Procyon Advisors LLC acquired a new stake in Eaton Co. plc (NYSE:ETN – Get Rating) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 5,327 shares of the industrial products company’s stock, valued at approximately $836,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Carolinas Wealth Consulting LLC raised its stake in shares of Eaton by 4,183.1% during the second quarter. Carolinas Wealth Consulting LLC now owns 11,136 shares of the industrial products company’s stock valued at $44,000 after acquiring an additional 10,876 shares during the last quarter. M&T Bank Corp raised its stake in shares of Eaton by 0.7% during the third quarter. M&T Bank Corp now owns 170,423 shares of the industrial products company’s stock valued at $22,728,000 after acquiring an additional 1,267 shares during the last quarter. Keebeck Alpha LP raised its stake in shares of Eaton by 21.1% during the third quarter. Keebeck Alpha LP now owns 2,632 shares of the industrial products company’s stock valued at $351,000 after acquiring an additional 458 shares during the last quarter. BTR Capital Management Inc. raised its stake in shares of Eaton by 7.3% during the third quarter. BTR Capital Management Inc. now owns 26,147 shares of the industrial products company’s stock valued at $3,487,000 after acquiring an additional 1,769 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Eaton by 0.3% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,074,148 shares of the industrial products company’s stock valued at $276,608,000 after acquiring an additional 6,963 shares during the last quarter. Institutional investors own 80.19% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on ETN shares. UBS Group raised their price target on shares of Eaton from $173.00 to $197.00 in a research note on Tuesday, March 14th. Wells Fargo & Company lifted their target price on shares of Eaton from $169.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 9th. Bank of America lifted their target price on shares of Eaton from $180.00 to $200.00 in a research note on Wednesday, March 8th. Barclays lifted their target price on shares of Eaton from $130.00 to $148.00 and gave the stock an “underweight” rating in a research note on Thursday, February 9th. Finally, Morgan Stanley raised their price target on shares of Eaton from $185.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, March 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Eaton has an average rating of “Moderate Buy” and an average target price of $173.00.
Eaton Stock Down 0.5 %
Eaton (NYSE:ETN – Get Rating) last issued its quarterly earnings data on Wednesday, February 8th. The industrial products company reported $2.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.01. The firm had revenue of $5.38 billion during the quarter, compared to analysts’ expectations of $5.34 billion. Eaton had a net margin of 11.86% and a return on equity of 18.31%. The business’s revenue was up 12.2% on a year-over-year basis. During the same period last year, the company earned $1.72 earnings per share. On average, equities research analysts forecast that Eaton Co. plc will post 8.24 EPS for the current fiscal year.
Eaton Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 24th. Stockholders of record on Monday, March 6th were issued a dividend of $0.86 per share. This is a boost from Eaton’s previous quarterly dividend of $0.81. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend was Friday, March 3rd. Eaton’s dividend payout ratio (DPR) is currently 55.94%.
Insider Activity
In related news, insider Joao V. Faria sold 2,326 shares of the firm’s stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $171.23, for a total transaction of $398,280.98. Following the transaction, the insider now directly owns 77,626 shares of the company’s stock, valued at $13,291,899.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Eaton news, insider Joao V. Faria sold 2,326 shares of Eaton stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $171.23, for a total value of $398,280.98. Following the sale, the insider now owns 77,626 shares of the company’s stock, valued at $13,291,899.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Joao V. Faria sold 5,204 shares of Eaton stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $174.55, for a total transaction of $908,358.20. Following the completion of the sale, the insider now directly owns 76,314 shares in the company, valued at approximately $13,320,608.70. The disclosure for this sale can be found here. Insiders sold 33,377 shares of company stock worth $5,864,193 over the last three months. 0.56% of the stock is currently owned by insiders.
Eaton Company Profile
Eaton Corp. Plc is a power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: Electrical Americas and Electrical Global, Aerospace, Vehicle, and eMobility. The Electrical Americas and Electrical Global segments engage in sales contracts for electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality, wiring devices, circuit protection, utility power distribution, power reliability equipment, and service.
Read More
- Get a free copy of the StockNews.com research report on Eaton (ETN)
- Is Block a Ticking Time Bomb or a Bargain Bestowed by Hindenburg?
- These Bitcoin Stocks Have the Most Upside
- MarketBeat Week in Review – 3/20 – 3/24
- Dividend King Genuine Parts Company Upgraded On Profit Guidance
- The Bottom Is In For Accenture
Want to see what other hedge funds are holding ETN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eaton Co. plc (NYSE:ETN – Get Rating).
Receive News & Ratings for Eaton Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eaton and related companies with MarketBeat.com's FREE daily email newsletter.
