Mutual of America Capital Management LLC Sells 1,406 Shares of Eaton Co. plc (NYSE:ETN)

Mutual of America Capital Management LLC lessened its stake in shares of Eaton Co. plc (NYSE:ETN) by 2.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 49,032 shares of the industrial products company’s stock after selling 1,406 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Eaton were worth $16,251,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in ETN. Breakwater Investment Management raised its position in shares of Eaton by 1,560.0% in 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 during the period. Proffitt & Goodson Inc. acquired a new position in Eaton in the 2nd quarter valued at $29,000. LGT Financial Advisors LLC bought a new position in Eaton in the 2nd quarter worth $33,000. West Financial Advisors LLC acquired a new position in Eaton during the 3rd quarter worth $35,000. Finally, DiNuzzo Private Wealth Inc. bought a new stake in Eaton during the second quarter valued at about $37,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Stock Down 0.8 %

NYSE ETN opened at $358.99 on Friday. The stock’s 50 day simple moving average is $335.82 and its 200 day simple moving average is $321.37. Eaton Co. plc has a one year low of $224.52 and a one year high of $373.49. The firm has a market cap of $141.87 billion, a PE ratio of 38.19, a price-to-earnings-growth ratio of 2.85 and a beta of 1.01. 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 announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. The company had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period last year, the company posted $2.47 earnings per share. As a group, sell-side analysts forecast that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Eaton Announces Dividend

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 paid a dividend of $0.94 per share. The ex-dividend date 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 currently 40.00%.

Insider Buying and Selling

In other Eaton news, Director Dorothy C. Thompson acquired 2,205 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the acquisition, the director now directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the sale, the insider now directly owns 3,914 shares of the company’s stock, valued at $1,186,411.68. This represents a 44.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,705 shares of company stock worth $24,516,346 in the last quarter. Insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ETN shares. Royal Bank of Canada reissued an “outperform” rating and set a $374.00 price objective on shares of Eaton in a research report on Friday, November 1st. Morgan Stanley assumed coverage on Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 price target for the company. Wells Fargo & Company raised their price objective on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, Evercore ISI downgraded 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 report on Wednesday. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $357.83.

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.