Eaton Co. plc (NYSE:ETN) Shares Sold by Baird Financial Group Inc.

Posted by Defense World Staff on Mar 15th, 2023

Baird Financial Group Inc. lowered its stake in shares of Eaton Co. plc (NYSE:ETN – Get Rating) by 2.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 371,373 shares of the industrial products company’s stock after selling 7,999 shares during the quarter. Baird Financial Group Inc. owned 0.09% of Eaton worth $49,526,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its holdings in Eaton by 339.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 5,383,123 shares of the industrial products company’s stock valued at $678,220,000 after buying an additional 4,158,351 shares during the last quarter. Clearbridge Investments LLC increased its holdings in Eaton by 17.5% in the first quarter. Clearbridge Investments LLC now owns 6,322,217 shares of the industrial products company’s stock valued at $959,460,000 after buying an additional 943,279 shares during the last quarter. Vanguard Group Inc. increased its holdings in Eaton by 1.1% in the third quarter. Vanguard Group Inc. now owns 35,545,867 shares of the industrial products company’s stock valued at $4,740,397,000 after buying an additional 398,146 shares during the last quarter. Amundi increased its holdings in Eaton by 15.2% in the second quarter. Amundi now owns 2,896,360 shares of the industrial products company’s stock valued at $362,418,000 after buying an additional 381,499 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in Eaton in the second quarter valued at $42,788,000. Hedge funds and other institutional investors own 80.19% of the company’s stock.

Eaton Price Performance

Shares of ETN opened at $171.83 on Wednesday. Eaton Co. plc has a fifty-two week low of $122.50 and a fifty-two week high of $178.75. The company has a market capitalization of $68.39 billion, a price-to-earnings ratio of 27.94, a price-to-earnings-growth ratio of 1.87 and a beta of 1.13. The firm has a 50-day simple moving average of $167.14 and a 200-day simple moving average of $155.75. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.84 and a current ratio of 1.38.

Eaton (NYSE:ETN – Get Rating) last announced its earnings results on Wednesday, February 8th. The industrial products company reported $2.06 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.01. Eaton had a net margin of 11.86% and a return on equity of 18.31%. The business had revenue of $5.38 billion during the quarter, compared to the consensus estimate of $5.34 billion. During the same quarter in the prior year, the firm earned $1.72 earnings per share. The business’s quarterly revenue was up 12.2% compared to the same quarter last year. On average, equities research analysts anticipate that Eaton Co. plc will post 8.26 earnings per share for the current year.

Eaton Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 24th. Stockholders of record on Monday, March 6th will be paid a dividend of $0.86 per share. This is an increase from Eaton’s previous quarterly dividend of $0.81. The ex-dividend date is Friday, March 3rd. This represents a $3.44 annualized dividend and a dividend yield of 2.00%. Eaton’s dividend payout ratio is 55.93%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Mizuho increased their target price on Eaton from $160.00 to $168.00 and gave the company a “buy” rating in a report on Friday, January 13th. Royal Bank of Canada increased their target price on Eaton from $149.00 to $161.00 and gave the company a “sector perform” rating in a report on Thursday, February 9th. Wells Fargo & Company raised their price objective on Eaton from $169.00 to $180.00 and gave the stock an “equal weight” rating in a report on Thursday, February 9th. StockNews.com lowered Eaton from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 7th. Finally, Morgan Stanley raised their price objective on Eaton from $185.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, March 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $173.00.

Insider Transactions at Eaton

In related news, insider Joao V. Faria sold 2,000 shares of the firm’s stock in a transaction dated Friday, February 10th. The shares were sold at an average price of $169.00, for a total value of $338,000.00. Following the completion of the sale, the insider now owns 67,166 shares in the company, valued at $11,351,054. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Joao V. Faria sold 2,000 shares of the firm’s stock in a transaction dated Friday, February 10th. The shares were sold at an average price of $169.00, for a total value of $338,000.00. Following the completion of the sale, the insider now owns 67,166 shares in the company, valued at $11,351,054. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Joao V. Faria sold 2,326 shares of the firm’s stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $171.23, for a total transaction of $398,280.98. Following the completion of the sale, the insider now owns 77,626 shares of the company’s stock, valued at approximately $13,291,899.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,377 shares of company stock worth $5,864,193. Company insiders own 0.56% of the company’s stock.

Eaton Profile

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Eaton Corp. Plc is a power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: Electrical Americas and Electrical Global, Hydraulics, Aerospace, Vehicle, and eMobility. The Electrical Americas and Electrical Global segments engage in sales contracts for electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality, wiring devices, circuit protection, utility power distribution, power reliability equipment, and service.