Eaton Co. plc (NYSE:ETN) Shares Sold by Picton Mahoney Asset Management

Picton Mahoney Asset Management trimmed its position in Eaton Co. plc (NYSE:ETN) by 2.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 50,346 shares of the industrial products company’s stock after selling 1,321 shares during the period. Picton Mahoney Asset Management’s holdings in Eaton were worth $12,126,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. EdgeRock Capital LLC acquired a new position in Eaton during the fourth quarter worth about $79,000. Hyman Charles D grew its stake in shares of Eaton by 4.3% in the 4th quarter. Hyman Charles D now owns 4,448 shares of the industrial products company’s stock worth $1,071,000 after purchasing an additional 182 shares during the last quarter. Everpar Advisors LLC bought a new stake in shares of Eaton in the 4th quarter worth approximately $710,000. Gryphon Financial Partners LLC lifted its stake in Eaton by 81.3% during the fourth quarter. Gryphon Financial Partners LLC now owns 2,348 shares of the industrial products company’s stock valued at $565,000 after purchasing an additional 1,053 shares during the last quarter. Finally, Patrick M Sweeney & Associates Inc. acquired a new position in Eaton in the fourth quarter worth approximately $814,000. 82.97% of the stock is owned by institutional investors.

Eaton Stock Up 0.0 %

Shares of ETN traded up $0.06 during mid-day trading on Tuesday, hitting $327.30. 1,792,924 shares of the company’s stock were exchanged, compared to its average volume of 2,025,208. 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 twelve month low of $165.24 and a twelve month high of $333.05. The firm has a fifty day moving average of $310.41 and a two-hundred day moving average of $264.55. The stock has a market cap of $130.85 billion, a price-to-earnings ratio of 38.64, a P/E/G ratio of 2.54 and a beta of 1.06.

Eaton (NYSE:ETN) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 20.69% and a net margin of 14.38%. The business’s revenue was up 8.4% compared to the same quarter last year. During the same period last year, the company earned $1.88 earnings per share. On average, sell-side analysts forecast that Eaton Co. plc will post 10.45 earnings per share for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be issued a dividend of $0.94 per share. The ex-dividend date is Friday, May 3rd. This represents a $3.76 annualized dividend and a yield of 1.15%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Activity

In related news, insider Heath B. Monesmith sold 13,027 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now directly owns 69,472 shares in the company, valued at approximately $20,244,140.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Peter Denk sold 1,731 shares of the business’s stock in a transaction 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 transaction, the insider now owns 5,514 shares of the company’s stock, valued at $1,593,380.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Heath B. Monesmith sold 13,027 shares of the stock in a transaction 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 $20,244,140.80. The disclosure for this sale can be found here. Insiders have sold a total of 38,969 shares of company stock valued at $10,904,774 over the last 90 days. 0.33% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ETN. Evercore ISI raised their price objective on Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Royal Bank of Canada upgraded Eaton from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $286.00 to $371.00 in a report on Friday, April 5th. Wolfe Research reiterated an “underperform” rating and issued a $312.00 target price on shares of Eaton in a report on Monday, April 8th. HSBC boosted their price target on shares of Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a report on Friday. Finally, UBS Group raised their price objective on shares of Eaton from $255.00 to $305.00 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, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Eaton has a consensus rating of “Moderate Buy” and an average target price of $314.27.

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.