Kovitz Investment Group Partners LLC Cuts Stake in Eaton Co. plc (NYSE:ETN)

Kovitz Investment Group Partners LLC lowered its position in shares of Eaton Co. plc (NYSE:ETNGet Rating) by 23.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 64,538 shares of the industrial products company’s stock after selling 19,968 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Eaton were worth $9,794,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. State Street Corp lifted its holdings in shares of Eaton by 0.7% during the fourth quarter. State Street Corp now owns 16,615,642 shares of the industrial products company’s stock worth $2,871,515,000 after purchasing an additional 115,947 shares during the period. Norges Bank purchased a new stake in shares of Eaton during the fourth quarter worth approximately $1,235,314,000. Geode Capital Management LLC increased its position in shares of Eaton by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 6,538,531 shares of the industrial products company’s stock worth $1,126,638,000 after purchasing an additional 59,543 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of Eaton by 15.0% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,455,308 shares of the industrial products company’s stock worth $592,309,000 after purchasing an additional 451,727 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Eaton by 14.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,369,798 shares of the industrial products company’s stock valued at $582,368,000 after buying an additional 414,104 shares in the last quarter. Hedge funds and other institutional investors own 79.10% of the company’s stock.

Several equities analysts have recently commented on the company. Morgan Stanley decreased their price target on Eaton from $180.00 to $170.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 31st. Wells Fargo & Company decreased their target price on Eaton from $159.00 to $142.00 and set an “equal weight” rating on the stock in a research note on Wednesday, June 29th. Barclays lowered Eaton from an “equal weight” rating to an “underweight” rating and set a $120.00 price target on the stock. in a research report on Tuesday, May 24th. StockNews.com upgraded Eaton from a “hold” rating to a “buy” rating in a report on Wednesday, June 29th. Finally, Credit Suisse Group dropped their price target on Eaton from $187.00 to $179.00 in a research note on Wednesday, May 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $167.73.

ETN opened at $127.37 on Tuesday. Eaton Co. plc has a 12-month low of $123.69 and a 12-month high of $175.72. The company has a quick ratio of 0.59, a current ratio of 0.99 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $50.82 billion, a P/E ratio of 23.03, a PEG ratio of 1.55 and a beta of 1.15. The stock has a fifty day moving average of $137.28 and a 200-day moving average of $149.37.

Eaton (NYSE:ETNGet Rating) last posted its earnings results on Tuesday, May 3rd. The industrial products company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.60 by $0.02. Eaton had a net margin of 11.21% and a return on equity of 16.92%. The firm had revenue of $4.84 billion for the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the prior year, the business posted $1.44 earnings per share. The business’s quarterly revenue was up 3.2% on a year-over-year basis. On average, analysts expect that Eaton Co. plc will post 7.49 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, May 27th. Investors of record on Friday, May 13th were paid a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend was Thursday, May 12th. Eaton’s payout ratio is presently 58.59%.

In related news, insider Boise April Miller sold 12,283 shares of the stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $138.66, for a total value of $1,703,160.78. Following the completion of the sale, the insider now owns 11,435 shares in the company, valued at $1,585,577.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.56% of the stock is currently owned by company insiders.

Eaton Company Profile (Get Rating)

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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