Cozad Asset Management Inc. Reduces Stock Position in Eaton Co. plc (NYSE:ETN)

Cozad Asset Management Inc. decreased its holdings in Eaton Co. plc (NYSE:ETN) by 0.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,533 shares of the industrial products company’s stock after selling 48 shares during the period. Cozad Asset Management Inc.’s holdings in Eaton were worth $1,730,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Ritholtz Wealth Management boosted its position in 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 buying an additional 277 shares during the period. Pinnbrook Capital Management LP purchased a new stake in shares of Eaton in the fourth quarter valued at approximately $15,109,000. Congress Wealth Management LLC DE boosted its holdings in shares of Eaton by 8.1% in the fourth quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock valued at $18,479,000 after purchasing an additional 5,725 shares during the period. Pacer Advisors Inc. grew its stake in Eaton by 30.5% in the fourth quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock worth $8,205,000 after purchasing an additional 7,964 shares in the last quarter. Finally, Norden Group LLC purchased a new position in Eaton during the 1st quarter worth $2,176,000. 82.97% of the stock is currently owned by institutional investors.

Eaton Stock Performance

Shares of NYSE:ETN traded down $20.88 on Wednesday, hitting $311.58. 3,312,762 shares of the company were exchanged, compared to its average volume of 2,003,013. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $345.19. The stock’s 50 day moving average price is $326.04 and its 200 day moving average price is $300.17. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $124.57 billion, a P/E ratio of 37.02, a price-to-earnings-growth ratio of 2.74 and a beta of 1.02.

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 the consensus estimate of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.91 billion. During the same period in the previous year, the firm posted $1.88 earnings per share. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. Sell-side analysts predict that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were paid a dividend of $0.94 per share. The ex-dividend date was Friday, May 3rd. This represents a $3.76 annualized dividend and a dividend yield of 1.21%. Eaton’s payout ratio is currently 44.39%.

Insider Transactions at Eaton

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on ETN shares. Barclays increased their price target on Eaton from $316.00 to $318.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. HSBC increased their price objective on shares of Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. Raymond James initiated coverage on shares of Eaton in a research note on Friday, June 28th. They set an “outperform” rating and a $375.00 price objective on the stock. Jefferies Financial Group increased their price objective on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Finally, Mizuho reiterated a “buy” rating and set a $355.00 price objective (up from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $323.06.

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.