MetLife Investment Management LLC Sells 3,093 Shares of Eaton Co. plc (NYSE:ETN)

MetLife Investment Management LLC reduced its position in Eaton Co. plc (NYSE:ETN) by 2.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,539 shares of the industrial products company’s stock after selling 3,093 shares during the quarter. MetLife Investment Management LLC’s holdings in Eaton were worth $34,317,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ETN. Breakwater Investment Management increased its holdings in Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after buying an additional 78 shares during the period. Proffitt & Goodson Inc. purchased a new position in shares of Eaton in the 2nd quarter valued at $29,000. LGT Financial Advisors LLC bought a new position in shares of Eaton in the 2nd quarter worth $33,000. West Financial Advisors LLC bought a new stake in Eaton during the third quarter valued at about $35,000. Finally, DiNuzzo Private Wealth Inc. bought a new position in Eaton in the second quarter worth about $37,000. 82.97% of the stock is currently owned by institutional investors.

Eaton Stock Performance

ETN opened at $376.01 on Wednesday. The firm has a fifty day moving average price of $345.46 and a 200 day moving average price of $323.55. Eaton Co. plc has a 1 year low of $224.52 and a 1 year high of $379.99. The stock has a market cap of $148.60 billion, a P/E ratio of 40.13, a P/E/G ratio of 2.99 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 posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.47 EPS. Equities research analysts anticipate that Eaton Co. plc will post 10.8 earnings per share 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 of this dividend was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.00%. Eaton’s dividend payout ratio is currently 40.00%.

Wall Street Analyst Weigh In

ETN has been the topic of a number of analyst reports. 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 on the stock. Raymond James reduced their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Barclays dropped their target price on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Bank of America raised their price target on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $374.00 price objective on shares of Eaton in a report on Friday, November 1st. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Eaton has an average rating of “Moderate Buy” and a consensus price target of $357.83.

Insider Buying and Selling

In related news, Director Dorothy C. Thompson bought 2,205 shares of the stock in a transaction dated 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 acquisition, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the sale, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 70,117 shares of company stock valued at $25,050,901. 0.33% 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.