Monument Capital Management reduced its holdings in shares of Eaton Co. plc (NYSE:ETN) by 2.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,253 shares of the industrial products company’s stock after selling 662 shares during the quarter. Eaton makes up approximately 1.3% of Monument Capital Management’s holdings, making the stock its 18th biggest position. Monument Capital Management’s holdings in Eaton were worth $3,354,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Canandaigua National Corp grew its position in Eaton by 0.4% in the first quarter. Canandaigua National Corp now owns 17,244 shares of the industrial products company’s stock valued at $2,385,000 after purchasing an additional 73 shares in the last quarter. Janney Capital Management LLC increased its position in shares of Eaton by 0.7% in the fourth quarter. Janney Capital Management LLC now owns 12,599 shares of the industrial products company’s stock valued at $1,514,000 after acquiring an additional 83 shares during the last quarter. Schneider Downs Wealth Management Advisors LP raised its holdings in Eaton by 1.8% during the fourth quarter. Schneider Downs Wealth Management Advisors LP now owns 5,131 shares of the industrial products company’s stock worth $616,000 after acquiring an additional 90 shares in the last quarter. Jacobi Capital Management LLC boosted its position in Eaton by 3.9% during the fourth quarter. Jacobi Capital Management LLC now owns 2,506 shares of the industrial products company’s stock valued at $301,000 after purchasing an additional 95 shares during the last quarter. Finally, Bangor Savings Bank grew its stake in Eaton by 0.7% in the fourth quarter. Bangor Savings Bank now owns 13,376 shares of the industrial products company’s stock valued at $1,607,000 after purchasing an additional 97 shares in the last quarter. Institutional investors own 77.88% of the company’s stock.
Several equities analysts recently weighed in on the stock. Oppenheimer raised their target price on shares of Eaton from $133.00 to $145.00 in a research note on Tuesday, March 2nd. Royal Bank of Canada lifted their price objective on shares of Eaton from $112.00 to $119.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 3rd. They noted that the move was a valuation call. Barclays upped their target price on shares of Eaton from $115.00 to $125.00 and gave the company an “underweight” rating in a report on Tuesday, April 6th. Berenberg Bank upgraded Eaton from a “hold” rating to a “buy” rating and set a $160.00 price target for the company in a report on Monday, March 15th. Finally, Citigroup upped their price objective on Eaton from $142.00 to $158.00 and gave the company a “buy” rating in a research note on Wednesday, March 31st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $132.89.
Eaton (NYSE:ETN) last issued its quarterly earnings results on Monday, February 1st. The industrial products company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.08. Eaton had a return on equity of 11.94% and a net margin of 7.53%. The business had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $4.62 billion. During the same period in the previous year, the company posted $1.37 earnings per share. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Eaton Co. plc will post 4.17 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, March 30th. Investors of record on Tuesday, March 16th were given a $0.76 dividend. The ex-dividend date was Monday, March 15th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.19%. This is a boost from Eaton’s previous quarterly dividend of $0.73. Eaton’s dividend payout ratio (DPR) is presently 53.62%.
In other Eaton news, insider Brian S. Brickhouse sold 22,758 shares of the business’s stock in a transaction that occurred on Wednesday, March 3rd. The shares were sold at an average price of $135.80, for a total transaction of $3,090,536.40. Following the completion of the transaction, the insider now directly owns 15,587 shares in the company, valued at $2,116,714.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Uday Yadav sold 2,213 shares of the firm’s stock in a transaction on Friday, March 5th. The shares were sold at an average price of $135.12, for a total value of $299,020.56. In the last ninety days, insiders sold 36,740 shares of company stock valued at $4,945,066. 0.54% of the stock is owned by insiders.
Eaton Company Profile
Eaton Corporation plc operates as a power management company. Its Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services in North and South America, as well as hazardous duty electrical, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems internationally.
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