Patten Group Inc. Cuts Stock Position in Eaton Co. plc (NYSE:ETN)

Patten Group Inc. decreased its holdings in Eaton Co. plc (NYSE:ETN) by 2.6% in the fourth quarter, Holdings Channel reports. The firm owned 15,165 shares of the industrial products company’s stock after selling 410 shares during the period. Eaton comprises about 1.1% of Patten Group Inc.’s portfolio, making the stock its 13th largest position. Patten Group Inc.’s holdings in Eaton were worth $5,033,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ETN. Noble Wealth Management PBC purchased a new stake in shares of Eaton during the fourth quarter valued at $30,000. Groupama Asset Managment increased its holdings in shares of Eaton by 83.2% in the third quarter. Groupama Asset Managment now owns 9,463 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 4,298 shares during the period. Horizon Bancorp Inc. IN raised its stake in shares of Eaton by 321.7% in the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 74 shares during the last quarter. Morse Asset Management Inc acquired a new stake in shares of Eaton during the third quarter worth about $33,000. Finally, Activest Wealth Management boosted its position in Eaton by 621.4% in the fourth quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock valued at $34,000 after buying an additional 87 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Trading Down 5.3 %

Shares of NYSE:ETN opened at $277.71 on Tuesday. Eaton Co. plc has a 52 week low of $255.65 and a 52 week high of $379.99. The company’s 50 day moving average is $325.70 and its two-hundred day moving average is $332.62. The company has a market cap of $109.75 billion, a PE ratio of 29.23, a P/E/G ratio of 2.64 and a beta of 1.05. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same period in the prior year, the business earned $2.55 earnings per share. Equities analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be given a dividend of $1.04 per share. This is an increase from Eaton’s previous quarterly dividend of $0.94. This represents a $4.16 annualized dividend and a yield of 1.50%. The ex-dividend date is Monday, March 10th. Eaton’s dividend payout ratio (DPR) is presently 43.79%.

Insider Buying and Selling

In other Eaton news, Director Gregory R. Page sold 10,000 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the completion of the transaction, the director now owns 43,203 shares in the company, valued at approximately $15,379,403.94. This represents a 18.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on ETN shares. Barclays decreased their price objective on shares of Eaton from $353.00 to $325.00 and set an “equal weight” rating for the company in a research note on Monday. Bank of America upped their price target on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Melius lowered shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price for the company. in a report on Tuesday, January 28th. Jefferies Financial Group increased their price target on Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Sanford C. Bernstein started coverage on shares of Eaton in a research note on Tuesday, November 5th. They set an “outperform” rating and a $382.00 target price for the company. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $364.65.

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.