Eaton Co. plc (NYSE:ETN) Shares Sold by Plimoth Trust Co. LLC

Plimoth Trust Co. LLC reduced its stake in shares of Eaton Co. plc (NYSE:ETN) by 8.6% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 13,447 shares of the industrial products company’s stock after selling 1,273 shares during the quarter. Eaton comprises 1.1% of Plimoth Trust Co. LLC’s portfolio, making the stock its 27th biggest holding. Plimoth Trust Co. LLC’s holdings in Eaton were worth $4,205,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Qube Research & Technologies Ltd acquired a new stake in Eaton in the third quarter valued at $4,814,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Eaton in the third quarter valued at about $2,720,000. Jones Financial Companies Lllp raised its position in shares of Eaton by 322.9% during the 3rd quarter. Jones Financial Companies Lllp now owns 351 shares of the industrial products company’s stock worth $75,000 after purchasing an additional 268 shares during the last quarter. AQR Capital Management LLC grew its holdings in Eaton by 47.7% during the 3rd quarter. AQR Capital Management LLC now owns 200,225 shares of the industrial products company’s stock valued at $42,704,000 after buying an additional 64,685 shares during the last quarter. Finally, Shelton Capital Management increased its position in Eaton by 5.6% during the 3rd quarter. Shelton Capital Management now owns 15,229 shares of the industrial products company’s stock worth $3,248,000 after purchasing an additional 813 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Trading Up 0.3 %

NYSE ETN opened at $313.28 on Wednesday. The company’s fifty day moving average price is $325.44 and its two-hundred day moving average price is $293.64. The company has a market capitalization of $125.25 billion, a price-to-earnings ratio of 36.99, a price-to-earnings-growth ratio of 2.64 and a beta of 1.02. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05.

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

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were issued a dividend of $0.94 per share. 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 1.20%. Eaton’s dividend payout ratio (DPR) is 44.39%.

Insider Activity at Eaton

In related news, insider Peter Denk sold 2,416 shares of Eaton stock in a transaction dated 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 $1,687,738.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ETN shares. Argus boosted their price target on Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Bank of America increased their target price on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Barclays upgraded Eaton from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $250.00 to $300.00 in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. increased their target price on shares of Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Finally, Raymond James started coverage on shares of Eaton in a research report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price objective for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $318.06.

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.