Carret Asset Management LLC Sells 1,030 Shares of Eaton Co. plc (NYSE:ETN)

Carret Asset Management LLC cut its stake in Eaton Co. plc (NYSE:ETN) by 3.3% in the 1st quarter, Holdings Channel reports. The firm owned 30,103 shares of the industrial products company’s stock after selling 1,030 shares during the period. Eaton makes up about 1.1% of Carret Asset Management LLC’s portfolio, making the stock its 19th biggest position. Carret Asset Management LLC’s holdings in Eaton were worth $9,413,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Ritholtz Wealth Management boosted its holdings in shares of Eaton by 5.1% during the 4th quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock valued at $1,379,000 after buying an additional 277 shares in the last quarter. Pinnbrook Capital Management LP purchased a new stake in Eaton in the fourth quarter worth about $15,109,000. Congress Wealth Management LLC DE boosted its position in shares of Eaton by 8.1% in the 4th quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock worth $18,479,000 after purchasing an additional 5,725 shares in the last quarter. Pacer Advisors Inc. raised its stake in Eaton by 30.5% during the fourth quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock valued at $8,205,000 after buying an additional 7,964 shares during the last quarter. Finally, Weiss Asset Management LP bought a new position in shares of Eaton during the fourth quarter valued at $1,001,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ETN has been the subject of several recent analyst reports. Barclays raised shares of Eaton from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $250.00 to $300.00 in a report on Tuesday, April 2nd. Bank of America lifted their target price on shares of Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Wolfe Research reiterated an “underperform” rating and issued a $312.00 price target on shares of Eaton in a research note on Monday, April 8th. The Goldman Sachs Group boosted their price objective on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Finally, Argus increased their target price on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $318.06.

Eaton Price Performance

Eaton stock traded up $5.14 during mid-day trading on Wednesday, reaching $318.42. 1,122,178 shares of the company’s stock traded hands, compared to its average volume of 2,020,779. The stock has a 50 day moving average of $325.44 and a two-hundred day moving average of $294.18. Eaton Co. plc has a 12-month low of $191.82 and a 12-month high of $345.19. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. The company has a market cap of $127.30 billion, a price-to-earnings ratio of 37.65, a PEG ratio of 2.64 and a beta of 1.02.

Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The company had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.91 billion. During the same quarter last year, the business posted $1.88 earnings per share. The firm’s revenue was up 8.4% on a year-over-year basis. Equities analysts forecast that Eaton Co. plc will post 10.55 earnings per share for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were given a $0.94 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.18%. Eaton’s dividend payout ratio is presently 44.39%.

Insiders Place Their Bets

In related news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the transaction, the insider now directly owns 5,086 shares in the company, valued at approximately $1,687,738.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.33% of the stock is owned by insiders.

Eaton 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.