Dagco Inc. Lowers Position in Eaton Corporation, PLC (NYSE:ETN)

Dagco Inc. decreased its stake in Eaton Corporation, PLC (NYSE:ETN) by 4.1% in the 1st quarter, Holdings Channel reports. The firm owned 8,798 shares of the industrial products company’s stock after selling 372 shares during the quarter. Eaton accounts for approximately 0.8% of Dagco Inc.’s portfolio, making the stock its 25th biggest position. Dagco Inc.’s holdings in Eaton were worth $2,392,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Commonwealth Financial Services LLC raised its position in Eaton by 2.9% during the first quarter. Commonwealth Financial Services LLC now owns 1,175 shares of the industrial products company’s stock worth $319,000 after acquiring an additional 33 shares during the last quarter. Checchi Capital Advisers LLC raised its position in Eaton by 0.7% during the first quarter. Checchi Capital Advisers LLC now owns 5,071 shares of the industrial products company’s stock worth $1,378,000 after acquiring an additional 37 shares during the last quarter. Lantern Wealth Advisors LLC raised its position in Eaton by 1.0% during the fourth quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company’s stock worth $1,340,000 after acquiring an additional 38 shares during the last quarter. AGH Wealth Advisors LLC raised its position in Eaton by 2.6% during the first quarter. AGH Wealth Advisors LLC now owns 1,517 shares of the industrial products company’s stock worth $412,000 after acquiring an additional 38 shares during the last quarter. Finally, Revolve Wealth Partners LLC raised its position in Eaton by 4.2% during the first quarter. Revolve Wealth Partners LLC now owns 951 shares of the industrial products company’s stock worth $259,000 after acquiring an additional 38 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on ETN shares. Citigroup boosted their price objective on shares of Eaton from $420.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. Wall Street Zen lowered shares of Eaton from a “buy” rating to a “hold” rating in a research report on Saturday, August 2nd. Evercore ISI boosted their price objective on shares of Eaton from $326.00 to $349.00 and gave the company an “in-line” rating in a research report on Monday, May 19th. Raymond James Financial boosted their price objective on shares of Eaton from $380.00 to $415.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Finally, BNP Paribas Exane started coverage on shares of Eaton in a research report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $383.63.

Eaton Price Performance

ETN opened at $363.12 on Wednesday. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.47. Eaton Corporation, PLC has a 52-week low of $231.85 and a 52-week high of $399.56. The company has a 50 day moving average of $356.56 and a two-hundred day moving average of $317.90. The company has a market cap of $141.36 billion, a P/E ratio of 36.53, a P/E/G ratio of 2.66 and a beta of 1.18.

Eaton (NYSE:ETN) last released its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.03. Eaton had a net margin of 15.11% and a return on equity of 23.91%. The company had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the previous year, the firm earned $2.73 earnings per share. Eaton’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be paid a $1.04 dividend. The ex-dividend date is Thursday, August 7th. This represents a $4.16 annualized dividend and a dividend yield of 1.1%. Eaton’s dividend payout ratio is 41.85%.

Insider Buying and Selling at Eaton

In other news, insider Olivier Leonetti sold 16,018 shares of the company’s stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $358.39, for a total value of $5,740,691.02. Following the completion of the transaction, the insider directly owned 630 shares in the company, valued at approximately $225,785.70. This represents a 96.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.30% 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.