Connors Investor Services Inc. trimmed its position in Eaton Co. plc (NYSE:ETN - Free Report) by 7.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 51,383 shares of the industrial products company's stock after selling 4,399 shares during the quarter. Eaton makes up 1.6% of Connors Investor Services Inc.'s holdings, making the stock its 21st largest position. Connors Investor Services Inc.'s holdings in Eaton were worth $17,053,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Morse Asset Management Inc bought a new stake in shares of Eaton during the 3rd quarter worth about $33,000. Bard Financial Services Inc. bought a new stake in shares of Eaton during the third quarter worth approximately $255,000. Advisory Resource Group grew its position in shares of Eaton by 10.9% in the third quarter. Advisory Resource Group now owns 4,358 shares of the industrial products company's stock valued at $1,444,000 after purchasing an additional 428 shares during the last quarter. Chelsea Counsel Co. increased its stake in shares of Eaton by 29.4% during the third quarter. Chelsea Counsel Co. now owns 220 shares of the industrial products company's stock worth $73,000 after purchasing an additional 50 shares during the period. Finally, Tudor Financial Inc. acquired a new stake in Eaton during the 3rd quarter worth approximately $265,000. Institutional investors own 82.97% of the company's stock.
Eaton Price Performance
NYSE:ETN traded down $2.08 on Friday, hitting $299.58. The company had a trading volume of 5,931,677 shares, compared to its average volume of 2,632,727. The firm has a 50 day moving average of $281.21 and a two-hundred day moving average of $321.76. The stock has a market capitalization of $117.37 billion, a price-to-earnings ratio of 31.53, a PEG ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 52 week low of $231.85 and a 52 week high of $379.99. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46.
Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The company had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter last year, the business posted $2.40 EPS. Eaton's revenue for the quarter was up 7.3% on a year-over-year basis. On average, research analysts anticipate that Eaton Co. plc will post 12.02 earnings per share for the current year.
Eaton Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Monday, May 5th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.39%. The ex-dividend date is Monday, May 5th. Eaton's dividend payout ratio is currently 43.79%.
Wall Street Analyst Weigh In
ETN has been the topic of several recent research reports. Barclays lowered their price objective on Eaton from $315.00 to $306.00 and set an "equal weight" rating on the stock in a research report on Friday, April 4th. Wells Fargo & Company dropped their price objective on shares of Eaton from $335.00 to $305.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Melius Research restated a "hold" rating and set a $373.00 target price on shares of Eaton in a research report on Tuesday, January 28th. StockNews.com upgraded shares of Eaton from a "hold" rating to a "buy" rating in a research report on Wednesday. Finally, KeyCorp reduced their price target on Eaton from $340.00 to $325.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $350.24.
Check Out Our Latest Report on Eaton
Eaton Profile
(
Free Report)
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.
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