Penobscot Wealth Management Has $1.71 Million Position in Eaton Co. plc (NYSE:ETN)

Penobscot Wealth Management reduced its stake in shares of Eaton Co. plc (NYSE:ETN) by 7.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 7,102 shares of the industrial products company’s stock after selling 567 shares during the quarter. Eaton comprises 1.2% of Penobscot Wealth Management’s holdings, making the stock its 26th largest position. Penobscot Wealth Management’s holdings in Eaton were worth $1,710,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ETN. Van Cleef Asset Management Inc lifted its stake in Eaton by 2.6% in the 4th quarter. Van Cleef Asset Management Inc now owns 1,988 shares of the industrial products company’s stock valued at $479,000 after acquiring an additional 50 shares in the last quarter. Stevens Capital Management LP acquired a new position in shares of Eaton during the 4th quarter worth approximately $947,000. Syon Capital LLC increased its position in shares of Eaton by 23.1% during the 4th quarter. Syon Capital LLC now owns 5,611 shares of the industrial products company’s stock worth $1,351,000 after purchasing an additional 1,054 shares during the last quarter. Two Point Capital Management Inc. increased its position in shares of Eaton by 1.0% during the 4th quarter. Two Point Capital Management Inc. now owns 43,865 shares of the industrial products company’s stock worth $10,564,000 after purchasing an additional 450 shares during the last quarter. Finally, Pittenger & Anderson Inc. increased its position in shares of Eaton by 1.5% during the 4th quarter. Pittenger & Anderson Inc. now owns 67,242 shares of the industrial products company’s stock worth $16,193,000 after purchasing an additional 1,005 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Price Performance

ETN traded down $1.69 on Thursday, reaching $317.10. The stock had a trading volume of 2,416,304 shares, compared to its average volume of 1,952,214. Eaton Co. plc has a fifty-two week low of $161.12 and a fifty-two week high of $331.47. The firm has a 50-day moving average of $303.89 and a 200-day moving average of $257.51. The company has a current ratio of 1.51, a quick ratio of 1.02 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $126.68 billion, a price-to-earnings ratio of 39.54, a price-to-earnings-growth ratio of 2.59 and a beta of 1.07.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The business had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter in the prior year, the firm earned $2.06 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Eaton Co. plc will post 10.28 EPS for the current year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be paid a dividend of $0.94 per share. The ex-dividend date is Friday, May 3rd. This represents a $3.76 annualized dividend and a yield of 1.19%. Eaton’s dividend payout ratio is currently 46.88%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Wolfe Research reissued an “underperform” rating and set a $312.00 target price on shares of Eaton in a report on Monday, April 8th. Barclays upgraded Eaton from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $250.00 to $300.00 in a research note on Tuesday, April 2nd. The Goldman Sachs Group boosted their price target on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Citigroup boosted their price target on Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Finally, Evercore ISI boosted their price target on Eaton from $262.00 to $308.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve 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 a consensus target price of $295.60.

Insider Buying and Selling

In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now owns 69,472 shares in the company, valued at $20,244,140.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Heath B. Monesmith sold 13,027 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now owns 69,472 shares in the company, valued at $20,244,140.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Olivier Leonetti sold 4,461 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the transaction, the insider now owns 630 shares in the company, valued at approximately $171,360. The disclosure for this sale can be found here. Insiders sold 38,969 shares of company stock valued at $10,904,774 over the last 90 days. Company insiders own 0.53% of the company’s stock.

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.