MAI Capital Management Has $33.72 Million Stake in Eaton Co. plc (NYSE:ETN)

MAI Capital Management reduced its stake in Eaton Co. plc (NYSE:ETN) by 4.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 101,729 shares of the industrial products company’s stock after selling 4,804 shares during the quarter. MAI Capital Management’s holdings in Eaton were worth $33,717,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of ETN. Strategic Wealth Partners Ltd. grew its position in shares of Eaton by 3.0% during the 3rd quarter. Strategic Wealth Partners Ltd. now owns 1,027 shares of the industrial products company’s stock worth $340,000 after buying an additional 30 shares during the period. Fairfield Financial Advisors LTD raised its position in shares of Eaton by 16.2% during the 3rd quarter. Fairfield Financial Advisors LTD now owns 215 shares of the industrial products company’s stock valued at $71,000 after acquiring an additional 30 shares during the last quarter. Legacy Capital Group California Inc. lifted its stake in shares of Eaton by 1.2% in the 2nd quarter. Legacy Capital Group California Inc. now owns 2,776 shares of the industrial products company’s stock valued at $870,000 after purchasing an additional 32 shares during the period. Venturi Wealth Management LLC boosted its position in shares of Eaton by 2.1% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,549 shares of the industrial products company’s stock worth $513,000 after purchasing an additional 32 shares during the last quarter. Finally, Well Done LLC increased its holdings in Eaton by 1.3% in the second quarter. Well Done LLC now owns 2,551 shares of the industrial products company’s stock valued at $800,000 after purchasing an additional 33 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ETN. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Raymond James lowered their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Citigroup initiated coverage on shares of Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $374.00 price objective on shares of Eaton in a research report on Friday, November 1st. Finally, Wells Fargo & Company lifted their price target on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $357.83.

Eaton Price Performance

ETN stock opened at $358.99 on Monday. Eaton Co. plc has a 12 month low of $224.52 and a 12 month high of $373.49. The firm has a market cap of $141.87 billion, a P/E ratio of 38.19, a P/E/G ratio of 2.85 and a beta of 1.01. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The company’s 50-day moving average price is $335.82 and its two-hundred day moving average price is $321.44.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.47 earnings per share. On average, analysts anticipate that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.05%. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Insider Activity

In other news, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the completion of the transaction, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The transaction 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 that occurred on Wednesday, August 21st. The stock was bought at an average price of $298.97 per share, with a total value of $149,485.00. Following the completion of the acquisition, the director now directly owns 500 shares of the company’s stock, valued at $149,485. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 68,705 shares of company stock worth $24,516,346. 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.