Cypress Capital Group Sells 533 Shares of Eaton Co. plc (NYSE:ETN)

Cypress Capital Group cut its holdings in shares of Eaton Co. plc (NYSE:ETN) by 5.0% in the 4th quarter, Holdings Channel reports. The firm owned 10,096 shares of the industrial products company’s stock after selling 533 shares during the period. Cypress Capital Group’s holdings in Eaton were worth $3,351,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ETN. Noble Wealth Management PBC acquired a new position in shares of Eaton during the fourth quarter worth $30,000. Groupama Asset Managment increased its holdings in shares of Eaton by 83.2% during the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock worth $31,000 after buying an additional 4,298 shares in the last quarter. Horizon Bancorp Inc. IN increased its holdings in shares of Eaton by 321.7% during the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after buying an additional 74 shares in the last quarter. Morse Asset Management Inc acquired a new position in shares of Eaton during the third quarter worth $33,000. Finally, Activest Wealth Management increased its holdings in shares of Eaton by 621.4% during the fourth quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock worth $34,000 after buying an additional 87 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Insider Transactions at Eaton

In other news, Director Gregory R. Page sold 10,000 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the transaction, the director now owns 43,203 shares of the company’s stock, valued at $15,379,403.94. This represents a 18.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating on shares of Eaton in a report on Thursday, February 13th. Melius downgraded Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective for the company. in a report on Tuesday, January 28th. Barclays decreased their price objective on Eaton from $353.00 to $325.00 and set an “equal weight” rating for the company in a report on Monday. Melius Research restated a “hold” rating and issued a $373.00 price objective on shares of Eaton in a report on Tuesday, January 28th. Finally, Evercore ISI decreased their price objective on Eaton from $382.00 to $326.00 and set an “in-line” rating for the company in a report on Wednesday, February 19th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $364.65.

Eaton Stock Performance

Shares of Eaton stock opened at $278.94 on Wednesday. The company has a market cap of $110.24 billion, a P/E ratio of 29.36, a PEG ratio of 2.64 and a beta of 1.05. The business has a 50-day moving average price of $324.45 and a two-hundred day moving average price of $332.49. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a 1-year low of $255.65 and a 1-year high of $379.99.

Eaton (NYSE:ETN) last released its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same quarter in the previous year, the firm posted $2.55 EPS. As a group, analysts anticipate that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Monday, March 10th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date is Monday, March 10th. This is a boost from Eaton’s previous quarterly dividend of $0.94. Eaton’s dividend payout ratio is 43.79%.

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.