CCM Investment Advisers LLC Sells 858 Shares of Eaton Co. plc (NYSE:ETN)

CCM Investment Advisers LLC trimmed its position in Eaton Co. plc (NYSE:ETN - Free Report) by 1.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 62,286 shares of the industrial products company's stock after selling 858 shares during the quarter. Eaton comprises about 2.1% of CCM Investment Advisers LLC's investment portfolio, making the stock its 18th biggest position. CCM Investment Advisers LLC's holdings in Eaton were worth $16,931,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Bearing Point Capital LLC bought a new stake in shares of Eaton in the 4th quarter valued at about $2,713,000. Strategic Financial Concepts LLC purchased a new stake in shares of Eaton during the fourth quarter worth about $38,000. Kennebec Savings Bank increased its position in shares of Eaton by 5.4% in the 1st quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock valued at $738,000 after acquiring an additional 139 shares during the period. American National Bank & Trust increased its holdings in Eaton by 5.4% in the 1st quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock worth $855,000 after buying an additional 162 shares during the period. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors grew its position in Eaton by 46.9% during the 4th quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 3,365 shares of the industrial products company's stock worth $1,117,000 after purchasing an additional 1,074 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Down 2.1%

NYSE ETN traded down $7.08 during trading on Friday, hitting $323.26. 1,565,268 shares of the company traded hands, compared to its average volume of 2,643,441. The company has a market capitalization of $126.49 billion, a P/E ratio of 34.03, a PEG ratio of 2.64 and a beta of 1.16. The business has a fifty day simple moving average of $304.79 and a 200 day simple moving average of $314.63. Eaton Co. plc has a 12 month low of $231.85 and a 12 month 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 announced its earnings results 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 firm had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the prior year, the company earned $2.40 EPS. The firm's revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, sell-side analysts predict that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's dividend payout ratio (DPR) is presently 41.98%.

Analyst Ratings Changes

ETN has been the subject of several recent research reports. Royal Bank of Canada lifted their target price on shares of Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a report on Monday, May 5th. Evercore ISI lifted their price objective on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. Barclays boosted their target price on shares of Eaton from $306.00 to $323.00 and gave the company an "equal weight" rating in a report on Monday, June 9th. Jefferies Financial Group dropped their target price on shares of Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. Finally, Morgan Stanley cut their price target on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $368.78.

Insider Transactions at Eaton

In other Eaton news, insider Craig Arnold sold 51,054 shares of Eaton stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $305.43, for a total transaction of $15,593,423.22. Following the sale, the insider now directly owns 489,444 shares of the company's stock, valued at approximately $149,490,880.92. The trade was a 9.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the transaction, the insider now owns 3,382 shares of the company's stock, valued at $1,004,014.34. This trade represents a 38.53% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is currently owned by company insiders.

About Eaton

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.