Centiva Capital LP Sells 12,264 Shares of Eaton Co. plc (NYSE:ETN)

Centiva Capital LP cut its stake in Eaton Co. plc (NYSE:ETN) by 62.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,492 shares of the industrial products company’s stock after selling 12,264 shares during the period. Centiva Capital LP’s holdings in Eaton were worth $2,483,000 at the end of the most recent quarter.

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

Eaton Price Performance

Shares of NYSE ETN opened at $372.22 on Tuesday. The stock has a market capitalization of $147.10 billion, a price-to-earnings ratio of 39.60, a PEG ratio of 2.84 and a beta of 1.03. Eaton Co. plc has a 12 month low of $224.61 and a 12 month high of $379.99. The firm’s 50 day simple moving average is $348.37 and its 200-day simple moving average is $324.41. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business’s revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the company earned $2.47 EPS. Analysts expect that Eaton Co. plc will post 10.8 EPS for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were paid a $0.94 dividend. The ex-dividend date was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.01%. Eaton’s dividend payout ratio is currently 40.00%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Bank of America increased their price target on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Evercore ISI lowered shares of Eaton from an “outperform” rating to an “inline” rating and increased their price target for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Barclays decreased their price objective on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. Morgan Stanley started coverage on shares of Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Finally, Sanford C. Bernstein started coverage on shares of Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $357.83.

Insider Activity at Eaton

In related news, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction on Friday, November 1st. The shares were sold at an average price of $335.30, for a total value of $1,341,200.00. Following the sale, the director now owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. This trade represents a 7.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of Eaton stock in a transaction on Monday, November 25th. The shares were sold at an average price of $378.58, for a total transaction of $534,554.96. Following the completion of the sale, the insider now directly owns 31,200 shares in the company, valued at $11,811,696. This represents a 4.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,981 shares of company stock valued at $24,100,317. 0.33% of the stock is owned by company insiders.

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.