Eaton Co. plc (NYSE:ETN) Shares Sold by Patton Albertson Miller Group LLC

Patton Albertson Miller Group LLC reduced its holdings in shares of Eaton Co. plc (NYSE:ETN) by 1.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,187 shares of the industrial products company’s stock after selling 49 shares during the period. Patton Albertson Miller Group LLC’s holdings in Eaton were worth $767,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Tennessee Valley Asset Management Partners purchased a new stake in shares of Eaton in the 4th quarter valued at approximately $25,000. Valued Wealth Advisors LLC acquired a new position in shares of Eaton during the fourth quarter worth $35,000. Chilton Capital Management LLC purchased a new position in Eaton in the fourth quarter valued at $35,000. Authentikos Wealth Advisory LLC acquired a new stake in Eaton in the third quarter valued at $39,000. Finally, Fortitude Family Office LLC purchased a new stake in Eaton during the 4th quarter worth about $46,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Performance

Shares of ETN stock traded up $3.00 during midday trading on Thursday, hitting $333.40. The company had a trading volume of 1,487,142 shares, compared to its average volume of 2,012,587. Eaton Co. plc has a 52-week low of $165.24 and a 52-week high of $333.45. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05. The company’s 50 day simple moving average is $311.28 and its 200 day simple moving average is $265.01. The stock has a market cap of $133.29 billion, a price-to-earnings ratio of 39.35, a PEG ratio of 2.54 and a beta of 1.06.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same period in the previous year, the company posted $1.88 EPS. Eaton’s revenue was up 8.4% compared to the same quarter last year. Research analysts anticipate that Eaton Co. plc will post 10.45 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.13%. The ex-dividend date is Friday, May 3rd. Eaton’s payout ratio is 44.39%.

Insider Transactions at Eaton

In other Eaton news, insider Olivier Leonetti sold 4,461 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the sale, the insider now owns 630 shares of the company’s stock, valued at $171,360. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Eaton news, insider Olivier Leonetti sold 4,461 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the transaction, the insider now directly owns 630 shares of the company’s stock, valued at $171,360. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Peter Denk sold 1,731 shares of the business’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 value of $500,207.07. Following the sale, the insider now directly owns 5,514 shares in the company, valued at approximately $1,593,380.58. The disclosure for this sale can be found here. In the last three months, insiders sold 21,635 shares of company stock valued at $6,311,392. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ETN. Barclays upgraded Eaton from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $250.00 to $300.00 in a report on Tuesday, April 2nd. Wolfe Research restated an “underperform” rating and set a $312.00 price objective on shares of Eaton in a research report on Monday, April 8th. Mizuho restated a “buy” rating and issued a $355.00 target price (up previously from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Evercore ISI lifted their price target on shares of Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Finally, Berenberg Bank upped their price objective on shares of Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $314.27.

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.