarter. Balyasny Asset Management L.P. increased its stake in Eaton by 2,006.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 964,728 shares of the industrial products company’s stock valued at $232,326,000 after acquiring an additional 918,936 shares during the last quarter. Swedbank AB bought a new position in Eaton in the second quarter valued at approximately $225,974,000. Finally, Artisan Partners Limited Partnership increased its stake in Eaton by 207.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 970,426 shares of the industrial products company’s stock valued at $233,698,000 after acquiring an additional 654,855 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Eaton Price Performance

ETN stock opened at $311.70 on Wednesday. The firm has a market cap of $124.62 billion, a price-to-earnings ratio of 36.80, a PEG ratio of 2.28 and a beta of 1.01. 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 12-month low of $191.82 and a 12-month high of $345.19. The company’s fifty day simple moving average is $300.17 and its 200 day simple moving average is $312.08.

Eaton (NYSE:ETN) last released its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.61 by $0.12. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. On average, analysts expect that Eaton Co. plc will post 10.74 earnings per share for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were issued a $0.94 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.21%. Eaton’s payout ratio is 44.39%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ETN shares. Wells Fargo & Company decreased their price objective on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Morgan Stanley began coverage on shares of Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price on the stock. Royal Bank of Canada cut their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Barclays raised their target price on shares of Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $337.41.

Insider Activity at Eaton

In other Eaton news, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the sale, the insider now directly owns 3,914 shares of the company’s stock, valued at $1,186,411.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the sale, the insider now directly owns 3,914 shares of the company’s stock, valued at $1,186,411.68. The disclosure for this sale can be found here. Insiders have sold a total of 52,511 shares of company stock worth $15,809,326 over the last quarter. Company insiders own 0.53% of the company’s stock.

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.