Patten & Patten Inc. TN Cuts Stock Holdings in Eaton Co. plc (NYSE:ETN)

Patten & Patten Inc. TN reduced its position in Eaton Co. plc (NYSE:ETNFree Report) by 3.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 8,277 shares of the industrial products company’s stock after selling 325 shares during the period. Patten & Patten Inc. TN’s holdings in Eaton were worth $1,993,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Ritholtz Wealth Management boosted its holdings in shares of Eaton by 5.1% in the fourth quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock worth $1,379,000 after buying an additional 277 shares during the last quarter. BCS Wealth Management purchased a new stake in shares of Eaton in the 3rd quarter worth $216,000. Pacer Advisors Inc. raised its holdings in Eaton by 30.5% in the 4th quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock worth $8,205,000 after purchasing an additional 7,964 shares during the period. Sandler Capital Management grew its holdings in Eaton by 102.2% during the second quarter. Sandler Capital Management now owns 95,768 shares of the industrial products company’s stock valued at $19,259,000 after purchasing an additional 48,410 shares during the period. Finally, Neo Ivy Capital Management bought a new position in shares of Eaton in the third quarter worth about $479,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ETN has been the subject of several research analyst reports. Mizuho increased their target price on Eaton from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Citigroup lifted their target price on Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Berenberg Bank boosted their target price on Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. The Goldman Sachs Group upped their price target on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Finally, Bank of America increased their price objective on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $281.73.

Check Out Our Latest Analysis on Eaton

Eaton Stock Performance

Shares of NYSE ETN opened at $315.01 on Wednesday. The stock has a market capitalization of $125.85 billion, a P/E ratio of 39.28, a P/E/G ratio of 2.59 and a beta of 1.07. Eaton Co. plc has a 52-week low of $155.38 and a 52-week high of $317.02. The company has a quick ratio of 1.02, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. The firm’s 50-day moving average price is $284.53 and its two-hundred day moving average price is $245.06.

Eaton (NYSE:ETNGet Free Report) last issued its earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.08. The company had revenue of $5.97 billion during the quarter, compared to analyst estimates 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 quarter last year, the business posted $2.06 EPS. As a group, sell-side analysts forecast that Eaton Co. plc will post 10.25 earnings per share for the current year.

Eaton Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 11th were given a $0.94 dividend. The ex-dividend date of this dividend was Friday, March 8th. This is a positive change from Eaton’s previous quarterly dividend of $0.86. This represents a $3.76 dividend on an annualized basis and a yield of 1.19%. Eaton’s payout ratio is 46.88%.

Insiders Place Their Bets

In other Eaton news, 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 sale, the insider now owns 630 shares of the company’s stock, valued at $171,360. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Olivier Leonetti sold 4,461 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the completion of the sale, the insider now owns 29,712 shares in the company, valued at $8,116,427.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,969 shares of company stock valued at $10,904,774. 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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