Davis R M Inc. Decreases Holdings in Eaton Co. plc (NYSE:ETN)

Davis R M Inc. reduced its holdings in shares of Eaton Co. plc (NYSE:ETN) by 1.9% during the third quarter, Holdings Channel reports. The fund owned 199,399 shares of the industrial products company’s stock after selling 3,810 shares during the period. Eaton comprises about 1.3% of Davis R M Inc.’s investment portfolio, making the stock its 25th biggest position. Davis R M Inc.’s holdings in Eaton were worth $66,089,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in ETN. Breakwater Investment Management raised its position in Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares during the period. Proffitt & Goodson Inc. bought a new position in shares of Eaton during the second quarter valued at about $29,000. LGT Financial Advisors LLC purchased a new position in shares of Eaton in the second quarter worth about $33,000. West Financial Advisors LLC bought a new stake in shares of Eaton in the 3rd quarter valued at about $35,000. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in Eaton during the 2nd quarter valued at about $37,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the completion of the sale, the insider now owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This represents a 10.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dorothy C. Thompson bought 2,205 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the transaction, the director now directly owns 2,205 shares of the company’s stock, valued at $662,161.50. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have sold 68,705 shares of company stock valued at $24,516,346 in the last ninety days. 0.33% of the stock is currently owned by company insiders.

Eaton Price Performance

Shares of NYSE ETN opened at $377.41 on Monday. The firm has a market cap of $149.15 billion, a P/E ratio of 40.15, a PEG ratio of 2.99 and a beta of 1.01. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a twelve month low of $224.52 and a twelve month high of $378.00. The company has a 50 day moving average of $342.75 and a 200 day moving average of $322.91.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter last year, the firm posted $2.47 EPS. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. As a group, research analysts expect that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were paid a dividend of $0.94 per share. The ex-dividend date was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.00%. Eaton’s dividend payout ratio is presently 40.00%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Barclays lowered their price objective on Eaton from $327.00 to $320.00 and set an “equal weight” rating for the company in a research report on Friday, November 1st. Bank of America increased their price target on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Evercore ISI cut shares of Eaton from an “outperform” rating to an “inline” rating and boosted their price objective for the company from $333.00 to $389.00 in a research report on Wednesday, November 13th. UBS Group began coverage on shares of Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 target price for the company. Finally, Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $357.83.

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.