M&R Capital Management Inc. lowered its position in shares of Eaton Co. plc (NYSE:ETN) by 23.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,630 shares of the industrial products company’s stock after selling 500 shares during the quarter. M&R Capital Management Inc.’s holdings in Eaton were worth $225,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Wealth Alliance increased its holdings in shares of Eaton by 88.0% in the third quarter. Wealth Alliance now owns 4,806 shares of the industrial products company’s stock valued at $490,000 after purchasing an additional 2,250 shares during the last quarter. Lombard Odier Asset Management Switzerland SA purchased a new position in shares of Eaton during the third quarter worth $713,000. Cubist Systematic Strategies LLC purchased a new position in shares of Eaton during the third quarter worth $503,000. Point72 Hong Kong Ltd purchased a new position in shares of Eaton during the third quarter worth $1,036,000. Finally, Alhambra Investment Partners LLC boosted its position in shares of Eaton by 3.4% during the third quarter. Alhambra Investment Partners LLC now owns 2,720 shares of the industrial products company’s stock worth $278,000 after buying an additional 90 shares during the period. 77.88% of the stock is owned by institutional investors and hedge funds.
NYSE ETN opened at $140.38 on Thursday. The company has a quick ratio of 1.13, a current ratio of 1.49 and a debt-to-equity ratio of 0.48. Eaton Co. plc has a 52-week low of $70.54 and a 52-week high of $143.29. The business’s 50-day moving average price is $135.27 and its 200 day moving average price is $120.14. The firm has a market cap of $55.92 billion, a P/E ratio of 41.29, a P/E/G ratio of 2.34 and a beta of 1.12.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 30th. Shareholders of record on Tuesday, March 16th were issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date was Monday, March 15th. This is a positive change from Eaton’s previous quarterly dividend of $0.73. Eaton’s payout ratio is currently 53.62%.
In other news, insider Uday Yadav sold 2,213 shares of the business’s stock in a transaction that occurred on Friday, March 5th. The stock was sold at an average price of $135.12, for a total transaction of $299,020.56. Also, insider Brian S. Brickhouse sold 22,758 shares of the business’s stock in a transaction that occurred on Wednesday, March 3rd. The stock was sold at an average price of $135.80, for a total value of $3,090,536.40. Following the sale, the insider now directly owns 15,587 shares in the company, valued at approximately $2,116,714.60. The disclosure for this sale can be found here. Insiders sold a total of 36,740 shares of company stock worth $4,945,066 in the last ninety days. 0.54% of the stock is owned by corporate insiders.
ETN has been the subject of several research analyst reports. Royal Bank of Canada raised their price target on Eaton from $112.00 to $119.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 3rd. They noted that the move was a valuation call. Zacks Investment Research cut Eaton from a “buy” rating to a “hold” rating and set a $150.00 price objective on the stock. in a research note on Tuesday. Barclays increased their price objective on Eaton from $115.00 to $125.00 and gave the company an “underweight” rating in a research note on Tuesday. Credit Suisse Group increased their price objective on Eaton from $130.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, February 3rd. Finally, Jefferies Financial Group increased their price objective on Eaton from $130.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, January 15th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the stock. Eaton has a consensus rating of “Buy” and a consensus target price of $132.89.
Eaton Corporation plc operates as a power management company. Its Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services in North and South America, as well as hazardous duty electrical, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems internationally.
Further Reading: Debt-To-Equity Ratio
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