Tidal Investments LLC Decreases Position in Eaton Co. plc (NYSE:ETN)

Tidal Investments LLC lessened its holdings in Eaton Co. plc (NYSE:ETN) by 25.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,385 shares of the industrial products company’s stock after selling 5,315 shares during the period. Tidal Investments LLC’s holdings in Eaton were worth $4,811,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LifeSteps Financial Inc. purchased a new position in Eaton in the 1st quarter valued at approximately $25,000. Atwood & Palmer Inc. lifted its position in shares of Eaton by 142.9% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares during the last quarter. Tennessee Valley Asset Management Partners purchased a new stake in shares of Eaton during the 4th quarter worth $25,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Eaton during the 1st quarter worth $33,000. Finally, Clear Investment Research LLC purchased a new stake in shares of Eaton during the 4th quarter worth $29,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

NYSE ETN traded down $13.91 during trading on Friday, reaching $283.97. The company’s stock had a trading volume of 223,628 shares, compared to its average volume of 2,118,544. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. The business’s fifty day moving average price is $319.14 and its 200-day moving average price is $304.78. The firm has a market cap of $113.53 billion, a price-to-earnings ratio of 34.23, a P/E/G ratio of 2.55 and a beta of 1.02.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. As a group, analysts anticipate that Eaton Co. plc will post 10.56 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 5th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.32%. Eaton’s dividend payout ratio (DPR) is 44.39%.

Insider Transactions at Eaton

In other Eaton news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the transaction, the insider now directly owns 5,086 shares in the company, valued at $1,687,738.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ETN shares. Jefferies Financial Group lifted their price objective on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Wolfe Research reaffirmed an “underperform” rating and set a $312.00 price objective on shares of Eaton in a research report on Monday, April 8th. HSBC boosted their price target on shares of Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. Argus boosted their price target on shares of Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Finally, Royal Bank of Canada raised shares of Eaton from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $286.00 to $371.00 in a research report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $323.06.

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.