Chevy Chase Trust Holdings LLC Decreases Stake in Eaton Co. plc (NYSE:ETN)

Chevy Chase Trust Holdings LLC lessened its position in shares of Eaton Co. plc (NYSE:ETN) by 2.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 214,154 shares of the industrial products company’s stock after selling 4,589 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Eaton were worth $70,979,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ETN. Breakwater Investment Management raised its stake in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 78 shares in the last quarter. Proffitt & Goodson Inc. bought a new stake in shares of Eaton in the 2nd quarter worth about $29,000. LGT Financial Advisors LLC purchased a new stake in shares of Eaton during the 2nd quarter valued at about $33,000. West Financial Advisors LLC bought a new position in shares of Eaton in the 3rd quarter valued at about $35,000. Finally, DT Investment Partners LLC purchased a new position in Eaton in the third quarter worth about $37,000. Institutional investors own 82.97% of the company’s stock.

Eaton Stock Up 0.7 %

Shares of NYSE:ETN opened at $377.90 on Monday. 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 business’s 50 day moving average is $348.37 and its 200 day moving average is $324.41. The stock has a market cap of $149.35 billion, a P/E ratio of 39.94, a price-to-earnings-growth ratio of 2.84 and a beta of 1.01. Eaton Co. plc has a 52-week low of $224.61 and a 52-week high of $379.99.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. During the same quarter last year, the firm posted $2.47 earnings per share. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. Sell-side analysts predict that Eaton Co. plc will post 10.8 EPS for the current year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 0.99%. Eaton’s dividend payout ratio is presently 40.00%.

Analysts Set New Price Targets

ETN has been the subject of several analyst reports. Wells Fargo & Company raised their price objective on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. UBS Group assumed coverage on Eaton in a research report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target for the company. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Royal Bank of Canada restated an “outperform” rating and issued a $374.00 target price on shares of Eaton in a report on Friday, November 1st. Finally, Sanford C. Bernstein began coverage on shares of Eaton in a report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price target on the stock. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and an average target price of $357.83.

Insider Activity at Eaton

In related news, Director Dorothy C. Thompson bought 2,205 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the purchase, the director now directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory R. Page sold 4,000 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the sale, the director now directly owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. The trade was a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,981 shares of company stock valued at $24,100,317 over the last ninety days. 0.53% of the stock is owned by company insiders.

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.