Smith Moore & CO. Lowers Holdings in Eaton Co. PLC (ETN)

Smith Moore & CO. lessened its stake in Eaton Co. PLC (NYSE:ETN) by 4.8% in the 1st quarter, HoldingsChannel reports. The fund owned 7,490 shares of the industrial products company’s stock after selling 375 shares during the quarter. Smith Moore & CO.’s holdings in Eaton were worth $603,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. S&CO Inc. grew its position in shares of Eaton by 2.0% during the 1st quarter. S&CO Inc. now owns 6,120 shares of the industrial products company’s stock worth $493,000 after buying an additional 120 shares during the period. Cornerstone Advisors Inc. grew its position in shares of Eaton by 11.3% during the 1st quarter. Cornerstone Advisors Inc. now owns 1,227 shares of the industrial products company’s stock worth $99,000 after buying an additional 125 shares during the period. Orrstown Financial Services Inc. grew its position in shares of Eaton by 1.2% during the 1st quarter. Orrstown Financial Services Inc. now owns 11,100 shares of the industrial products company’s stock worth $894,000 after buying an additional 129 shares during the period. PagnatoKarp Partners LLC grew its position in shares of Eaton by 2.1% during the 1st quarter. PagnatoKarp Partners LLC now owns 6,417 shares of the industrial products company’s stock worth $517,000 after buying an additional 130 shares during the period. Finally, Pegasus Asset Management Inc. grew its position in shares of Eaton by 0.4% during the 1st quarter. Pegasus Asset Management Inc. now owns 30,061 shares of the industrial products company’s stock worth $2,422,000 after buying an additional 132 shares during the period. Hedge funds and other institutional investors own 80.07% of the company’s stock.

ETN traded down $0.34 during trading on Monday, reaching $78.41. The company had a trading volume of 300,067 shares, compared to its average volume of 2,154,291. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.92 and a current ratio of 1.47. Eaton Co. PLC has a 12 month low of $64.46 and a 12 month high of $89.46. The firm has a market cap of $33.32 billion, a P/E ratio of 14.55, a PEG ratio of 1.53 and a beta of 1.47.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $1.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.01. Eaton had a net margin of 10.06% and a return on equity of 14.56%. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.38 billion. During the same quarter in the previous year, the firm posted $1.10 earnings per share. The business’s revenue was up 1.0% on a year-over-year basis. On average, sell-side analysts anticipate that Eaton Co. PLC will post 5.89 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Friday, May 3rd were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date of this dividend was Thursday, May 2nd. Eaton’s dividend payout ratio is presently 52.69%.

ETN has been the subject of a number of analyst reports. Zacks Investment Research cut shares of Eaton from a “hold” rating to a “sell” rating in a report on Tuesday, January 29th. Bank of America cut shares of Eaton from a “buy” rating to a “neutral” rating and set a $88.00 price objective for the company. in a report on Thursday, April 4th. Robert W. Baird set a $88.00 price objective on shares of Eaton and gave the company a “buy” rating in a report on Friday, January 25th. Morgan Stanley set a $82.00 price objective on shares of Eaton and gave the company a “hold” rating in a report on Saturday, February 2nd. Finally, Wells Fargo & Co boosted their price objective on shares of Eaton from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Monday, March 4th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $86.79.

In other Eaton news, Director Dorothy C. Thompson acquired 1,655 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were acquired at an average price of $78.54 per share, with a total value of $129,983.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Richard H. Fearon sold 1,335 shares of the business’s stock in a transaction on Wednesday, February 27th. The stock was sold at an average price of $80.19, for a total transaction of $107,053.65. The disclosure for this sale can be found here. In the last three months, insiders sold 30,589 shares of company stock worth $2,465,553. 0.70% of the stock is currently owned by insiders.

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Eaton Profile

Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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