BOCHK Asset Management Ltd Lowers Stock Position in Eaton Co. plc (NYSE:ETN)

BOCHK Asset Management Ltd trimmed its holdings in shares of Eaton Co. plc (NYSE:ETN) by 20.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,980 shares of the industrial products company’s stock after selling 6,420 shares during the quarter. Eaton makes up approximately 2.5% of BOCHK Asset Management Ltd’s investment portfolio, making the stock its 16th biggest holding. BOCHK Asset Management Ltd’s holdings in Eaton were worth $8,279,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Strategic Wealth Partners Ltd. grew its position in shares of Eaton by 3.0% in the 3rd quarter. Strategic Wealth Partners Ltd. now owns 1,027 shares of the industrial products company’s stock worth $340,000 after buying an additional 30 shares during the last quarter. Legacy Capital Group California Inc. boosted its stake in Eaton by 1.2% in the second quarter. Legacy Capital Group California Inc. now owns 2,776 shares of the industrial products company’s stock valued at $870,000 after acquiring an additional 32 shares in the last quarter. Well Done LLC grew its holdings in Eaton by 1.3% in the second quarter. Well Done LLC now owns 2,551 shares of the industrial products company’s stock worth $800,000 after purchasing an additional 33 shares during the last quarter. J.W. Cole Advisors Inc. increased its position in shares of Eaton by 1.7% during the second quarter. J.W. Cole Advisors Inc. now owns 2,053 shares of the industrial products company’s stock worth $644,000 after purchasing an additional 35 shares in the last quarter. Finally, Front Row Advisors LLC lifted its holdings in shares of Eaton by 0.4% during the 2nd quarter. Front Row Advisors LLC now owns 7,842 shares of the industrial products company’s stock valued at $2,459,000 after purchasing an additional 35 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of NYSE:ETN traded down $0.35 during trading on Thursday, hitting $344.61. 527,556 shares of the stock traded hands, compared to its average volume of 2,097,579. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The company has a fifty day moving average price of $317.08 and a two-hundred day moving average price of $317.12. Eaton Co. plc has a 52-week low of $193.77 and a 52-week high of $349.74. The company has a market cap of $137.78 billion, a price-to-earnings ratio of 40.73, a P/E/G ratio of 2.58 and a beta of 1.02.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. As a group, equities analysts predict that Eaton Co. plc will post 10.75 EPS for the current year.

Eaton Dividend Announcement

The firm also recently announced 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. This represents a $3.76 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s payout ratio is 44.39%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ETN shares. Wells Fargo & Company raised their price target on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Citigroup started coverage on shares of Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 target price for the company. Evercore ISI decreased their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Morgan Stanley assumed coverage on shares of Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective for the company. Finally, Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Eaton has an average rating of “Moderate Buy” and a consensus price target of $340.06.

Insider Activity at Eaton

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dorothy C. Thompson purchased 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the purchase, the director now directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is owned by company 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.