Private Harbour Investment Management & Counsel LLC Lowers Stake in Eaton Co. plc (NYSE:ETN)

Private Harbour Investment Management & Counsel LLC trimmed its stake in shares of Eaton Co. plc (NYSE:ETN) by 3.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 10,411 shares of the industrial products company’s stock after selling 387 shares during the quarter. Eaton comprises about 3.8% of Private Harbour Investment Management & Counsel LLC’s portfolio, making the stock its 9th biggest holding. Private Harbour Investment Management & Counsel LLC’s holdings in Eaton were worth $3,455,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of ETN. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Eaton by 48.9% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 41,106 shares of the industrial products company’s stock valued at $13,533,000 after purchasing an additional 13,497 shares in the last quarter. Lighthouse Wealth Management Inc. acquired a new stake in Eaton in the fourth quarter valued at about $297,000. Webster Bank N. A. grew its position in Eaton by 52.4% in the fourth quarter. Webster Bank N. A. now owns 17,925 shares of the industrial products company’s stock valued at $5,949,000 after acquiring an additional 6,166 shares during the last quarter. Ballentine Partners LLC raised its stake in Eaton by 9.3% during the fourth quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company’s stock worth $3,072,000 after acquiring an additional 790 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Eaton by 13.2% in the 4th quarter. Blue Trust Inc. now owns 14,494 shares of the industrial products company’s stock valued at $4,804,000 after purchasing an additional 1,694 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

ETN stock opened at $300.11 on Wednesday. The stock has a market capitalization of $117.57 billion, a PE ratio of 31.59, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. Eaton Co. plc has a 1 year low of $255.65 and a 1 year high of $379.99. The company’s 50-day moving average is $309.76 and its 200-day moving average is $331.90. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96.

Eaton (NYSE:ETN) last released its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share for the quarter, topping 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 quarter in the previous year, the firm earned $2.55 EPS. Equities research analysts expect that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be issued a dividend of $1.04 per share. This is a boost from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date is Monday, March 10th. This represents a $4.16 dividend on an annualized basis and a yield of 1.39%. Eaton’s payout ratio is presently 43.79%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Evercore ISI cut their target price on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a research report on Wednesday, February 19th. JPMorgan Chase & Co. lowered their target price on Eaton from $350.00 to $348.00 and set an “overweight” rating for the company in a report on Wednesday, January 15th. Royal Bank of Canada cut their price target on Eaton from $405.00 to $376.00 and set an “outperform” rating on the stock in a research note on Thursday, March 6th. Barclays reduced their target price on shares of Eaton from $353.00 to $325.00 and set an “equal weight” rating on the stock in a report on Monday, March 3rd. Finally, KeyCorp raised 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, March 12th. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $357.68.

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.