Callan Family Office LLC Lowers Holdings in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Callan Family Office LLC has reduced its holdings in Eaton Corporation, PLC by 42.3% in the first quarter, now owning 7,142 shares, valued at approximately $1.94 million.
• Eaton recently reported quarterly earnings of $2.95 per share, beating estimates, with revenue of $7.03 billion, reflecting a 10.7% year-over-year increase.
• The company announced a quarterly dividend of $1.04 per share, which translates to an annual yield of 1.1%, with a payout ratio of 41.85%.

Callan Family Office LLC decreased its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 42.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,142 shares of the industrial products company's stock after selling 5,239 shares during the quarter. Callan Family Office LLC's holdings in Eaton were worth $1,941,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Rossmore Private Capital increased its stake in shares of Eaton by 236.2% in the 1st quarter. Rossmore Private Capital now owns 8,556 shares of the industrial products company's stock worth $2,326,000 after purchasing an additional 6,011 shares in the last quarter. Trillium Asset Management LLC lifted its position in Eaton by 0.7% during the first quarter. Trillium Asset Management LLC now owns 143,438 shares of the industrial products company's stock valued at $38,991,000 after purchasing an additional 968 shares in the last quarter. Dillon & Associates Inc. grew its holdings in Eaton by 38.9% during the first quarter. Dillon & Associates Inc. now owns 11,879 shares of the industrial products company's stock valued at $3,231,000 after purchasing an additional 3,326 shares during the period. Capital Planning Advisors LLC raised its stake in shares of Eaton by 65.7% in the first quarter. Capital Planning Advisors LLC now owns 6,016 shares of the industrial products company's stock worth $1,635,000 after buying an additional 2,385 shares during the period. Finally, AGF Management Ltd. lifted its position in shares of Eaton by 35.7% during the 1st quarter. AGF Management Ltd. now owns 494,790 shares of the industrial products company's stock valued at $134,499,000 after buying an additional 130,236 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insider Transactions at Eaton

In related news, insider Olivier Leonetti sold 16,018 shares of the business's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $358.39, for a total transaction of $5,740,691.02. Following the completion of the transaction, the insider owned 630 shares in the company, valued at $225,785.70. The trade was a 96.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Wells Fargo & Company raised their target price on shares of Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Morgan Stanley raised their target price on shares of Eaton from $375.00 to $425.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. BNP Paribas began coverage on shares of Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. Barclays lifted their target price on Eaton from $340.00 to $344.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Finally, Wall Street Zen downgraded Eaton from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $383.63.

Eaton Trading Down 1.2%

Shares of NYSE ETN traded down $4.23 during trading hours on Friday, hitting $350.87. 1,899,668 shares of the company traded hands, compared to its average volume of 3,058,462. The stock has a market capitalization of $136.59 billion, a price-to-earnings ratio of 35.30, a price-to-earnings-growth ratio of 2.64 and a beta of 1.18. The company has a current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 0.47. The company's 50 day moving average price is $357.73 and its 200 day moving average price is $318.48. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $399.56.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.92 by $0.03. Eaton had a return on equity of 23.91% and a net margin of 15.11%. The company had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.93 billion. During the same quarter in the previous year, the business earned $2.73 EPS. Eaton's revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be issued a dividend of $1.04 per share. The ex-dividend date is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a yield of 1.2%. Eaton's payout ratio is presently 41.85%.

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.