Procyon Advisors LLC Has $1.16 Million Stock Position in Eaton Co. plc (NYSE:ETN)

Procyon Advisors LLC cut its stake in Eaton Co. plc (NYSE:ETN) by 12.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,810 shares of the industrial products company’s stock after selling 680 shares during the period. Procyon Advisors LLC’s holdings in Eaton were worth $1,158,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. RB Capital Management LLC raised its holdings in shares of Eaton by 3.5% in the 1st quarter. RB Capital Management LLC now owns 2,759 shares of the industrial products company’s stock valued at $419,000 after purchasing an additional 94 shares during the period. Canada Pension Plan Investment Board lifted its holdings in shares of Eaton by 74.8% during the first quarter. Canada Pension Plan Investment Board now owns 101,412 shares of the industrial products company’s stock worth $15,390,000 after purchasing an additional 43,381 shares during the period. Baird Financial Group Inc. lifted its holdings in Eaton by 0.6% in the first quarter. Baird Financial Group Inc. now owns 374,204 shares of the industrial products company’s stock valued at $56,790,000 after buying an additional 2,057 shares during the period. Mather Group LLC. lifted its holdings in Eaton by 9.1% in the first quarter. Mather Group LLC. now owns 2,682 shares of the industrial products company’s stock valued at $407,000 after buying an additional 223 shares during the period. Finally, Ergoteles LLC bought a new stake in Eaton in the first quarter valued at $1,188,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the sale, the insider now owns 29,712 shares of the company’s stock, valued at approximately $8,116,427.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Eaton news, insider Peter Denk sold 1,731 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the transaction, the insider now owns 5,514 shares in the company, valued at approximately $1,593,380.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total value of $5,395,107.50. Following the completion of the transaction, the insider now owns 29,712 shares in the company, valued at approximately $8,116,427.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,969 shares of company stock worth $10,904,774. 0.53% of the stock is owned by company insiders.

Eaton Stock Performance

Shares of ETN stock traded down $1.44 during trading hours on Thursday, reaching $312.96. The company had a trading volume of 153,770 shares, compared to its average volume of 1,748,391. The business has a fifty day moving average price of $278.80 and a 200-day moving average price of $242.64. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.02 and a current ratio of 1.51. The firm has a market cap of $125.03 billion, a PE ratio of 38.97, a price-to-earnings-growth ratio of 2.59 and a beta of 1.07. Eaton Co. plc has a one year low of $155.38 and a one year high of $317.02.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.08. Eaton had a net margin of 13.88% and a return on equity of 20.05%. The company had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter in the previous year, the business posted $2.06 earnings per share. Eaton’s quarterly revenue was up 10.8% on a year-over-year basis. Sell-side analysts predict that Eaton Co. plc will post 10.25 earnings per share for the current fiscal year.

Eaton Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Monday, March 11th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.20%. The ex-dividend date is Friday, March 8th. This is an increase from Eaton’s previous quarterly dividend of $0.86. Eaton’s dividend payout ratio is 46.88%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ETN shares. Berenberg Bank boosted their target price on shares of Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Evercore ISI boosted their target price on shares of Eaton from $262.00 to $308.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Bank of America upped their price target on shares of Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Royal Bank of Canada increased their price target on shares of Eaton from $246.00 to $286.00 and gave the stock a “sector perform” rating in a report on Thursday, March 14th. Finally, Wells Fargo & Company increased their target price on shares of Eaton from $220.00 to $257.00 and gave the company an “equal weight” rating in a report on Tuesday, December 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $274.20.

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.