BOCHK Asset Management Ltd Sells 6,420 Shares of Eaton Co. plc (NYSE:ETN)

BOCHK Asset Management Ltd lessened its stake in Eaton Co. plc (NYSE:ETN) by 20.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,980 shares of the industrial products company’s stock after selling 6,420 shares during the period. Eaton makes up approximately 2.5% of BOCHK Asset Management Ltd’s holdings, making the stock its 16th largest position. BOCHK Asset Management Ltd’s holdings in Eaton were worth $8,279,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Breakwater Investment Management increased 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 during the last quarter. Proffitt & Goodson Inc. bought a new position in shares of Eaton in the second quarter worth about $29,000. Redmont Wealth Advisors LLC bought a new position in shares of Eaton in the first quarter worth about $33,000. LGT Financial Advisors LLC purchased a new position in Eaton during the second quarter valued at approximately $33,000. Finally, West Financial Advisors LLC purchased a new stake in shares of Eaton in the third quarter worth $35,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ETN shares. Evercore ISI cut their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Raymond James lowered their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Citigroup initiated coverage on shares of Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 price objective on the stock. Finally, Wells Fargo & Company upped their target price on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $340.06.

Eaton Trading Down 0.1 %

ETN traded down $0.35 during trading on Thursday, reaching $344.61. The company had a trading volume of 527,556 shares, compared to its average volume of 2,097,579. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 52 week low of $193.77 and a 52 week high of $349.74. The stock has a market cap of $137.78 billion, a P/E ratio of 40.73, a PEG ratio of 2.58 and a beta of 1.02. The business has a 50 day simple moving average of $317.08 and a 200-day simple moving average of $317.12.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The firm had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. On average, equities analysts anticipate that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio is currently 44.39%.

Insider Buying and Selling at Eaton

In related news, Director Karenann K. Terrell bought 500 shares of the stock in a transaction dated Wednesday, August 21st. The stock was purchased at an average cost of $298.97 per share, with a total value of $149,485.00. Following the completion of the purchase, the director now owns 500 shares of the company’s stock, valued at $149,485. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Karenann K. Terrell acquired 500 shares of the stock in a transaction on Wednesday, August 21st. The stock was bought at an average cost of $298.97 per share, with a total value of $149,485.00. Following the transaction, the director now directly owns 500 shares in the company, valued at approximately $149,485. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 52,511 shares of company stock valued at $15,809,326 in the last quarter. 0.53% of the stock is owned by insiders.

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.