Procyon Advisors LLC Has $1.62 Million Stock Position in Eaton Co. plc (NYSE:ETN)

Procyon Advisors LLC raised its stake in shares of Eaton Co. plc (NYSE:ETN) by 1.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,884 shares of the industrial products company’s stock after purchasing an additional 70 shares during the period. Procyon Advisors LLC’s holdings in Eaton were worth $1,621,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Groupama Asset Managment boosted its holdings in Eaton by 83.2% in the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 4,298 shares during the last quarter. Horizon Bancorp Inc. IN boosted its stake in shares of Eaton by 321.7% in the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 74 shares during the last quarter. Morse Asset Management Inc acquired a new stake in shares of Eaton during the third quarter worth $33,000. West Financial Advisors LLC bought a new position in Eaton during the third quarter worth $35,000. Finally, DT Investment Partners LLC acquired a new position in Eaton in the third quarter valued at $37,000. Institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Shares of NYSE ETN opened at $346.54 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. The firm’s 50-day simple moving average is $354.73 and its 200 day simple moving average is $329.53. The stock has a market cap of $136.95 billion, a price-to-earnings ratio of 36.87, a PEG ratio of 2.27 and a beta of 1.06. Eaton Co. plc has a fifty-two week low of $236.20 and a fifty-two week high of $379.99.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. The company had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. Eaton’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.47 earnings per share. As a group, research analysts anticipate that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 4th were issued a $0.94 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.09%. Eaton’s dividend payout ratio is currently 40.00%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Bank of America increased their price target on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. lowered their target price on Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a report on Wednesday. Royal Bank of Canada increased their price target on Eaton from $374.00 to $392.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Wells Fargo & Company lowered their price objective on shares of Eaton from $365.00 to $350.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Finally, Jefferies Financial Group increased their target price on shares of Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and a consensus target price of $368.89.

Insider Activity at Eaton

In related news, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the sale, the insider now directly owns 506,360 shares in the company, valued at approximately $182,780,769.20. This trade represents a 10.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $355.98, for a total value of $3,559,800.00. Following the completion of the transaction, the director now directly owns 43,203 shares in the company, valued at approximately $15,379,403.94. This represents a 18.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 76,981 shares of company stock valued at $27,660,117 over the last ninety days. Corporate insiders own 0.53% of the company’s stock.

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.