Wright Investors Service Inc. Reduces Position in Eaton Co. plc (NYSE:ETN)

Wright Investors Service Inc. lessened its holdings in Eaton Co. plc (NYSE:ETN) by 13.8% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 16,428 shares of the industrial products company’s stock after selling 2,630 shares during the period. Eaton comprises 1.1% of Wright Investors Service Inc.’s holdings, making the stock its 26th biggest position. Wright Investors Service Inc.’s holdings in Eaton were worth $3,956,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Ritholtz Wealth Management raised its position in shares of Eaton by 5.1% in the 4th quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock valued at $1,379,000 after purchasing an additional 277 shares during the last quarter. BCS Wealth Management acquired a new stake in shares of Eaton during the third quarter worth $216,000. Pacer Advisors Inc. increased its position in shares of Eaton by 30.5% in the 4th quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock valued at $8,205,000 after acquiring an additional 7,964 shares during the period. Chicago Capital LLC purchased a new position in Eaton in the 4th quarter worth $2,958,000. Finally, Neo Ivy Capital Management purchased a new stake in Eaton during the 3rd quarter valued at about $479,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

ETN has been the subject of several research reports. The Goldman Sachs Group lifted their price objective on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Evercore ISI boosted their price objective on Eaton from $262.00 to $308.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Mizuho raised their target price on Eaton from $300.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Royal Bank of Canada raised shares of Eaton from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $286.00 to $371.00 in a research report on Friday, April 5th. Finally, UBS Group lifted their price objective on shares of Eaton from $255.00 to $305.00 and gave the company a “buy” rating in a report on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $295.60.

Insider Buying and Selling

In other news, insider Heath B. Monesmith sold 13,027 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the completion of the transaction, the insider now directly owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Ernest W. Marshall, Jr. sold 19,750 shares of Eaton stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the transaction, the insider now owns 69,472 shares in the company, valued at $20,244,140.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,969 shares of company stock worth $10,904,774. 0.53% of the stock is currently owned by corporate insiders.

Eaton Price Performance

Shares of NYSE:ETN traded up $4.71 during trading on Thursday, hitting $314.89. 504,940 shares of the stock were exchanged, compared to its average volume of 1,873,966. The company has a market cap of $125.80 billion, a PE ratio of 38.67, a P/E/G ratio of 2.61 and a beta of 1.07. The company has a current ratio of 1.51, a quick ratio of 1.02 and a debt-to-equity ratio of 0.43. Eaton Co. plc has a 12-month low of $161.12 and a 12-month high of $331.47. The company has a fifty day moving average price of $299.48 and a two-hundred day moving average price of $253.53.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.08. The firm had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.91 billion. Eaton had a net margin of 13.88% and a return on equity of 20.05%. Eaton’s revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the business earned $2.06 earnings per share. On average, analysts forecast that Eaton Co. plc will post 10.28 EPS for the current year.

Eaton Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 11th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date was Friday, March 8th. This is an increase from Eaton’s previous quarterly dividend of $0.86. Eaton’s dividend payout ratio (DPR) is currently 46.88%.

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.