Lord Abbett & CO. LLC Has $204.62 Million Stock Holdings in Eaton Co. plc (NYSE:ETN)

Lord Abbett & CO. LLC lowered its holdings in shares of Eaton Co. plc (NYSE:ETN) by 10.9% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 617,351 shares of the industrial products company’s stock after selling 75,646 shares during the period. Lord Abbett & CO. LLC’s holdings in Eaton were worth $204,615,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Breakwater Investment Management raised 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 valued at $26,000 after buying an additional 78 shares during the last quarter. Proffitt & Goodson Inc. bought a new position in Eaton during the second quarter worth $29,000. Groupama Asset Managment lifted its stake in shares of Eaton by 83.2% in the 3rd quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 4,298 shares during the period. LGT Financial Advisors LLC acquired a new stake in shares of Eaton during the 2nd quarter worth approximately $33,000. Finally, Morse Asset Management Inc acquired a new stake in Eaton in the third quarter worth $33,000. 82.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ETN has been the subject of a number of analyst reports. Bank of America lifted their price target on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $374.00 target price on shares of Eaton in a research note on Friday, November 1st. Wells Fargo & Company raised their price target on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Sanford C. Bernstein assumed coverage on Eaton in a research note on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective on the stock. Finally, Jefferies Financial Group raised their target price on Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and an average price target of $367.83.

Insider Activity at Eaton

In other news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the sale, the insider now directly owns 31,200 shares in the company, valued at approximately $11,811,696. The trade was a 4.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction on Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the completion of the transaction, the director now owns 51,422 shares in the company, valued at approximately $17,241,796.60. The trade was a 7.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,981 shares of company stock valued at $24,100,317 over the last three months. 0.53% of the stock is owned by corporate insiders.

Eaton Trading Down 0.7 %

Shares of Eaton stock opened at $356.18 on Friday. The company’s 50-day moving average price is $355.79 and its 200-day moving average price is $326.70. The company has a market cap of $140.76 billion, a price-to-earnings ratio of 37.89, a PEG ratio of 2.74 and a beta of 1.03. Eaton Co. plc has a 12-month low of $231.84 and a 12-month high of $379.99. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same period in the previous year, the business earned $2.47 EPS. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities analysts expect that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.06%. The ex-dividend date was Monday, November 4th. Eaton’s payout ratio is 40.00%.

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.