New York Life Investment Management LLC Lowers Stake in Eaton Co. plc (NYSE:ETN)

New York Life Investment Management LLC reduced its holdings in shares of Eaton Co. plc (NYSE:ETN) by 20.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 56,714 shares of the industrial products company’s stock after selling 14,212 shares during the period. New York Life Investment Management LLC’s holdings in Eaton were worth $13,658,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Tennessee Valley Asset Management Partners purchased a new stake in shares of Eaton in the fourth quarter valued at about $25,000. Valued Wealth Advisors LLC acquired a new position in Eaton during the fourth quarter worth about $35,000. Chilton Capital Management LLC acquired a new position in Eaton during the fourth quarter worth about $35,000. Authentikos Wealth Advisory LLC acquired a new position in Eaton during the third quarter worth about $39,000. Finally, Legacy Financial Group LLC acquired a new position in Eaton during the third quarter worth about $43,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analyst Upgrades and Downgrades

ETN has been the subject of a number of analyst reports. UBS Group boosted their price objective on shares of Eaton from $255.00 to $305.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Barclays raised shares of Eaton from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Citigroup boosted their target price on shares of Eaton from $270.00 to $310.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Evercore ISI boosted their target price on shares of Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Finally, Mizuho reissued a “buy” rating and set a $355.00 target price (up from $340.00) on shares of Eaton in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and a consensus target price of $302.93.

Eaton Stock Down 2.0 %

Eaton stock opened at $312.03 on Thursday. The company has a 50-day simple moving average of $307.35 and a 200-day simple moving average of $260.80. The firm has a market capitalization of $124.66 billion, a P/E ratio of 36.84, a P/E/G ratio of 2.63 and a beta of 1.06. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.02 and a current ratio of 1.56. Eaton Co. plc has a one year low of $165.24 and a one year high of $333.05.

Eaton (NYSE:ETN) last released its quarterly earnings results 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. The business had revenue of $5.94 billion during 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 company’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.88 earnings per share. As a group, equities analysts expect that Eaton Co. plc will post 10.33 earnings per share for the current year.

Eaton Dividend Announcement

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

Insider Transactions at Eaton

In related news, insider Heath B. Monesmith sold 13,027 shares of the stock in a transaction dated 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 completion of the transaction, the insider now owns 69,472 shares in the company, valued at approximately $20,244,140.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Heath B. Monesmith sold 13,027 shares of the stock in a transaction dated 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 completion of the transaction, the insider now owns 69,472 shares in the company, valued at approximately $20,244,140.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the transaction, the insider now owns 29,712 shares of the company’s stock, valued at approximately $8,116,427.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,969 shares of company stock worth $10,904,774. 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.