Zimmer Partners LP Reduces Holdings in Eaton Co. plc (NYSE:ETN)

Zimmer Partners LP reduced its stake in Eaton Co. plc (NYSE:ETN) by 7.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 65,000 shares of the industrial products company’s stock after selling 5,000 shares during the quarter. Zimmer Partners LP’s holdings in Eaton were worth $21,544,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. iSAM Funds UK Ltd purchased a new stake in Eaton in the 3rd quarter valued at $353,000. National Bank of Canada FI grew its holdings in Eaton by 35.4% in the 3rd quarter. National Bank of Canada FI now owns 344,409 shares of the industrial products company’s stock valued at $114,151,000 after buying an additional 90,029 shares in the last quarter. EP Wealth Advisors LLC grew its holdings in shares of Eaton by 52.0% during the 3rd quarter. EP Wealth Advisors LLC now owns 30,080 shares of the industrial products company’s stock worth $9,970,000 after purchasing an additional 10,295 shares during the period. Kovitz Investment Group Partners LLC grew its holdings in shares of Eaton by 18.4% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 44,559 shares of the industrial products company’s stock worth $14,769,000 after purchasing an additional 6,913 shares during the period. Finally, Wellington Management Group LLP grew its holdings in shares of Eaton by 74.6% during the 3rd quarter. Wellington Management Group LLP now owns 28,057 shares of the industrial products company’s stock worth $9,299,000 after purchasing an additional 11,992 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the completion of the transaction, the insider now directly owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 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 value of $1,341,200.00. Following the transaction, the director now directly owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. This represents a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,981 shares of company stock valued at $24,100,317 in the last three months. 0.53% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Barclays increased their price target on Eaton from $320.00 to $353.00 and gave the stock an “equal weight” rating in a report on Thursday. Citigroup assumed coverage on Eaton in a report on Monday, September 16th. They set a “buy” rating and a $348.00 price target for the company. UBS Group started coverage on Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price target for the company. Mizuho increased their target price on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, Wells Fargo & Company increased their target price on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and a consensus target price of $362.72.

Eaton Trading Up 0.0 %

Shares of ETN stock opened at $371.22 on Friday. The business’s 50 day moving average is $351.88 and its two-hundred day moving average is $325.70. Eaton Co. plc has a twelve month low of $226.79 and a twelve month high of $379.99. The company has a market capitalization of $146.71 billion, a P/E ratio of 39.49, a price-to-earnings-growth ratio of 2.86 and a beta of 1.03. 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 announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same period last year, the business posted $2.47 EPS. The company’s revenue was up 7.9% on a year-over-year basis. Equities analysts forecast that Eaton Co. plc will post 10.8 EPS for the current year.

Eaton Announces Dividend

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

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.