CENTRAL TRUST Co trimmed its holdings in Eaton Co. PLC (NYSE:ETN) by 6.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,081 shares of the industrial products company’s stock after selling 1,308 shares during the quarter. CENTRAL TRUST Co’s holdings in Eaton were worth $1,537,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of ETN. Financial Gravity Wealth Inc. acquired a new stake in Eaton in the first quarter worth approximately $25,000. Highwater Wealth Management LLC acquired a new stake in Eaton in the fourth quarter worth approximately $26,000. Athena Capital Advisors LLC acquired a new stake in Eaton in the fourth quarter worth approximately $27,000. Bremer Trust National Association acquired a new stake in shares of Eaton during the 4th quarter valued at $29,000. Finally, Legacy Financial Advisors Inc. lifted its position in shares of Eaton by 53.9% during the 4th quarter. Legacy Financial Advisors Inc. now owns 454 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 159 shares during the last quarter. 80.07% of the stock is owned by institutional investors and hedge funds.
Eaton stock traded down $0.99 during mid-day trading on Wednesday, hitting $78.93. 1,204,808 shares of the company’s stock were exchanged, compared to its average volume of 2,462,881. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.47 and a quick ratio of 0.92. The company has a market capitalization of $33.66 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.53 and a beta of 1.47. Eaton Co. PLC has a 1-year low of $64.46 and a 1-year high of $89.46.
Eaton (NYSE:ETN) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $1.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.25 by $0.01. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.38 billion. Eaton had a net margin of 10.06% and a return on equity of 14.56%. The business’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.10 earnings per share. As a group, sell-side analysts anticipate that Eaton Co. PLC will post 5.89 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Friday, May 3rd were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.60%. The ex-dividend date was Thursday, May 2nd. Eaton’s payout ratio is 52.69%.
In other Eaton news, insider Heath B. Monesmith sold 7,167 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $81.25, for a total transaction of $582,318.75. Following the completion of the sale, the insider now directly owns 26,344 shares in the company, valued at $2,140,450. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dorothy C. Thompson purchased 1,655 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were purchased at an average price of $78.54 per share, with a total value of $129,983.70. The disclosure for this purchase can be found here. Insiders have sold 34,890 shares of company stock worth $2,809,633 over the last three months. Company insiders own 0.70% of the company’s stock.
A number of equities research analysts have recently commented on ETN shares. Zacks Investment Research downgraded Eaton from a “hold” rating to a “sell” rating in a research report on Tuesday, January 29th. Bank of America downgraded Eaton from a “buy” rating to a “neutral” rating and set a $88.00 price objective for the company. in a research report on Thursday, April 4th. Robert W. Baird set a $88.00 target price on Eaton and gave the company a “buy” rating in a report on Friday, January 25th. Morgan Stanley set a $82.00 target price on Eaton and gave the company a “hold” rating in a report on Saturday, February 2nd. Finally, Wells Fargo & Co increased their target price on Eaton from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Monday, March 4th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. Eaton currently has a consensus rating of “Hold” and a consensus target price of $86.79.
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Eaton Company Profile
Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.
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