AMF Tjanstepension AB Sells 194,445 Shares of Eaton Co. plc (NYSE:ETN)

AMF Tjanstepension AB lessened its stake in Eaton Co. plc (NYSE:ETN) by 45.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 236,860 shares of the industrial products company’s stock after selling 194,445 shares during the period. AMF Tjanstepension AB owned 0.06% of Eaton worth $47,633,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Gries Financial LLC grew its holdings in Eaton by 3.0% during the 1st quarter. Gries Financial LLC now owns 11,293 shares of the industrial products company’s stock worth $1,935,000 after acquiring an additional 328 shares during the period. EP Wealth Advisors LLC bought a new position in shares of Eaton in the 1st quarter worth $279,000. Golden State Equity Partners bought a new position in shares of Eaton in the 1st quarter worth $226,000. ProShare Advisors LLC boosted its position in shares of Eaton by 18.7% in the 1st quarter. ProShare Advisors LLC now owns 58,531 shares of the industrial products company’s stock worth $10,029,000 after purchasing an additional 9,224 shares during the last quarter. Finally, Empower Advisory Group LLC bought a new position in shares of Eaton in the 1st quarter worth $231,000. Institutional investors own 81.02% of the company’s stock.

Insiders Place Their Bets

In other Eaton news, insider Heath B. Monesmith sold 9,831 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $221.12, for a total transaction of $2,173,830.72. Following the transaction, the insider now owns 57,217 shares of the company’s stock, valued at $12,651,823.04. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Eaton news, insider Taras G. Jr. Szmagala sold 1,869 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $226.68, for a total transaction of $423,664.92. Following the transaction, the insider now owns 7,431 shares of the company’s stock, valued at $1,684,459.08. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Heath B. Monesmith sold 9,831 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $221.12, for a total value of $2,173,830.72. Following the sale, the insider now owns 57,217 shares of the company’s stock, valued at approximately $12,651,823.04. The disclosure for this sale can be found here. Insiders have sold a total of 116,650 shares of company stock valued at $25,686,391 over the last 90 days. 0.53% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ETN has been the topic of several recent research reports. Wells Fargo & Company raised their price target on Eaton from $180.00 to $195.00 in a research report on Monday, July 10th. StockNews.com started coverage on Eaton in a report on Thursday, August 17th. They set a “buy” rating on the stock. Morgan Stanley lifted their target price on Eaton from $215.00 to $235.00 and gave the stock an “overweight” rating in a report on Wednesday, August 2nd. Royal Bank of Canada boosted their price objective on shares of Eaton from $188.00 to $215.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 2nd. Finally, Barclays upped their target price on shares of Eaton from $170.00 to $198.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $211.93.

Eaton Price Performance

NYSE:ETN opened at $223.16 on Thursday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.99 and a current ratio of 1.53. The stock’s 50-day simple moving average is $216.65 and its 200 day simple moving average is $189.54. The company has a market cap of $89.04 billion, a P/E ratio of 32.70, a P/E/G ratio of 2.30 and a beta of 1.11. Eaton Co. plc has a 52-week low of $129.85 and a 52-week high of $240.44.

Eaton (NYSE:ETN) last released its earnings results on Tuesday, August 1st. The industrial products company reported $2.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.11 by $0.10. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.76 billion. Eaton had a return on equity of 19.06% and a net margin of 12.29%. Eaton’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.87 earnings per share. As a group, sell-side analysts forecast that Eaton Co. plc will post 8.81 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Monday, August 7th were given a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend was Friday, August 4th. Eaton’s dividend payout ratio is currently 50.81%.

About Eaton

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.