United Services Automobile Association Has $3.57 Million Stake in Eaton Co. plc (NYSE:ETN)

United Services Automobile Association cut its position in shares of Eaton Co. plc (NYSE:ETN) by 4.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,389 shares of the industrial products company’s stock after selling 526 shares during the quarter. United Services Automobile Association’s holdings in Eaton were worth $3,571,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. LifeSteps Financial Inc. bought a new stake in Eaton during the first quarter worth about $25,000. Atwood & Palmer Inc. raised its stake in shares of Eaton by 142.9% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares in the last quarter. Proffitt & Goodson Inc. acquired a new stake in shares of Eaton in the 2nd quarter valued at approximately $29,000. LGT Financial Advisors LLC bought a new position in shares of Eaton in the second quarter valued at $33,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in Eaton in the first quarter valued at $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Performance

ETN opened at $289.38 on Tuesday. The firm has a market cap of $115.20 billion, a P/E ratio of 34.17, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The business’s fifty day moving average is $302.03 and its 200-day moving average is $311.45. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating the consensus estimate of $2.61 by $0.12. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. Sell-side analysts expect that Eaton Co. plc will post 10.74 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.30%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insiders Place Their Bets

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the sale, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Karenann K. Terrell purchased 500 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was bought at an average price 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 in the company, valued at approximately $149,485. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the transaction, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ETN. Jefferies Financial Group upped their target price on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Raymond James cut their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday. Morgan Stanley initiated coverage on Eaton in a report on Friday. They set an “overweight” rating and a $370.00 price target for the company. Evercore ISI decreased their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Finally, Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $335.18.

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.