New York State Teachers Retirement System Sells 19,916 Shares of Eaton Co. plc (NYSE:ETN)

New York State Teachers Retirement System cut its stake in shares of Eaton Co. plc (NYSE:ETN) by 5.5% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 340,913 shares of the industrial products company’s stock after selling 19,916 shares during the quarter. New York State Teachers Retirement System’s holdings in Eaton were worth $112,992,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Breakwater Investment Management increased its holdings in Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares in the last quarter. Proffitt & Goodson Inc. bought a new stake in shares of Eaton during the second quarter worth about $29,000. LGT Financial Advisors LLC acquired a new position in shares of Eaton in the second quarter valued at approximately $33,000. West Financial Advisors LLC bought a new position in Eaton in the 3rd quarter valued at approximately $35,000. Finally, DiNuzzo Private Wealth Inc. acquired a new stake in Eaton during the 2nd quarter worth approximately $37,000. 82.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ETN has been the subject of several recent research reports. Barclays raised their price target on shares of Eaton from $319.00 to $327.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Citigroup assumed coverage on Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 target price for the company. Evercore ISI reduced their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research report on Monday, August 19th. Wells Fargo & Company increased their price target on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Finally, Raymond James cut their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $340.06.

Insider Buying and Selling at Eaton

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s 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 transaction, the insider now directly 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 document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the transaction, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,511 shares of company stock valued at $15,809,326. Company insiders own 0.33% of the company’s stock.

Eaton Trading Down 0.2 %

Shares of NYSE:ETN traded down $0.63 during mid-day trading on Wednesday, hitting $344.92. The company had a trading volume of 215,668 shares, compared to its average volume of 2,087,588. The company has a market capitalization of $137.31 billion, a PE ratio of 38.01, a price-to-earnings-growth ratio of 2.62 and a beta of 1.02. Eaton Co. plc has a one year low of $198.68 and a one year high of $349.74. The firm has a fifty day moving average price of $320.85 and a 200 day moving average price of $317.88. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07.

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

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be issued a $0.94 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.09%. Eaton’s payout ratio is currently 41.36%.

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.