Cascade Investment Advisors Inc. Decreases Stake in Eaton Co. plc (NYSE:ETN)

Cascade Investment Advisors Inc. cut its holdings in Eaton Co. plc (NYSE:ETN) by 77.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,080 shares of the industrial products company’s stock after selling 7,181 shares during the quarter. Cascade Investment Advisors Inc.’s holdings in Eaton were worth $650,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Atwood & Palmer Inc. boosted its position in Eaton by 142.9% during the first 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. Tennessee Valley Asset Management Partners purchased a new stake in Eaton during the fourth quarter worth $25,000. Redmont Wealth Advisors LLC purchased a new stake in Eaton during the first quarter worth $33,000. Clear Investment Research LLC purchased a new stake in Eaton during the fourth quarter worth $29,000. Finally, Valued Wealth Advisors LLC acquired a new position in shares of Eaton in the fourth quarter worth $35,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Trading Up 0.7 %

ETN stock traded up $2.26 during trading on Thursday, reaching $338.44. 1,772,458 shares of the stock traded hands, compared to its average volume of 1,981,814. Eaton Co. plc has a 52-week low of $167.33 and a 52-week high of $344.00. The business’s 50 day moving average price is $319.45 and its 200-day moving average price is $274.50. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05. The firm has a market capitalization of $135.31 billion, a PE ratio of 39.96, a P/E/G ratio of 2.82 and a beta of 1.06.

Eaton (NYSE:ETN) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share 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 the consensus estimate of $5.91 billion. During the same quarter in the prior year, the business earned $1.88 earnings per share. The company’s revenue was up 8.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Eaton Co. plc will post 10.56 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.11%. The ex-dividend date is Friday, May 3rd. Eaton’s payout ratio is 44.39%.

Analyst Ratings Changes

A number of research firms have recently weighed in on ETN. Wolfe Research reissued an “underperform” rating and issued a $312.00 price target on shares of Eaton in a report on Monday, April 8th. Mizuho reissued a “buy” rating and issued a $355.00 price target (up from $340.00) on shares of Eaton in a report on Wednesday, May 1st. The Goldman Sachs Group boosted their price target on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a report on Friday, March 15th. HSBC upped their target price on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. Finally, Bank of America upped their target price on Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, March 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $314.27.

Insider Transactions at Eaton

In related news, insider Peter Denk sold 1,731 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the transaction, the insider now owns 5,514 shares of the company’s stock, valued at $1,593,380.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Peter Denk sold 1,731 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the transaction, the insider now owns 5,514 shares of the company’s stock, valued at $1,593,380.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Heath B. Monesmith sold 13,027 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the sale, the insider now owns 69,472 shares in the company, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. Insiders sold 17,174 shares of company stock valued at $5,098,000 over the last quarter. Company insiders own 0.53% of the company’s stock.

About Eaton

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.