OLD Republic International Corp Sells 23,200 Shares of Eaton Co. plc (NYSE:ETN)

OLD Republic International Corp cut its stake in Eaton Co. plc (NYSE:ETN) by 7.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 286,500 shares of the industrial products company’s stock after selling 23,200 shares during the quarter. Eaton comprises about 2.6% of OLD Republic International Corp’s investment portfolio, making the stock its 9th biggest position. OLD Republic International Corp owned 0.07% of Eaton worth $68,995,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently modified their holdings of ETN. Tennessee Valley Asset Management Partners bought a new position in shares of Eaton in the 4th quarter worth about $25,000. Valued Wealth Advisors LLC bought a new stake in shares of Eaton during the 4th quarter worth about $35,000. Chilton Capital Management LLC acquired a new stake in shares of Eaton in the fourth quarter valued at $35,000. Authentikos Wealth Advisory LLC acquired a new position in shares of Eaton in the 3rd quarter worth approximately $39,000. Finally, Fortitude Family Office LLC bought a new stake in Eaton during the fourth quarter worth approximately $46,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling at Eaton

In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the sale, the insider now directly owns 5,086 shares in the company, valued at approximately $1,687,738.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction on Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the transaction, the insider now owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,635 shares of company stock worth $6,311,392. 0.33% of the stock is owned by corporate insiders.

Eaton Price Performance

Eaton stock traded down $0.57 during midday trading on Friday, reaching $332.69. The company’s stock had a trading volume of 621,800 shares, compared to its average volume of 1,997,551. The stock has a market cap of $133.01 billion, a PE ratio of 39.33, a price-to-earnings-growth ratio of 2.54 and a beta of 1.06. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42. The business has a 50-day moving average price of $312.17 and a 200-day moving average price of $265.48. Eaton Co. plc has a 52 week low of $165.24 and a 52 week high of $337.70.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. The business had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the business earned $1.88 EPS. On average, sell-side analysts predict that Eaton Co. plc will post 10.45 EPS for the current year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date is Friday, May 3rd. Eaton’s dividend payout ratio is currently 44.39%.

Analysts Set New Price Targets

ETN has been the topic of several research analyst reports. Argus lifted their target price on Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. HSBC lifted their price objective on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a report on Friday, May 3rd. UBS Group boosted their target price on shares of Eaton from $255.00 to $305.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Barclays upgraded shares of Eaton from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Finally, Mizuho reissued a “buy” rating and set a $355.00 price objective (up from $340.00) on shares of Eaton in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and a consensus price target of $314.27.

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.