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

Penobscot Wealth Management lowered its holdings in Eaton Co. plc (NYSE:ETN) by 5.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,130 shares of the industrial products company’s stock after selling 70 shares during the quarter. Penobscot Wealth Management’s holdings in Eaton were worth $375,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. United Bank acquired a new position in Eaton in the third quarter valued at about $258,000. Wolverine Asset Management LLC purchased a new position in shares of Eaton during the 3rd quarter worth approximately $1,160,000. Venturi Wealth Management LLC increased its holdings in Eaton by 2.1% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,549 shares of the industrial products company’s stock valued at $513,000 after purchasing an additional 32 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its position in Eaton by 72.2% in the third quarter. Nations Financial Group Inc. IA ADV now owns 3,419 shares of the industrial products company’s stock valued at $1,133,000 after purchasing an additional 1,434 shares during the period. Finally, GSA Capital Partners LLP purchased a new position in shares of Eaton during the third quarter worth $295,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ETN shares. Citigroup cut their price objective on Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a report on Monday, January 13th. UBS Group initiated coverage on shares of Eaton in a research report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price target on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Wells Fargo & Company reduced their target price on shares of Eaton from $335.00 to $305.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Finally, KeyCorp upgraded shares of Eaton from a “sector weight” rating to an “overweight” rating and set a $340.00 price target for the company in a research note on Wednesday. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Eaton has a consensus rating of “Moderate Buy” and a consensus price target of $356.20.

Insider Buying and Selling at Eaton

In other news, Director Gregory R. Page sold 10,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $15,379,403.94. The trade was a 18.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.53% of the stock is currently owned by insiders.

Eaton Trading Up 3.5 %

NYSE:ETN opened at $292.13 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. Eaton Co. plc has a 1 year low of $255.65 and a 1 year high of $379.99. The stock has a market cap of $114.52 billion, a P/E ratio of 30.75, a P/E/G ratio of 2.64 and a beta of 1.09. The stock has a 50-day simple moving average of $318.25 and a 200-day simple moving average of $331.65.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating the consensus estimate of $2.82 by $0.01. Eaton had a net margin of 15.25% and a return on equity of 22.62%. During the same period last year, the company earned $2.55 EPS. As a group, analysts anticipate 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 given a $1.04 dividend. The ex-dividend date is Monday, March 10th. This is a boost from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 dividend on an annualized basis and a yield of 1.42%. Eaton’s payout ratio is 43.79%.

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.