Procyon Advisors LLC Sells 680 Shares of Eaton Co. plc (NYSE:ETN)

Procyon Advisors LLC trimmed its holdings in Eaton Co. plc (NYSE:ETN) by 12.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,810 shares of the industrial products company’s stock after selling 680 shares during the quarter. Procyon Advisors LLC’s holdings in Eaton were worth $1,158,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. S.A. Mason LLC raised its holdings in shares of Eaton by 6.8% in the fourth quarter. S.A. Mason LLC now owns 801 shares of the industrial products company’s stock valued at $193,000 after buying an additional 51 shares during the last quarter. Highland Capital Management LLC increased its position in Eaton by 0.7% in the fourth quarter. Highland Capital Management LLC now owns 26,243 shares of the industrial products company’s stock worth $6,320,000 after purchasing an additional 190 shares during the period. RNC Capital Management LLC increased its position in Eaton by 1.0% in the fourth quarter. RNC Capital Management LLC now owns 44,307 shares of the industrial products company’s stock worth $10,670,000 after purchasing an additional 445 shares during the period. Columbia Trust Co 01012016 grew its position in shares of Eaton by 6.6% during the 4th quarter. Columbia Trust Co 01012016 now owns 2,269 shares of the industrial products company’s stock worth $546,000 after buying an additional 140 shares during the period. Finally, Bar Harbor Wealth Management grew its position in shares of Eaton by 8.8% during the 4th quarter. Bar Harbor Wealth Management now owns 12,628 shares of the industrial products company’s stock worth $3,041,000 after buying an additional 1,020 shares during the period. 82.97% of the stock is owned by institutional investors.

Eaton Price Performance

Shares of ETN traded down $1.44 during trading hours on Thursday, hitting $312.96. 153,770 shares of the company were exchanged, compared to its average volume of 1,748,391. The company has a market cap of $125.03 billion, a price-to-earnings ratio of 38.97, a P/E/G ratio of 2.59 and a beta of 1.07. Eaton Co. plc has a fifty-two week low of $155.38 and a fifty-two week high of $317.02. The company has a quick ratio of 1.02, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. The firm’s fifty day moving average is $278.80 and its 200 day moving average is $242.64.

Eaton (NYSE:ETN) last announced its quarterly earnings data 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. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The business had revenue of $5.97 billion during the quarter, compared to the consensus estimate of $5.91 billion. During the same period in the prior year, the company earned $2.06 EPS. Eaton’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, equities analysts anticipate that Eaton Co. plc will post 10.25 earnings per share for the current fiscal year.

Eaton Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Monday, March 11th will be given a dividend of $0.94 per share. This is an increase from Eaton’s previous quarterly dividend of $0.86. This represents a $3.76 annualized dividend and a dividend yield of 1.20%. The ex-dividend date is Friday, March 8th. Eaton’s dividend payout ratio is currently 46.88%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Wells Fargo & Company boosted their target price on Eaton from $220.00 to $257.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 19th. The Goldman Sachs Group lifted their price objective on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a report on Friday, March 15th. Bank of America lifted their price objective on Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a report on Monday, March 18th. Citigroup boosted their target price on Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Finally, Berenberg Bank boosted their target price on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and an average price target of $274.20.

Insider Activity

In other news, insider Ernest W. Marshall, Jr. sold 19,750 shares of Eaton stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the sale, the insider now directly owns 29,712 shares of the company’s stock, valued at $8,116,427.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now directly owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of Eaton stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the completion of the transaction, the insider now directly owns 29,712 shares in the company, valued at $8,116,427.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,969 shares of company stock valued at $10,904,774. 0.53% of the stock is currently owned by corporate insiders.

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.