Carret Asset Management LLC Decreases Stock Position in Eaton Co. plc (NYSE:ETN)

Carret Asset Management LLC decreased its stake in shares of Eaton Co. plc (NYSE:ETN) by 3.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,103 shares of the industrial products company’s stock after selling 1,030 shares during the quarter. Eaton makes up 1.1% of Carret Asset Management LLC’s investment portfolio, making the stock its 19th biggest holding. Carret Asset Management LLC’s holdings in Eaton were worth $9,413,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Fragasso Group Inc. increased its position in shares of Eaton by 3.6% during the 1st quarter. Fragasso Group Inc. now owns 1,032 shares of the industrial products company’s stock valued at $323,000 after purchasing an additional 36 shares during the period. FinTrust Capital Advisors LLC raised its position in Eaton by 2.6% in the fourth quarter. FinTrust Capital Advisors LLC now owns 1,481 shares of the industrial products company’s stock worth $357,000 after acquiring an additional 37 shares in the last quarter. Meeder Asset Management Inc. lifted its holdings in Eaton by 3.3% in the 4th quarter. Meeder Asset Management Inc. now owns 1,315 shares of the industrial products company’s stock valued at $317,000 after acquiring an additional 42 shares during the last quarter. Telemus Capital LLC grew its stake in shares of Eaton by 1.0% in the 4th quarter. Telemus Capital LLC now owns 4,111 shares of the industrial products company’s stock worth $990,000 after purchasing an additional 42 shares during the last quarter. Finally, Amarillo National Bank raised its holdings in shares of Eaton by 3.5% in the 4th quarter. Amarillo National Bank now owns 1,270 shares of the industrial products company’s stock worth $306,000 after purchasing an additional 43 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Shares of NYSE ETN traded up $5.14 during midday trading on Wednesday, reaching $318.42. 1,122,178 shares of the company traded hands, compared to its average volume of 2,020,779. The stock’s 50-day simple moving average is $325.44 and its 200-day simple moving average is $294.18. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The firm has a market cap of $127.30 billion, a PE ratio of 37.65, a PEG ratio of 2.64 and a beta of 1.02.

Eaton (NYSE:ETN) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.91 billion. During the same period in the previous year, the business earned $1.88 EPS. Eaton’s revenue was up 8.4% compared to the same quarter last year. As a group, equities analysts anticipate that Eaton Co. plc will post 10.55 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were paid a $0.94 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.18%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Activity at Eaton

In related news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the sale, the insider now owns 5,086 shares in the company, valued at approximately $1,687,738.24. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ETN has been the topic of a number of research reports. Berenberg Bank upped their target price on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Argus boosted their price target on shares of Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. increased their price objective on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. The Goldman Sachs Group boosted their target price on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Finally, Wolfe Research reiterated an “underperform” rating and set a $312.00 price target on shares of Eaton in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $318.06.

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.