Eaton Co. plc (NYSE:ETN) Shares Sold by MCF Advisors LLC

MCF Advisors LLC cut its stake in shares of Eaton Co. plc (NYSE:ETN) by 0.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,518 shares of the industrial products company’s stock after selling 32 shares during the quarter. MCF Advisors LLC’s holdings in Eaton were worth $1,100,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of ETN. Ritholtz Wealth Management raised its stake in Eaton by 5.1% in the fourth quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock valued at $1,379,000 after buying an additional 277 shares in the last quarter. Pinnbrook Capital Management LP purchased a new stake in Eaton during the fourth quarter worth approximately $15,109,000. Congress Wealth Management LLC DE boosted its holdings in Eaton by 8.1% in the fourth quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock valued at $18,479,000 after purchasing an additional 5,725 shares in the last quarter. Pacer Advisors Inc. increased its stake in Eaton by 30.5% in the fourth quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock valued at $8,205,000 after purchasing an additional 7,964 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new stake in Eaton during the fourth quarter worth approximately $1,001,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Price Performance

NYSE ETN traded down $0.39 during mid-day trading on Friday, hitting $313.55. The stock had a trading volume of 2,557,711 shares, compared to its average volume of 2,258,211. The company has a 50 day simple moving average of $325.35 and a 200 day simple moving average of $292.34. The company has a market cap of $125.36 billion, a price-to-earnings ratio of 37.02, a P/E/G ratio of 2.63 and a beta of 1.04. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.28 by $0.12. The business had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business’s revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.88 earnings per share. Equities analysts forecast that Eaton Co. plc will post 10.56 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.76 annualized dividend and a dividend yield of 1.20%. Eaton’s payout ratio is currently 44.39%.

Analyst Ratings Changes

ETN has been the topic of several research analyst reports. Mizuho reaffirmed a “buy” rating and set a $355.00 price target (up previously from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. HSBC raised their price target on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. Berenberg Bank lifted their target price on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. JPMorgan Chase & Co. upped their price target on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Finally, The Goldman Sachs Group lifted their price objective on shares of Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a research report on Friday, March 15th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Eaton currently has an average rating of “Moderate Buy” and an average target price of $318.06.

Insider Buying and Selling

In related news, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the completion of the sale, the insider now directly owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.53% of the stock is currently owned by corporate insiders.

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.