Patten & Patten Inc. TN Cuts Stock Holdings in Eaton Co. plc (NYSE:ETN)

Patten & Patten Inc. TN trimmed its position in shares of Eaton Co. plc (NYSE:ETNFree Report) by 3.8% during the fourth quarter, Holdings Channel.com reports. The fund owned 8,277 shares of the industrial products company’s stock after selling 325 shares during the quarter. Patten & Patten Inc. TN’s holdings in Eaton were worth $1,993,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ETN. PCA Investment Advisory Services Inc. purchased a new position in shares of Eaton during the second quarter worth about $27,000. Coppell Advisory Solutions Corp. bought a new position in Eaton in the 4th quarter worth about $30,000. Global Trust Asset Management LLC purchased a new stake in shares of Eaton during the third quarter valued at approximately $32,000. Valued Wealth Advisors LLC bought a new stake in shares of Eaton in the 4th quarter worth $35,000. Finally, Chilton Capital Management LLC purchased a new stake in shares of Eaton during the 4th quarter valued at about $35,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ETN has been the topic of several analyst reports. Evercore ISI lifted their price target on shares of Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Berenberg Bank boosted their price target on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. The Goldman Sachs Group raised their price objective on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Barclays upgraded Eaton from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $250.00 to $300.00 in a research report on Tuesday. Finally, UBS Group increased their target price on Eaton from $255.00 to $305.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and a consensus price target of $281.73.

Get Our Latest Report on ETN

Eaton Trading Up 1.0 %

Shares of NYSE:ETN opened at $315.01 on Wednesday. Eaton Co. plc has a 12-month low of $155.38 and a 12-month high of $317.02. The business’s fifty day simple moving average is $284.53 and its 200-day simple moving average is $245.06. The company has a market capitalization of $125.85 billion, a PE ratio of 39.28, a P/E/G ratio of 2.59 and a beta of 1.07. The company has a current ratio of 1.51, a quick ratio of 1.02 and a debt-to-equity ratio of 0.43.

Eaton (NYSE:ETNGet Free Report) last announced its earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.08. The firm had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.06 EPS. As a group, equities research analysts predict that Eaton Co. plc will post 10.25 earnings per share for the current fiscal year.

Eaton Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 11th were given a $0.94 dividend. The ex-dividend date was Friday, March 8th. This is a positive change from Eaton’s previous quarterly dividend of $0.86. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.19%. Eaton’s dividend payout ratio is 46.88%.

Insider Buying and Selling

In other news, insider Olivier Leonetti sold 4,461 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total value of $1,213,392.00. Following the sale, the insider now directly owns 630 shares in the company, valued at $171,360. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Peter Denk sold 1,731 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $288.97, for a total value of $500,207.07. Following the completion of the sale, the insider now owns 5,514 shares in the company, valued at $1,593,380.58. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Olivier Leonetti sold 4,461 shares of Eaton stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the sale, the insider now owns 630 shares of the company’s stock, valued at $171,360. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,969 shares of company stock worth $10,904,774. Company insiders own 0.33% of the company’s stock.

Eaton Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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