Eaton Co. plc (NYSE:ETN) Shares Sold by Davis R M Inc.

Davis R M Inc. decreased its position in Eaton Co. plc (NYSE:ETN) by 1.6% in the 4th quarter, Holdings Channel.com reports. The fund owned 207,733 shares of the industrial products company’s stock after selling 3,395 shares during the period. Eaton makes up 1.2% of Davis R M Inc.’s investment portfolio, making the stock its 28th largest position. Davis R M Inc.’s holdings in Eaton were worth $50,026,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Dai ichi Life Insurance Company Ltd boosted its holdings in shares of Eaton by 36.4% in the 4th quarter. Dai ichi Life Insurance Company Ltd now owns 54,395 shares of the industrial products company’s stock valued at $13,099,000 after buying an additional 14,508 shares during the period. Franklin Resources Inc. grew its holdings in shares of Eaton by 6.4% during the fourth quarter. Franklin Resources Inc. now owns 1,957,864 shares of the industrial products company’s stock valued at $471,493,000 after purchasing an additional 118,544 shares during the last quarter. Assetmark Inc. boosted its position in Eaton by 26.1% during the 4th quarter. Assetmark Inc. now owns 29,420 shares of the industrial products company’s stock valued at $7,085,000 after purchasing an additional 6,089 shares during the period. CreativeOne Wealth LLC increased its position in Eaton by 27.3% in the fourth quarter. CreativeOne Wealth LLC now owns 1,324 shares of the industrial products company’s stock worth $319,000 after buying an additional 284 shares during the period. Finally, Corient Private Wealth LLC boosted its holdings in shares of Eaton by 4.9% during the fourth quarter. Corient Private Wealth LLC now owns 180,537 shares of the industrial products company’s stock valued at $43,477,000 after acquiring an additional 8,386 shares during the period. 82.97% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ETN has been the subject of several recent analyst reports. Barclays upgraded shares of Eaton from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Argus lifted their price objective on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Royal Bank of Canada upgraded Eaton from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $286.00 to $371.00 in a research report on Friday, April 5th. Wolfe Research reiterated an “underperform” rating and issued a $312.00 price objective on shares of Eaton in a research note on Monday, April 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $314.27.

Insiders Place Their Bets

In related news, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total transaction of $500,207.07. Following the completion of the sale, the insider now directly owns 5,514 shares of the company’s stock, valued at $1,593,380.58. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Peter Denk sold 1,731 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the sale, the insider now directly owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Heath B. Monesmith sold 13,027 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the completion of the sale, the insider now directly owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. In the last three months, insiders sold 17,174 shares of company stock valued at $5,098,000. 0.53% of the stock is currently owned by insiders.

Eaton Price Performance

NYSE:ETN traded up $3.48 on Tuesday, reaching $336.73. The stock had a trading volume of 1,388,401 shares, compared to its average volume of 1,988,181. The company has a market capitalization of $134.62 billion, a P/E ratio of 39.34, a price-to-earnings-growth ratio of 2.58 and a beta of 1.06. The stock has a fifty day moving average price of $317.19 and a 200-day moving average price of $272.76. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. Eaton Co. plc has a 1-year low of $167.33 and a 1-year high of $338.88.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The company had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the previous year, the firm earned $1.88 earnings per share. The business’s revenue was up 8.4% on a year-over-year basis. Research analysts forecast that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.12%. Eaton’s payout ratio is currently 44.39%.

Eaton Company 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.