Industrial Alliance Investment Management Inc. Sells 3,948 Shares of Eaton Co. plc (NYSE:ETN)

Industrial Alliance Investment Management Inc. lessened its stake in shares of Eaton Co. plc (NYSE:ETN) by 92.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 338 shares of the industrial products company’s stock after selling 3,948 shares during the period. Eaton comprises approximately 0.1% of Industrial Alliance Investment Management Inc.’s investment portfolio, making the stock its 25th biggest holding. Industrial Alliance Investment Management Inc.’s holdings in Eaton were worth $106,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of ETN. Vanguard Group Inc. raised its holdings in shares of Eaton by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock valued at $8,812,966,000 after purchasing an additional 259,615 shares in the last quarter. Norges Bank purchased a new position in Eaton during the fourth quarter valued at approximately $1,087,983,000. Coatue Management LLC raised its stake in Eaton by 5.2% in the fourth quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock worth $960,016,000 after buying an additional 195,809 shares in the last quarter. Capital World Investors lifted its holdings in 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 buying an additional 2,439,270 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Eaton by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,163,432 shares of the industrial products company’s stock valued at $520,998,000 after acquiring an additional 27,386 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

NYSE:ETN traded up $5.93 during midday trading on Friday, hitting $307.02. The company’s stock had a trading volume of 2,320,013 shares, compared to its average volume of 2,169,083. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.05. The firm has a market cap of $122.75 billion, a P/E ratio of 36.25, a P/E/G ratio of 2.47 and a beta of 1.02. The firm’s 50 day moving average is $305.37 and its 200-day moving average is $310.17.

Eaton (NYSE:ETN) last released its quarterly earnings data 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. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Equities analysts anticipate that Eaton Co. plc will post 10.66 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued a $0.94 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.22%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Transactions at Eaton

In related news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the transaction, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the transaction, the insider now owns 3,914 shares of the company’s stock, valued at approximately $1,186,411.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at $2,858,328. The disclosure for this sale can be found here. Insiders have sold 52,511 shares of company stock worth $15,809,326 over the last quarter. 0.53% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ETN has been the subject of a number of analyst reports. Jefferies Financial Group upped 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. Raymond James assumed coverage on shares of Eaton in a research report on Friday, June 28th. They set an “outperform” rating and a $375.00 price target for the company. Argus raised their price target on shares of Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Evercore ISI decreased their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Finally, Wells Fargo & Company lowered their target price on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $328.00.

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.