Eaton Co. plc (NYSE:ETN) Stock Position Decreased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank decreased its position in Eaton Co. plc (NYSE:ETN) by 3.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 434,979 shares of the industrial products company’s stock after selling 15,191 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.11% of Eaton worth $144,169,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Breakwater Investment Management raised its holdings in Eaton by 1,560.0% during the second 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 in the last quarter. Proffitt & Goodson Inc. bought a new position in shares of Eaton in the 2nd quarter valued at approximately $29,000. LGT Financial Advisors LLC acquired a new stake in Eaton in the 2nd quarter worth approximately $33,000. West Financial Advisors LLC bought a new stake in Eaton during the third quarter worth approximately $35,000. Finally, DiNuzzo Private Wealth Inc. acquired a new position in Eaton during the second quarter valued at approximately $37,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Price Performance

NYSE:ETN opened at $371.97 on Thursday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. The company has a 50-day moving average of $346.61 and a 200-day moving average of $323.89. Eaton Co. plc has a 52 week low of $224.52 and a 52 week high of $379.99. The company has a market capitalization of $147.00 billion, a price-to-earnings ratio of 39.57, a PEG ratio of 2.99 and a beta of 1.01.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping 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 analysts’ expectations of $6.37 billion. During the same quarter last year, the company earned $2.47 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were paid a dividend of $0.94 per share. The ex-dividend date was Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.01%. Eaton’s dividend payout ratio is currently 40.00%.

Insider Buying and Selling at Eaton

In other news, Director Gregory R. Page sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the completion of the sale, the director now owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. This trade represents a 7.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ernest W. Marshall, Jr. sold 1,412 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $378.58, for a total value of $534,554.96. Following the completion of the transaction, the insider now directly owns 31,200 shares in the company, valued at $11,811,696. The trade was a 4.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,981 shares of company stock valued at $24,100,317. 0.33% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ETN. Mizuho boosted their price objective on shares of Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Raymond James decreased their price target on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Bank of America lifted their price objective on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and increased their target price for the company from $333.00 to $389.00 in a research note on Wednesday, November 13th. Finally, UBS Group assumed coverage on Eaton in a research report on Wednesday, November 13th. They issued a “buy” rating and a $431.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and a consensus price target of $357.83.

Eaton Company 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.