Baird Financial Group Inc. Reduces Holdings in Eaton Co. plc (NYSE:ETN)

Baird Financial Group Inc. trimmed its holdings in shares of Eaton Co. plc (NYSE:ETNGet Rating) by 2.1% in the third quarter, HoldingsChannel reports. The firm owned 371,373 shares of the industrial products company’s stock after selling 7,999 shares during the period. Baird Financial Group Inc.’s holdings in Eaton were worth $49,526,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its stake in Eaton by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 35,545,867 shares of the industrial products company’s stock worth $4,740,397,000 after acquiring an additional 398,146 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Eaton by 28.5% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 6,916,352 shares of the industrial products company’s stock worth $922,424,000 after acquiring an additional 1,533,229 shares during the period. Clearbridge Investments LLC grew its stake in Eaton by 17.5% in the 1st quarter. Clearbridge Investments LLC now owns 6,322,217 shares of the industrial products company’s stock worth $959,460,000 after acquiring an additional 943,279 shares during the period. Nuveen Asset Management LLC grew its stake in Eaton by 4.7% in the 3rd quarter. Nuveen Asset Management LLC now owns 5,449,647 shares of the industrial products company’s stock worth $726,764,000 after acquiring an additional 244,082 shares during the period. Finally, Alliancebernstein L.P. grew its stake in Eaton by 3.6% in the 3rd quarter. Alliancebernstein L.P. now owns 5,108,841 shares of the industrial products company’s stock worth $681,315,000 after acquiring an additional 175,351 shares during the period. 80.19% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Eaton

In other news, insider Joao V. Faria sold 2,500 shares of the business’s stock in a transaction dated Wednesday, March 8th. The shares were sold at an average price of $176.71, for a total value of $441,775.00. Following the completion of the sale, the insider now owns 71,314 shares of the company’s stock, valued at approximately $12,601,896.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Joao V. Faria sold 2,000 shares of the business’s stock in a transaction dated Friday, February 10th. The shares were sold at an average price of $169.00, for a total transaction of $338,000.00. Following the completion of the sale, the insider now owns 67,166 shares of the company’s stock, valued at approximately $11,351,054. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Joao V. Faria sold 2,500 shares of the company’s stock in a transaction dated Wednesday, March 8th. The stock was sold at an average price of $176.71, for a total transaction of $441,775.00. Following the completion of the transaction, the insider now owns 71,314 shares of the company’s stock, valued at approximately $12,601,896.94. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,377 shares of company stock valued at $5,864,193. Insiders own 0.56% of the company’s stock.

Eaton Stock Performance

Shares of ETN stock opened at $171.83 on Wednesday. Eaton Co. plc has a 12 month low of $122.50 and a 12 month high of $178.75. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.38 and a quick ratio of 0.84. The firm has a market capitalization of $68.39 billion, a P/E ratio of 27.94, a P/E/G ratio of 1.87 and a beta of 1.13. The company’s fifty day moving average price is $167.14 and its two-hundred day moving average price is $155.75.

Eaton (NYSE:ETNGet Rating) last issued its quarterly earnings data on Wednesday, February 8th. The industrial products company reported $2.06 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.01. Eaton had a net margin of 11.86% and a return on equity of 18.31%. The firm had revenue of $5.38 billion for the quarter, compared to analyst estimates of $5.34 billion. During the same quarter in the previous year, the business posted $1.72 EPS. The firm’s revenue was up 12.2% compared to the same quarter last year. On average, research analysts anticipate that Eaton Co. plc will post 8.26 earnings per share for the current fiscal year.

Eaton Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 24th. Shareholders of record on Monday, March 6th will be issued a $0.86 dividend. The ex-dividend date of this dividend is Friday, March 3rd. This represents a $3.44 dividend on an annualized basis and a yield of 2.00%. This is a positive change from Eaton’s previous quarterly dividend of $0.81. Eaton’s payout ratio is currently 55.93%.

Analyst Upgrades and Downgrades

ETN has been the topic of a number of research analyst reports. Bank of America lifted their price target on shares of Eaton from $180.00 to $200.00 in a report on Wednesday, March 8th. Morgan Stanley lifted their price target on shares of Eaton from $185.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, March 3rd. Mizuho lifted their price target on shares of Eaton from $160.00 to $168.00 and gave the company a “buy” rating in a report on Friday, January 13th. StockNews.com lowered shares of Eaton from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 7th. Finally, Royal Bank of Canada lifted their target price on shares of Eaton from $149.00 to $161.00 and gave the company a “sector perform” rating in a report on Thursday, February 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $173.00.

Eaton Profile

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Eaton Corp. Plc is a power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: Electrical Americas and Electrical Global, Hydraulics, Aerospace, Vehicle, and eMobility. The Electrical Americas and Electrical Global segments engage in sales contracts for electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality, wiring devices, circuit protection, utility power distribution, power reliability equipment, and service.

Further Reading

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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