Diligent Investors LLC Sells 220 Shares of Eaton Co. plc (NYSE:ETN)

Diligent Investors LLC reduced its holdings in Eaton Co. plc (NYSE:ETN) by 6.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,100 shares of the industrial products company’s stock after selling 220 shares during the quarter. Diligent Investors LLC’s holdings in Eaton were worth $747,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ETN. Dynamic Advisor Solutions LLC raised its stake in Eaton by 19.2% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 11,771 shares of the industrial products company’s stock valued at $2,765,000 after buying an additional 1,893 shares during the last quarter. GSG Advisors LLC raised its stake in shares of Eaton by 2.1% in the fourth quarter. GSG Advisors LLC now owns 2,227 shares of the industrial products company’s stock worth $519,000 after purchasing an additional 46 shares during the last quarter. Rise Advisors LLC raised its stake in shares of Eaton by 35.6% in the fourth quarter. Rise Advisors LLC now owns 1,351 shares of the industrial products company’s stock worth $325,000 after purchasing an additional 355 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new position in shares of Eaton in the fourth quarter worth $119,000. Finally, BKM Wealth Management LLC purchased a new position in shares of Eaton in the fourth quarter worth $195,000. 81.02% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ETN. Evercore ISI lifted their price objective on Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. 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 report on Friday. Wells Fargo & Company boosted their price target on Eaton from $220.00 to $257.00 and gave the company an “equal weight” rating in a report on Tuesday, December 19th. Royal Bank of Canada boosted their price target on Eaton from $246.00 to $286.00 and gave the company a “sector perform” rating in a report on Thursday. Finally, Citigroup upped their price objective on Eaton from $270.00 to $310.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $268.20.

Insider Buying and Selling at Eaton

In other Eaton news, insider Peter Denk sold 1,731 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total transaction of $500,207.07. Following the sale, the insider now directly owns 5,514 shares in the company, valued at $1,593,380.58. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Heath B. Monesmith sold 13,027 shares of the firm’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 sale, the insider now directly owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 $1,593,380.58. The disclosure for this sale can be found here. Insiders have sold a total of 38,969 shares of company stock worth $10,904,774 over the last ninety days. Company insiders own 0.53% of the company’s stock.

Eaton Price Performance

Shares of NYSE:ETN traded up $0.85 during mid-day trading on Monday, reaching $298.75. The stock had a trading volume of 1,557,062 shares, compared to its average volume of 1,756,643. The company has a current ratio of 1.51, a quick ratio of 1.02 and a debt-to-equity ratio of 0.43. The company has a market cap of $119.35 billion, a P/E ratio of 37.25, a price-to-earnings-growth ratio of 2.49 and a beta of 1.07. Eaton Co. plc has a 1 year low of $155.38 and a 1 year high of $303.40. The business’s 50 day moving average price is $270.42 and its 200 day moving average price is $239.34.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.08. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The business had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.91 billion. During the same period in the prior year, the business posted $2.06 earnings per share. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. Research analysts expect that Eaton Co. plc will post 10.25 EPS for the current fiscal year.

Eaton Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Monday, March 11th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Friday, March 8th. This is an increase from Eaton’s previous quarterly dividend of $0.86. This represents a $3.76 dividend on an annualized basis and a yield of 1.26%. Eaton’s dividend payout ratio is 46.88%.

About Eaton

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.