Meridian Wealth Advisors LLC decreased its holdings in shares of Eaton Co. PLC (NYSE:ETN) by 1.7% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 9,206 shares of the industrial products company’s stock after selling 160 shares during the quarter. Meridian Wealth Advisors LLC’s holdings in Eaton were worth $742,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also made changes to their positions in the company. Princeton Global Asset Management LLC acquired a new stake in Eaton in the fourth quarter valued at about $317,000. Suntrust Banks Inc. lifted its position in Eaton by 5.1% in the fourth quarter. Suntrust Banks Inc. now owns 182,110 shares of the industrial products company’s stock valued at $12,504,000 after purchasing an additional 8,900 shares during the period. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in Eaton in the fourth quarter valued at about $589,000. Wells Trecaso Financial Group LLC lifted its position in Eaton by 1.0% in the first quarter. Wells Trecaso Financial Group LLC now owns 56,523 shares of the industrial products company’s stock valued at $4,553,000 after purchasing an additional 552 shares during the period. Finally, Legal & General Group Plc lifted its position in Eaton by 7.9% in the fourth quarter. Legal & General Group Plc now owns 2,574,900 shares of the industrial products company’s stock valued at $176,771,000 after purchasing an additional 188,259 shares during the period. Institutional investors and hedge funds own 80.07% of the company’s stock.
Eaton stock traded down $0.96 during mid-day trading on Friday, reaching $79.05. The company had a trading volume of 15,014 shares, compared to its average volume of 2,165,178. Eaton Co. PLC has a 1 year low of $64.46 and a 1 year high of $89.46. The company has a current ratio of 1.47, a quick ratio of 0.92 and a debt-to-equity ratio of 0.42. The stock has a market cap of $33.65 billion, a PE ratio of 14.69, a price-to-earnings-growth ratio of 1.54 and a beta of 1.47.
Eaton (NYSE:ETN) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $1.26 earnings per share (EPS) 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 company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.38 billion. During the same period last year, the company posted $1.10 earnings per share. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. On average, sell-side analysts forecast that Eaton Co. PLC will post 5.89 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 3rd will be issued a $0.71 dividend. The ex-dividend date of this dividend is Thursday, May 2nd. This represents a $2.84 dividend on an annualized basis and a yield of 3.59%. Eaton’s dividend payout ratio (DPR) is presently 52.69%.
In other news, insider Curtis J. Hutchins sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $80.60, for a total transaction of $967,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dorothy C. Thompson acquired 1,655 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were acquired at an average cost of $78.54 per share, with a total value of $129,983.70. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 30,589 shares of company stock valued at $2,465,553. Corporate insiders own 0.70% of the company’s stock.
A number of equities research analysts recently commented on ETN shares. Zacks Investment Research downgraded shares of Eaton from a “hold” rating to a “sell” rating in a research report on Wednesday, January 23rd. Robert W. Baird set a $88.00 price objective on shares of Eaton and gave the company a “buy” rating in a research 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 research report on Saturday, February 2nd. Wells Fargo & Co raised their price objective on shares of Eaton from $85.00 to $90.00 and gave the company an “outperform” rating in a research report on Monday, March 4th. They noted that the move was a valuation call. Finally, Vertical Research upgraded shares of Eaton from a “hold” rating to a “buy” rating in a research report on Monday, March 4th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $86.79.
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Eaton Company 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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