Terra Nova Asset Management LLC Sells 225 Shares of Eaton Corporation, PLC (NYSE:ETN)

Terra Nova Asset Management LLC cut its stake in shares of Eaton Corporation, PLC (NYSE:ETN) by 13.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,394 shares of the industrial products company’s stock after selling 225 shares during the period. Terra Nova Asset Management LLC’s holdings in Eaton were worth $379,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Eaton by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company’s stock worth $12,351,506,000 after purchasing an additional 99,291 shares during the period. FMR LLC raised its stake in shares of Eaton by 1.2% during the 4th quarter. FMR LLC now owns 15,222,248 shares of the industrial products company’s stock worth $5,051,807,000 after purchasing an additional 182,455 shares during the period. Geode Capital Management LLC raised its stake in shares of Eaton by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock worth $2,714,677,000 after purchasing an additional 129,071 shares during the period. Nuveen Asset Management LLC raised its stake in shares of Eaton by 4.3% during the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company’s stock worth $1,550,226,000 after purchasing an additional 192,482 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Eaton by 8.8% during the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock worth $1,518,207,000 after purchasing an additional 368,241 shares during the period. 82.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ETN shares. BNP Paribas Exane started coverage on Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective on the stock. JPMorgan Chase & Co. boosted their price objective on Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Morgan Stanley lowered their price objective on Eaton from $385.00 to $375.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 6th. Barclays boosted their price objective on Eaton from $306.00 to $323.00 and gave the company an “equal weight” rating in a research note on Monday, June 9th. Finally, Royal Bank Of Canada boosted their price objective on Eaton from $336.00 to $356.00 and gave the company an “outperform” rating in a research note on Monday, May 5th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $368.78.

Eaton Stock Down 0.2%

Shares of NYSE ETN opened at $342.72 on Thursday. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $379.99. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $134.11 billion, a price-to-earnings ratio of 34.58, a PEG ratio of 2.66 and a beta of 1.16. The business has a 50-day moving average of $314.71 and a 200-day moving average of $312.97.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the previous year, the firm earned $2.40 earnings per share. Eaton’s revenue was up 7.3% on a year-over-year basis. Sell-side analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were paid a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.21%. The ex-dividend date was Monday, May 5th. Eaton’s dividend payout ratio is currently 41.98%.

Insiders Place Their Bets

In other Eaton news, insider Michael Yelton sold 2,120 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the sale, the insider now owns 3,382 shares of the company’s stock, valued at $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Craig Arnold sold 51,054 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $305.43, for a total value of $15,593,423.22. Following the completion of the sale, the insider now directly owns 489,444 shares of the company’s stock, valued at approximately $149,490,880.92. This represents a 9.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock valued at $49,622,894 over the last quarter. 0.30% of the stock is owned by corporate insiders.

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.