Founders Financial Securities LLC Cuts Position in Eaton Co. plc (NYSE:ETN)

Founders Financial Securities LLC reduced its holdings in shares of Eaton Co. plc (NYSE:ETN) by 3.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,458 shares of the industrial products company’s stock after selling 156 shares during the quarter. Founders Financial Securities LLC’s holdings in Eaton were worth $1,394,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in ETN. Atwood & Palmer Inc. boosted its stake in shares of Eaton by 142.9% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares during the last quarter. Tennessee Valley Asset Management Partners acquired a new stake in shares of Eaton in the fourth quarter worth approximately $25,000. Clear Investment Research LLC acquired a new stake in shares of Eaton in the fourth quarter worth approximately $29,000. Valued Wealth Advisors LLC acquired a new stake in shares of Eaton in the fourth quarter worth approximately $35,000. Finally, Chilton Capital Management LLC acquired a new stake in shares of Eaton in the fourth quarter worth approximately $35,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ETN shares. HSBC raised their target price on shares of Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. JPMorgan Chase & Co. raised their target price on shares of Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Berenberg Bank raised 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. Wolfe Research reaffirmed an “underperform” rating and set a $312.00 price target on shares of Eaton in a research report on Monday, April 8th. Finally, Mizuho reaffirmed a “buy” rating and set a $355.00 price target (up from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Eaton has an average rating of “Moderate Buy” and an average target price of $318.06.

Eaton Stock Down 0.1 %

Shares of ETN traded down $0.39 during mid-day trading on Friday, reaching $313.55. 2,557,711 shares of the stock traded hands, compared to its average volume of 2,258,211. The firm has a market cap of $125.36 billion, a price-to-earnings ratio of 37.02, a P/E/G ratio of 2.63 and a beta of 1.04. The stock has a fifty day simple moving average of $325.35 and a 200 day simple moving average of $292.72. Eaton Co. plc has a 12-month low of $191.82 and a 12-month high of $345.19. 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 (NYSE:ETN) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. The company had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.88 earnings per share. Sell-side analysts expect that Eaton Co. plc will post 10.56 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were paid a $0.94 dividend. The ex-dividend date was Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.20%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Buying and Selling

In related news, insider Peter Denk sold 2,416 shares of Eaton stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the sale, the insider now owns 5,086 shares in the company, valued at $1,687,738.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.53% of the company’s stock.

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.