Procyon Advisors LLC Trims Stock Position in Eaton Co. plc (NYSE:ETN)

Procyon Advisors LLC cut its stake in shares of Eaton Co. plc (NYSE:ETN) by 12.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,810 shares of the industrial products company’s stock after selling 680 shares during the period. Procyon Advisors LLC’s holdings in Eaton were worth $1,158,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. FMR LLC increased its position in Eaton by 36.0% during the 3rd quarter. FMR LLC now owns 19,921,979 shares of the industrial products company’s stock worth $4,248,960,000 after purchasing an additional 5,270,331 shares during the period. Norges Bank acquired a new position in Eaton during the 4th quarter worth approximately $798,119,000. Moneta Group Investment Advisors LLC increased its position in Eaton by 122,471.4% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 2,619,350 shares of the industrial products company’s stock worth $411,107,000 after purchasing an additional 2,617,213 shares during the period. Morgan Stanley increased its position in Eaton by 26.2% during the 4th quarter. Morgan Stanley now owns 12,542,343 shares of the industrial products company’s stock worth $1,968,521,000 after purchasing an additional 2,602,246 shares during the period. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new position in Eaton during the 3rd quarter worth approximately $340,500,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Trading Down 0.5 %

NYSE ETN traded down $1.44 on Thursday, hitting $312.96. 153,770 shares of the stock were exchanged, compared to its average volume of 1,748,391. Eaton Co. plc has a 52-week low of $155.38 and a 52-week high of $317.02. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.02. The company has a market capitalization of $125.03 billion, a price-to-earnings ratio of 38.97, a P/E/G ratio of 2.59 and a beta of 1.07. The company’s 50-day moving average price is $278.80 and its two-hundred day moving average price is $242.64.

Eaton (NYSE:ETN) 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. Research analysts predict that Eaton Co. plc will post 10.25 EPS for the current year.

Eaton Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Monday, March 11th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.20%. The ex-dividend date is Friday, March 8th. This is a positive change from Eaton’s previous quarterly dividend of $0.86. Eaton’s payout ratio is presently 46.88%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Mizuho upped their price target on Eaton from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Royal Bank of Canada upped their price target on Eaton from $246.00 to $286.00 and gave the stock a “sector perform” rating in a report on Thursday, March 14th. UBS Group upped their price target on Eaton from $255.00 to $305.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Wells Fargo & Company increased their target price on Eaton from $220.00 to $257.00 and gave the company an “equal weight” rating in a report on Tuesday, December 19th. Finally, Bank of America increased their target price on Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $274.20.

Insider Activity at Eaton

In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the business’s stock in a transaction 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 transaction, the insider now owns 29,712 shares of the company’s stock, valued at approximately $8,116,427.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 29,712 shares in the company, valued at approximately $8,116,427.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the transaction, the insider now owns 69,472 shares in the company, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,969 shares of company stock valued at $10,904,774. Insiders own 0.53% of the company’s stock.

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.