Eaton Co. plc (NYSE:ETN) Position Cut by Canandaigua National Corp

Canandaigua National Corp trimmed its stake in Eaton Co. plc (NYSE:ETNGet Rating) by 6.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 13,971 shares of the industrial products company’s stock after selling 1,033 shares during the quarter. Canandaigua National Corp’s holdings in Eaton were worth $1,760,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Eaton by 1.5% during the first quarter. Vanguard Group Inc. now owns 34,526,905 shares of the industrial products company’s stock valued at $5,239,803,000 after purchasing an additional 500,438 shares in the last quarter. BlackRock Inc. raised its stake in shares of Eaton by 5.5% during the first quarter. BlackRock Inc. now owns 27,959,368 shares of the industrial products company’s stock valued at $4,243,113,000 after purchasing an additional 1,449,671 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Eaton by 3.5% during the first quarter. JPMorgan Chase & Co. now owns 26,578,334 shares of the industrial products company’s stock valued at $4,033,527,000 after purchasing an additional 900,550 shares in the last quarter. State Street Corp raised its stake in shares of Eaton by 0.7% during the fourth quarter. State Street Corp now owns 16,615,642 shares of the industrial products company’s stock valued at $2,871,515,000 after purchasing an additional 115,947 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Eaton by 5.6% during the first quarter. Bank of America Corp DE now owns 14,218,498 shares of the industrial products company’s stock valued at $2,157,799,000 after purchasing an additional 752,368 shares in the last quarter. 80.54% of the stock is currently owned by institutional investors.

Eaton Trading Down 2.0 %

NYSE:ETN opened at $138.27 on Monday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.97 and a quick ratio of 0.58. Eaton Co. plc has a fifty-two week low of $122.50 and a fifty-two week high of $175.72. The stock’s 50-day moving average is $142.00 and its two-hundred day moving average is $141.81. The stock has a market cap of $55.07 billion, a PE ratio of 23.96, a price-to-earnings-growth ratio of 1.66 and a beta of 1.20.

Eaton (NYSE:ETNGet Rating) last released its earnings results on Tuesday, August 2nd. The industrial products company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.05. Eaton had a return on equity of 17.04% and a net margin of 11.70%. The company had revenue of $5.21 billion for the quarter, compared to analysts’ expectations of $5.22 billion. During the same quarter in the previous year, the business posted $1.72 EPS. The business’s revenue for the quarter was down .1% on a year-over-year basis. As a group, equities research analysts forecast that Eaton Co. plc will post 7.55 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 26th. Stockholders of record on Friday, August 12th were issued a dividend of $0.81 per share. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $3.24 annualized dividend and a dividend yield of 2.34%. Eaton’s dividend payout ratio is 56.15%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ETN shares. Credit Suisse Group lifted their price objective on shares of Eaton from $158.00 to $167.00 and gave the company an “outperform” rating in a research note on Wednesday, August 3rd. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Eaton from $178.00 to $156.00 and set a “buy” rating on the stock in a research note on Wednesday, July 13th. StockNews.com raised Eaton from a “hold” rating to a “buy” rating in a report on Friday, July 8th. UBS Group lowered their target price on Eaton from $192.00 to $173.00 and set a “buy” rating on the stock in a report on Wednesday, August 3rd. Finally, Morgan Stanley lifted their target price on Eaton from $170.00 to $176.00 and gave the stock an “overweight” rating in a report on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $160.15.

Insider Activity

In other news, insider Daniel Roy Hopgood sold 1,500 shares of Eaton stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $151.70, for a total transaction of $227,550.00. Following the completion of the sale, the insider now directly owns 7,593 shares in the company, valued at approximately $1,151,858.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Deborah L. Mccoy sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $148.72, for a total value of $446,160.00. Following the completion of the sale, the director now directly owns 12,856 shares in the company, valued at approximately $1,911,944.32. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Daniel Roy Hopgood sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $151.70, for a total value of $227,550.00. Following the completion of the sale, the insider now owns 7,593 shares of the company’s stock, valued at $1,151,858.10. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

About Eaton

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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.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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