Eaton Co. plc (NYSE:ETN) Shares Sold by Connors Investor Services Inc.

Connors Investor Services Inc. decreased its position in Eaton Co. plc (NYSE:ETN) by 7.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,416 shares of the industrial products company’s stock after selling 3,929 shares during the quarter. Eaton accounts for about 1.6% of Connors Investor Services Inc.’s investment portfolio, making the stock its 19th largest holding. Connors Investor Services Inc.’s holdings in Eaton were worth $15,808,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ETN. LifeSteps Financial Inc. acquired a new stake in shares of Eaton during the first quarter worth approximately $25,000. Breakwater Investment Management grew its position in shares of Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after buying an additional 78 shares in the last quarter. Atwood & Palmer Inc. lifted its stake in Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares during the last quarter. Proffitt & Goodson Inc. bought a new position in Eaton during the second quarter worth $29,000. Finally, LGT Financial Advisors LLC bought a new position in Eaton during the second quarter worth $33,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Raymond James reduced their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Jefferies Financial Group raised their price objective on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Royal Bank of Canada cut their target price on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, Wells Fargo & Company cut their target price on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $337.41.

Eaton Price Performance

NYSE:ETN opened at $306.55 on Tuesday. The business’s 50-day moving average price is $300.31 and its 200 day moving average price is $311.96. The firm has a market cap of $122.56 billion, a P/E ratio of 36.19, a PEG ratio of 2.28 and a beta of 1.01. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19. 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 issued its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share 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 analysts’ expectations of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. As a group, sell-side analysts predict that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were paid a $0.94 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.23%. Eaton’s dividend payout ratio is currently 44.39%.

Insider Buying and Selling

In related news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the transaction, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is owned by corporate 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.