GLOBALT Investments LLC GA Has $10.30 Million Position in Eaton Co. plc (NYSE:ETN)

GLOBALT Investments LLC GA reduced its holdings in Eaton Co. plc (NYSE:ETN) by 1.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,088 shares of the industrial products company’s stock after selling 529 shares during the period. Eaton makes up about 0.4% of GLOBALT Investments LLC GA’s investment portfolio, making the stock its 29th largest position. GLOBALT Investments LLC GA’s holdings in Eaton were worth $10,304,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Acadian Asset Management LLC boosted its stake in Eaton by 139.2% in the 1st quarter. Acadian Asset Management LLC now owns 45,277 shares of the industrial products company’s stock valued at $14,152,000 after buying an additional 26,349 shares in the last quarter. Penobscot Investment Management Company Inc. boosted its stake in Eaton by 2.1% in the first quarter. Penobscot Investment Management Company Inc. now owns 3,157 shares of the industrial products company’s stock worth $987,000 after purchasing an additional 65 shares in the last quarter. Atlanta Consulting Group Advisors LLC acquired a new position in Eaton in the first quarter worth $952,000. Lake Street Advisors Group LLC boosted its stake in Eaton by 863.4% in the first quarter. Lake Street Advisors Group LLC now owns 21,677 shares of the industrial products company’s stock worth $6,778,000 after purchasing an additional 19,427 shares in the last quarter. Finally, RB Capital Management LLC boosted its stake in Eaton by 3.9% in the first quarter. RB Capital Management LLC now owns 1,430 shares of the industrial products company’s stock worth $447,000 after purchasing an additional 54 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Insider Activity at Eaton

In other news, Director Karenann K. Terrell purchased 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were acquired at an average cost of $298.97 per share, with a total value of $149,485.00. Following the purchase, the director now owns 500 shares in the company, valued at $149,485. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the transaction, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. This trade represents a 44.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,705 shares of company stock worth $24,516,346 in the last 90 days. Corporate insiders own 0.53% of the company’s stock.

Eaton Trading Down 0.8 %

NYSE ETN opened at $358.99 on Monday. The business’s 50-day moving average price is $335.82 and its two-hundred day moving average price is $321.44. Eaton Co. plc has a 12 month low of $224.52 and a 12 month high of $373.49. The firm has a market capitalization 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 current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating analysts’ consensus estimates 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 in the previous year, the company posted $2.47 EPS. The business’s revenue was up 7.9% on a year-over-year basis. On average, analysts expect that Eaton Co. plc will post 10.79 EPS for the current year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be given 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 payout ratio is 40.00%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Sanford C. Bernstein assumed coverage on Eaton in a research note on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price target on the stock. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Citigroup began coverage on Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 price target on the stock. Morgan Stanley began coverage on Eaton in a report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $374.00 price target on shares of Eaton in a report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $357.83.

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.