MCF Advisors LLC Has $1.10 Million Position in Eaton Co. plc (NYSE:ETN)

MCF Advisors LLC cut its position in shares of Eaton Co. plc (NYSE:ETN) by 0.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,518 shares of the industrial products company’s stock after selling 32 shares during the period. MCF Advisors LLC’s holdings in Eaton were worth $1,100,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ETN. Trust Co. of Virginia VA boosted its stake in shares of Eaton by 2.2% during the 1st quarter. Trust Co. of Virginia VA now owns 2,350 shares of the industrial products company’s stock worth $735,000 after acquiring an additional 50 shares during the period. Trifecta Capital Advisors LLC lifted its stake in shares of Eaton by 18.3% during the 1st quarter. Trifecta Capital Advisors LLC now owns 12,814 shares of the industrial products company’s stock worth $4,007,000 after buying an additional 1,986 shares during the last quarter. Independence Bank of Kentucky grew its stake in Eaton by 18.2% in the 1st quarter. Independence Bank of Kentucky now owns 2,992 shares of the industrial products company’s stock valued at $936,000 after buying an additional 460 shares during the last quarter. OneAscent Financial Services LLC raised its holdings in Eaton by 2.2% in the 1st quarter. OneAscent Financial Services LLC now owns 2,891 shares of the industrial products company’s stock valued at $907,000 after acquiring an additional 62 shares during the period. Finally, Webster Bank N. A. lifted its position in Eaton by 4.6% during the first quarter. Webster Bank N. A. now owns 12,442 shares of the industrial products company’s stock worth $3,890,000 after acquiring an additional 549 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ETN. Bank of America increased their target price on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Argus lifted their target price on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Barclays raised shares of Eaton from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $250.00 to $300.00 in a research report on Tuesday, April 2nd. The Goldman Sachs Group raised their price target on shares of Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Finally, Wolfe Research reissued an “underperform” rating and issued a $312.00 price objective on shares of Eaton in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $318.06.

Eaton Price Performance

Shares of ETN stock traded down $0.39 on Friday, reaching $313.55. The company had a trading volume of 2,557,711 shares, compared to its average volume of 2,258,211. The stock has a market capitalization of $125.36 billion, a PE ratio of 37.02, a price-to-earnings-growth ratio of 2.63 and a beta of 1.04. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. The business’s 50-day moving average is $325.35 and its 200 day moving average is $292.34. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the previous year, the company posted $1.88 EPS. Eaton’s quarterly revenue was up 8.4% compared to the same quarter last year. Equities research analysts forecast that Eaton Co. plc will post 10.56 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were issued a $0.94 dividend. The ex-dividend date was Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.20%. Eaton’s payout ratio is 44.39%.

Insider Buying and Selling at Eaton

In other news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total value of $801,725.44. Following the sale, the insider now directly owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.53% of the company’s stock.

Eaton Company 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.