Eaton Co. plc (NYSE:ETN) Shares Sold by Wedgewood Investors Inc. PA


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Wedgewood Investors Inc. PA reduced its holdings in Eaton Co. plc (NYSE:ETN) by 4.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,280 shares of the industrial products company’s stock after selling 140 shares during the period. Wedgewood Investors Inc. PA’s holdings in Eaton were worth $454,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank acquired a new stake in Eaton in the fourth quarter valued at approximately $1,045,205,000. Charles Schwab Investment Management Inc. grew its holdings in Eaton by 9.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,809,749 shares of the industrial products company’s stock valued at $697,984,000 after purchasing an additional 489,453 shares during the period. Dimensional Fund Advisors LP grew its holdings in Eaton by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,839,025 shares of the industrial products company’s stock valued at $461,188,000 after purchasing an additional 44,686 shares during the period. Morgan Stanley boosted its stake in shares of Eaton by 4.7% in the fourth quarter. Morgan Stanley now owns 3,234,609 shares of the industrial products company’s stock worth $388,606,000 after acquiring an additional 143,778 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Eaton by 12.1% in the fourth quarter. Wells Fargo & Company MN now owns 3,223,176 shares of the industrial products company’s stock worth $387,233,000 after acquiring an additional 349,100 shares during the last quarter. 77.88% of the stock is currently owned by institutional investors.

A number of brokerages have recently issued reports on ETN. Credit Suisse Group lifted their price target on Eaton from $130.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 3rd. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their price objective on Eaton from $142.00 to $158.00 and gave the stock a “buy” rating in a research report on Wednesday, March 31st. Morgan Stanley upgraded Eaton from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $130.00 to $155.00 in a research report on Tuesday, March 9th. Deutsche Bank Aktiengesellschaft lifted their price objective on Eaton from $139.00 to $156.00 and gave the stock a “buy” rating in a research report on Monday, April 19th. Finally, Jefferies Financial Group lifted their price objective on Eaton from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, January 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $136.94.

In related news, insider Uday Yadav sold 11,769 shares of Eaton stock in a transaction on Thursday, February 25th. The shares were sold at an average price of $132.17, for a total value of $1,555,508.73. Following the transaction, the insider now directly owns 22,436 shares in the company, valued at approximately $2,965,366.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Brian S. Brickhouse sold 22,758 shares of Eaton stock in a transaction on Wednesday, March 3rd. The shares were sold at an average price of $135.80, for a total transaction of $3,090,536.40. Following the completion of the transaction, the insider now owns 15,587 shares in the company, valued at $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 over the last ninety days. Corporate insiders own 0.54% of the company’s stock.

NYSE:ETN traded down $2.00 during mid-day trading on Tuesday, hitting $142.36. The stock had a trading volume of 18,106 shares, compared to its average volume of 2,253,211. The stock has a 50-day simple moving average of $139.77 and a two-hundred day simple moving average of $125.13. The company has a market capitalization of $56.71 billion, a PE ratio of 42.09, a PEG ratio of 2.34 and a beta of 1.12. Eaton Co. plc has a twelve month low of $70.54 and a twelve month high of $145.95. The company has a current ratio of 1.49, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

Eaton (NYSE:ETN) last issued its earnings results on Tuesday, May 4th. The industrial products company reported $1.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.19. The firm had revenue of $4.70 billion for the quarter, compared to analysts’ expectations of $4.53 billion. Eaton had a net margin of 7.53% and a return on equity of 11.94%. The firm’s revenue was down 1.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.09 earnings per share. Sell-side analysts predict that Eaton Co. plc will post 4.17 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 28th. Shareholders of record on Friday, May 14th will be issued a dividend of $0.76 per share. The ex-dividend date is Thursday, May 13th. This represents a $3.04 dividend on an annualized basis and a yield of 2.14%. Eaton’s payout ratio is currently 53.62%.

Eaton Company Profile

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.

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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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