Cahaba Wealth Management Inc. Lowers Holdings in Eaton Co. plc (NYSE:ETN)

Cahaba Wealth Management Inc. lowered its position in shares of Eaton Co. plc (NYSE:ETNFree Report) by 14.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 975 shares of the industrial products company’s stock after selling 165 shares during the period. Cahaba Wealth Management Inc.’s holdings in Eaton were worth $235,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Stonegate Investment Group LLC lifted its position in Eaton by 7.6% during the fourth quarter. Stonegate Investment Group LLC now owns 4,903 shares of the industrial products company’s stock valued at $1,181,000 after purchasing an additional 348 shares during the period. FAS Wealth Partners Inc. lifted its holdings in shares of Eaton by 17.0% in the 4th quarter. FAS Wealth Partners Inc. now owns 13,451 shares of the industrial products company’s stock valued at $3,239,000 after buying an additional 1,959 shares during the period. Welch Group LLC boosted its stake in shares of Eaton by 9.5% in the fourth quarter. Welch Group LLC now owns 2,805 shares of the industrial products company’s stock worth $676,000 after buying an additional 244 shares during the last quarter. Princeton Global Asset Management LLC grew its holdings in Eaton by 2.5% during the fourth quarter. Princeton Global Asset Management LLC now owns 18,768 shares of the industrial products company’s stock worth $4,520,000 after acquiring an additional 457 shares during the period. Finally, Drive Wealth Management LLC raised its position in Eaton by 3.3% during the fourth quarter. Drive Wealth Management LLC now owns 1,513 shares of the industrial products company’s stock valued at $364,000 after acquiring an additional 49 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Price Performance

NYSE ETN traded up $2.98 during mid-day trading on Tuesday, hitting $315.01. The stock had a trading volume of 2,773,134 shares, compared to its average volume of 1,782,023. Eaton Co. plc has a twelve month low of $155.38 and a twelve month high of $317.02. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.02. The firm’s 50 day moving average is $284.53 and its 200 day moving average is $245.06. The stock has a market capitalization of $125.85 billion, a price-to-earnings ratio of 39.25, a PEG ratio of 2.59 and a beta of 1.07.

Eaton (NYSE:ETNGet Free Report) last posted its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.08. The firm had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a net margin of 13.88% and a return on equity of 20.05%. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period last year, the firm posted $2.06 earnings per share. Equities research analysts forecast that Eaton Co. plc will post 10.25 earnings per share for the current fiscal year.

Eaton Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 11th were issued a dividend of $0.94 per share. This is a boost from Eaton’s previous quarterly dividend of $0.86. This represents a $3.76 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend was Friday, March 8th. Eaton’s payout ratio is currently 46.88%.

Analyst Ratings Changes

ETN has been the topic of several recent research reports. Barclays upgraded Eaton from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $250.00 to $300.00 in a research report on Tuesday. UBS Group raised their price target on shares of Eaton from $255.00 to $305.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Mizuho upped their price objective on shares of Eaton from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Evercore ISI increased their target price on shares of Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Finally, The Goldman Sachs Group lifted their price target on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $281.73.

Get Our Latest Stock Analysis on Eaton

Insider Activity

In other Eaton news, insider Peter Denk sold 1,731 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the sale, the insider now directly owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Peter Denk sold 1,731 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total transaction of $500,207.07. Following the completion of the sale, the insider now owns 5,514 shares in the company, valued at approximately $1,593,380.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Olivier Leonetti sold 4,461 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total value of $1,213,392.00. Following the completion of the transaction, the insider now owns 630 shares in the company, valued at $171,360. The disclosure for this sale can be found here. Insiders sold 38,969 shares of company stock worth $10,904,774 over the last ninety days. Corporate insiders own 0.33% of the company’s stock.

About Eaton

(Free Report)

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.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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