Picton Mahoney Asset Management Reduces Holdings in Eaton Co. plc (NYSE:ETN)

Picton Mahoney Asset Management lowered its stake in shares of Eaton Co. plc (NYSE:ETN) by 2.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 50,346 shares of the industrial products company’s stock after selling 1,321 shares during the quarter. Picton Mahoney Asset Management’s holdings in Eaton were worth $12,126,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Tennessee Valley Asset Management Partners purchased a new position in shares of Eaton in the 4th quarter valued at approximately $25,000. Valued Wealth Advisors LLC purchased a new position in Eaton during the fourth quarter valued at $35,000. Chilton Capital Management LLC bought a new stake in shares of Eaton during the 4th quarter valued at $35,000. Authentikos Wealth Advisory LLC bought a new position in shares of Eaton in the 3rd quarter worth about $39,000. Finally, Fortitude Family Office LLC purchased a new position in Eaton during the 4th quarter valued at about $46,000. 82.97% of the stock is owned by institutional investors.

Eaton Stock Performance

NYSE:ETN traded up $0.06 during trading hours on Tuesday, reaching $327.30. The company had a trading volume of 1,792,924 shares, compared to its average volume of 2,025,208. The firm has a market cap of $130.85 billion, a price-to-earnings ratio of 38.64, a PEG ratio of 2.54 and a beta of 1.06. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42. The firm’s 50 day moving average price is $310.41 and its 200-day moving average price is $264.55. Eaton Co. plc has a 52 week low of $165.24 and a 52 week high of $333.05.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The company had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the previous year, the company posted $1.88 earnings per share. Eaton’s revenue was up 8.4% compared to the same quarter last year. On average, analysts forecast that Eaton Co. plc will post 10.45 EPS for the current year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.15%. The ex-dividend date is Friday, May 3rd. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Buying and Selling

In other Eaton news, insider Olivier Leonetti sold 4,461 shares of the 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 transaction, the insider now directly owns 630 shares in the company, valued at $171,360. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Olivier Leonetti sold 4,461 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the transaction, the insider now owns 630 shares of the company’s stock, valued at $171,360. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total value of $500,207.07. Following the transaction, the insider now owns 5,514 shares of the company’s stock, valued at $1,593,380.58. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,969 shares of company stock valued at $10,904,774. 0.33% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on ETN shares. Barclays raised shares of Eaton from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $250.00 to $300.00 in a research note on Tuesday, April 2nd. HSBC increased their target price on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research note on Friday. Mizuho reaffirmed a “buy” rating and issued a $355.00 price target (up previously from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. Evercore ISI raised their price objective on shares of Eaton from $262.00 to $308.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Finally, Bank of America upped their target price on shares of Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $314.27.

Eaton 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.