Eaton Co. plc (NYSE:ETN) Shares Sold by Darden Wealth Group Inc

Darden Wealth Group Inc lowered its stake in Eaton Co. plc (NYSE:ETN) by 1.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,071 shares of the industrial products company’s stock after selling 191 shares during the period. Eaton makes up approximately 2.4% of Darden Wealth Group Inc’s portfolio, making the stock its 7th biggest holding. Darden Wealth Group Inc’s holdings in Eaton were worth $3,338,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. L & S Advisors Inc boosted its holdings in Eaton by 34.8% in the 3rd quarter. L & S Advisors Inc now owns 37,728 shares of the industrial products company’s stock valued at $12,505,000 after purchasing an additional 9,744 shares in the last quarter. Smithfield Trust Co raised its position in Eaton by 0.6% in the third quarter. Smithfield Trust Co now owns 5,390 shares of the industrial products company’s stock worth $1,789,000 after acquiring an additional 33 shares in the last quarter. LPL Financial LLC lifted its holdings in Eaton by 2.3% in the third quarter. LPL Financial LLC now owns 488,214 shares of the industrial products company’s stock valued at $161,814,000 after acquiring an additional 10,939 shares during the period. Cypress Capital Group boosted its position in shares of Eaton by 7.0% during the 3rd quarter. Cypress Capital Group now owns 10,629 shares of the industrial products company’s stock worth $3,523,000 after purchasing an additional 697 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of Eaton by 777.0% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 303,932 shares of the industrial products company’s stock worth $100,735,000 after purchasing an additional 269,276 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

NYSE ETN opened at $371.08 on Friday. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $146.65 billion, a PE ratio of 39.48, a price-to-earnings-growth ratio of 2.89 and a beta of 1.01. The business’s 50-day moving average price is $341.32 and its 200 day moving average price is $322.65. Eaton Co. plc has a twelve month low of $224.52 and a twelve month high of $373.49.

Eaton (NYSE:ETN) last released 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. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. During the same period last year, the company earned $2.47 earnings per share. The company’s quarterly revenue was up 7.9% on a year-over-year basis. On average, research analysts predict that Eaton Co. plc will post 10.79 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be issued a dividend of $0.94 per share. The ex-dividend date is Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.01%. Eaton’s payout ratio is 40.00%.

Insiders Place Their Bets

In related news, 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 sale, the insider now directly owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This represents a 10.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Dorothy C. Thompson bought 2,205 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $300.30 per share, with a total value of $662,161.50. Following the transaction, the director now directly owns 2,205 shares in the company, valued at approximately $662,161.50. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 68,705 shares of company stock worth $24,516,346 over the last quarter. 0.53% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ETN shares. UBS Group assumed coverage on shares of Eaton in a research report on Wednesday, November 13th. They set a “buy” rating and a $431.00 target price on the stock. Sanford C. Bernstein started coverage on Eaton in a report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price target on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $374.00 target price on shares of Eaton in a research report on Friday, November 1st. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and raised their price target for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. Finally, Bank of America increased their price objective on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $357.83.

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.