Cypress Capital Group Sells 533 Shares of Eaton Co. plc (NYSE:ETN)

Cypress Capital Group lowered its stake in Eaton Co. plc (NYSE:ETN) by 5.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,096 shares of the industrial products company’s stock after selling 533 shares during the quarter. Cypress Capital Group’s holdings in Eaton were worth $3,351,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ETN. Robeco Institutional Asset Management B.V. increased its position in shares of Eaton by 9.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 251,983 shares of the industrial products company’s stock valued at $83,517,000 after acquiring an additional 22,637 shares during the last quarter. Kanawha Capital Management LLC acquired a new stake in shares of Eaton in the third quarter valued at about $207,000. Hazlett Burt & Watson Inc. increased its position in shares of Eaton by 36.7% in the third quarter. Hazlett Burt & Watson Inc. now owns 451 shares of the industrial products company’s stock valued at $149,000 after acquiring an additional 121 shares during the last quarter. Impax Asset Management Group plc acquired a new stake in shares of Eaton in the third quarter valued at about $2,347,000. Finally, FSM Wealth Advisors LLC acquired a new stake in shares of Eaton in the third quarter valued at about $216,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Trading Up 0.2 %

Shares of ETN stock opened at $278.94 on Wednesday. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The stock has a market cap of $110.24 billion, a P/E ratio of 29.36, a price-to-earnings-growth ratio of 2.64 and a beta of 1.05. The stock has a 50 day simple moving average of $324.45 and a 200 day simple moving average of $332.49. Eaton Co. plc has a 1 year low of $255.65 and a 1 year high of $379.99.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same period in the previous year, the company earned $2.55 earnings per share. On average, research analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be paid a $1.04 dividend. This is a boost from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend is Monday, March 10th. Eaton’s payout ratio is 43.79%.

Insider Activity at Eaton

In related news, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $355.98, for a total value of $3,559,800.00. Following the completion of the sale, the director now directly owns 43,203 shares in the company, valued at approximately $15,379,403.94. The trade was a 18.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.53% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ETN shares. Barclays lowered their target price on Eaton from $353.00 to $325.00 and set an “equal weight” rating on the stock in a research report on Monday. Melius downgraded Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target on the stock. in a research report on Tuesday, January 28th. Bank of America boosted their price target on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Jefferies Financial Group boosted their price target on Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Wells Fargo & Company reissued an “equal weight” rating on shares of Eaton in a research report on Thursday, February 13th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $364.65.

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.