Meyer Handelman Co. Has $40.21 Million Holdings in Eaton Co. plc (NYSE:ETN)

Meyer Handelman Co. cut its stake in Eaton Co. plc (NYSE:ETNFree Report) by 4.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 128,608 shares of the industrial products company’s stock after selling 6,005 shares during the period. Eaton comprises approximately 1.4% of Meyer Handelman Co.’s holdings, making the stock its 23rd largest holding. Meyer Handelman Co.’s holdings in Eaton were worth $40,213,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ETN. Vanguard Group Inc. increased its holdings in Eaton by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock valued at $8,812,966,000 after purchasing an additional 259,615 shares in the last quarter. Northern Trust Corp increased its holdings in Eaton by 2.2% during the 3rd quarter. Northern Trust Corp now owns 5,009,435 shares of the industrial products company’s stock valued at $1,068,412,000 after purchasing an additional 109,775 shares in the last quarter. Norges Bank acquired a new stake in Eaton during the 4th quarter valued at $1,087,983,000. Coatue Management LLC increased its holdings in Eaton by 5.2% during the 4th quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock valued at $960,016,000 after purchasing an additional 195,809 shares in the last quarter. Finally, Raymond James & Associates increased its holdings in Eaton by 3.8% during the 4th quarter. Raymond James & Associates now owns 3,739,725 shares of the industrial products company’s stock valued at $900,600,000 after purchasing an additional 138,465 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Trading Down 1.0 %

ETN stock traded down $3.18 during midday trading on Friday, hitting $320.06. 3,068,313 shares of the company’s stock were exchanged, compared to its average volume of 2,008,826. The stock’s fifty day moving average price is $324.66 and its 200-day moving average price is $289.28. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. The company has a market cap of $127.96 billion, a PE ratio of 37.77, a price-to-earnings-growth ratio of 2.70 and a beta of 1.04. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19.

Eaton (NYSE:ETNGet Free Report) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. The company had revenue of $5.94 billion for 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%. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.88 earnings per share. Research analysts predict that Eaton Co. plc will post 10.56 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date was Friday, May 3rd. Eaton’s dividend payout ratio is currently 44.39%.

Analyst Upgrades and Downgrades

ETN has been the subject of a number of recent analyst reports. Bank of America raised their price target on Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a report on Monday, March 18th. HSBC lifted their target price on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. Royal Bank of Canada raised Eaton from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $286.00 to $371.00 in a research note on Friday, April 5th. Berenberg Bank lifted their target price on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Finally, Mizuho reissued a “buy” rating and issued a $355.00 target price (up from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

Get Our Latest Research Report on Eaton

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 stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the sale, the insider now owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.53% of the stock is owned by company insiders.

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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