PDT Partners LLC Lowers Holdings in Eaton Co. plc (NYSE:ETN)

PDT Partners LLC cut its stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 53.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,700 shares of the industrial products company's stock after selling 10,003 shares during the quarter. PDT Partners LLC's holdings in Eaton were worth $2,887,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Morse Asset Management Inc purchased a new stake in Eaton during the third quarter valued at about $33,000. Bard Financial Services Inc. purchased a new position in shares of Eaton during the 3rd quarter valued at about $255,000. Advisory Resource Group raised its holdings in shares of Eaton by 10.9% during the 3rd quarter. Advisory Resource Group now owns 4,358 shares of the industrial products company's stock valued at $1,444,000 after buying an additional 428 shares in the last quarter. Chelsea Counsel Co. boosted its stake in Eaton by 29.4% in the third quarter. Chelsea Counsel Co. now owns 220 shares of the industrial products company's stock worth $73,000 after buying an additional 50 shares in the last quarter. Finally, Tudor Financial Inc. bought a new position in Eaton during the third quarter valued at approximately $265,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Eaton Trading Down 0.7 %

ETN stock traded down $2.08 during trading on Friday, reaching $299.58. The company had a trading volume of 5,931,677 shares, compared to its average volume of 2,632,727. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. Eaton Co. plc has a 52 week low of $231.85 and a 52 week high of $379.99. The business has a 50 day moving average of $281.21 and a 200 day moving average of $321.76. The company has a market cap of $117.37 billion, a P/E ratio of 31.53, a PEG ratio of 2.64 and a beta of 1.09.

Eaton (NYSE:ETN - Get Free Report) last released its earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. The company had revenue of $6.38 billion during the quarter, compared to analysts' expectations of $6.26 billion. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The firm's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.40 EPS. As a group, sell-side analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 5th will be paid a $1.04 dividend. The ex-dividend date is Monday, May 5th. This represents a $4.16 annualized dividend and a dividend yield of 1.39%. Eaton's payout ratio is 43.79%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ETN shares. Royal Bank of Canada lowered their price objective on shares of Eaton from $405.00 to $376.00 and set an "outperform" rating for the company in a report on Thursday, March 6th. Wells Fargo & Company cut their price target on shares of Eaton from $335.00 to $305.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 5th. Jefferies Financial Group decreased their price objective on Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a report on Wednesday, March 12th. JPMorgan Chase & Co. dropped their target price on Eaton from $350.00 to $289.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Finally, Melius downgraded Eaton from a "buy" rating to a "hold" rating and set a $373.00 price objective for the company. in a research report on Tuesday, January 28th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $350.24.

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.