Phocas Financial Corp. reduced its holdings in Eaton Co. plc (NYSE:ETN – Get Rating) by 8.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 6,425 shares of the industrial products company’s stock after selling 590 shares during the quarter. Phocas Financial Corp.’s holdings in Eaton were worth $1,008,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Alpha Paradigm Partners LLC acquired a new position in Eaton in the 2nd quarter valued at approximately $31,000. TimeScale Financial Inc. increased its position in Eaton by 102.5% in the 3rd quarter. TimeScale Financial Inc. now owns 243 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 123 shares during the period. Ten Capital Wealth Advisors LLC bought a new stake in shares of Eaton in the 3rd quarter valued at $32,000. Align Wealth Management LLC bought a new stake in shares of Eaton in the 4th quarter valued at $37,000. Finally, Karp Capital Management Corp bought a new stake in shares of Eaton in the 3rd quarter valued at $39,000. 80.19% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
ETN has been the topic of a number of analyst reports. Barclays upped their price objective on shares of Eaton from $130.00 to $148.00 and gave the company an “underweight” rating in a research note on Thursday, February 9th. Oppenheimer lowered shares of Eaton from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 6th. Mizuho upped their price objective on shares of Eaton from $160.00 to $168.00 and gave the company a “buy” rating in a research note on Friday, January 13th. Wells Fargo & Company upped their price objective on shares of Eaton from $169.00 to $180.00 and gave the company an “equal weight” rating in a research note on Thursday, February 9th. Finally, UBS Group upped their price objective on shares of Eaton from $173.00 to $197.00 in a research note on Tuesday. One research analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $173.00.
Eaton Stock Down 2.6 %
Eaton (NYSE:ETN – Get Rating) last released its quarterly earnings data on Wednesday, February 8th. The industrial products company reported $2.06 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.01. Eaton had a net margin of 11.86% and a return on equity of 18.31%. The firm had revenue of $5.38 billion for the quarter, compared to the consensus estimate of $5.34 billion. During the same quarter in the prior year, the company posted $1.72 earnings per share. The business’s revenue was up 12.2% on a year-over-year basis. As a group, analysts forecast that Eaton Co. plc will post 8.24 earnings per share for the current year.
Eaton Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 24th. Shareholders of record on Monday, March 6th will be issued a dividend of $0.86 per share. This is an increase from Eaton’s previous quarterly dividend of $0.81. The ex-dividend date is Friday, March 3rd. This represents a $3.44 annualized dividend and a yield of 2.15%. Eaton’s dividend payout ratio is presently 55.94%.
Insiders Place Their Bets
In other Eaton news, insider Joao V. Faria sold 2,326 shares of the company’s stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $171.23, for a total transaction of $398,280.98. Following the transaction, the insider now owns 77,626 shares in the company, valued at $13,291,899.98. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Joao V. Faria sold 2,326 shares of the stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $171.23, for a total value of $398,280.98. Following the completion of the sale, the insider now owns 77,626 shares in the company, valued at $13,291,899.98. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Joao V. Faria sold 5,204 shares of the stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $174.55, for a total transaction of $908,358.20. Following the completion of the sale, the insider now owns 76,314 shares of the company’s stock, valued at approximately $13,320,608.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,377 shares of company stock worth $5,864,193. Insiders own 0.56% of the company’s stock.
Eaton Corp. Plc is a power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: Electrical Americas and Electrical Global, Aerospace, Vehicle, and eMobility. The Electrical Americas and Electrical Global segments engage in sales contracts for electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality, wiring devices, circuit protection, utility power distribution, power reliability equipment, and service.
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