IMS Capital Management Decreases Stake in Eaton Co. plc (NYSE:ETN)

IMS Capital Management reduced its stake in Eaton Co. plc (NYSE:ETN) by 22.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 854 shares of the industrial products company’s stock after selling 250 shares during the period. IMS Capital Management’s holdings in Eaton were worth $267,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of ETN. Miracle Mile Advisors LLC purchased a new position in shares of Eaton during the fourth quarter valued at approximately $869,000. Stonegate Investment Group LLC increased its stake in shares of Eaton by 7.6% during the fourth quarter. Stonegate Investment Group LLC now owns 4,903 shares of the industrial products company’s stock valued at $1,181,000 after buying an additional 348 shares during the period. DAVENPORT & Co LLC increased its stake in shares of Eaton by 3.7% during the fourth quarter. DAVENPORT & Co LLC now owns 24,781 shares of the industrial products company’s stock valued at $5,968,000 after buying an additional 891 shares during the period. Independence Bank of Kentucky increased its stake in shares of Eaton by 108.4% during the fourth quarter. Independence Bank of Kentucky now owns 2,532 shares of the industrial products company’s stock valued at $610,000 after buying an additional 1,317 shares during the period. Finally, Householder Group Estate & Retirement Specialist LLC increased its stake in shares of Eaton by 14.0% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 757 shares of the industrial products company’s stock valued at $182,000 after buying an additional 93 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eaton

In other Eaton news, insider Peter Denk sold 2,416 shares of the stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the transaction, the insider now owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is owned by corporate insiders.

Eaton Stock Performance

Shares of NYSE:ETN traded down $17.62 during midday trading on Friday, reaching $280.26. 4,528,035 shares of the company’s stock traded hands, compared to its average volume of 2,834,101. The company has a market cap of $112.05 billion, a price-to-earnings ratio of 33.09, a P/E/G ratio of 2.47 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.56. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19. The stock has a 50 day moving average of $317.93 and a 200 day moving average of $305.49.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. As a group, equities research analysts anticipate that Eaton Co. plc will post 10.66 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Monday, August 5th will be issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend is Monday, August 5th. Eaton’s dividend payout ratio is 44.39%.

Analysts Set New Price Targets

Several brokerages recently weighed in on ETN. Raymond James began coverage on Eaton in a research note on Friday, June 28th. They issued an “outperform” rating and a $375.00 price target on the stock. Mizuho reaffirmed a “buy” rating and issued a $355.00 price target (up from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Royal Bank of Canada reduced their price target on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research note on Friday. JPMorgan Chase & Co. upped their price target on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Finally, Argus upped their price target on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Eaton has a consensus rating of “Moderate Buy” and a consensus price target of $326.53.

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.