D.B. Root & Company LLC Sells 2,263 Shares of Eaton Co. plc (NYSE:ETN)

D.B. Root & Company LLC cut its position in shares of Eaton Co. plc (NYSE:ETN) by 32.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,687 shares of the industrial products company’s stock after selling 2,263 shares during the quarter. D.B. Root & Company LLC’s holdings in Eaton were worth $1,470,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. LifeSteps Financial Inc. bought a new stake in shares of Eaton during the first quarter valued at approximately $25,000. Atwood & Palmer Inc. boosted its holdings in Eaton by 142.9% in the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 50 shares in the last quarter. Tennessee Valley Asset Management Partners bought a new stake in Eaton in the fourth quarter worth $25,000. Redmont Wealth Advisors LLC bought a new position in shares of Eaton during the first quarter valued at $33,000. Finally, Clear Investment Research LLC bought a new position in shares of Eaton during the fourth quarter valued at $29,000. 82.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Barclays upped their price target on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Jefferies Financial Group upped their price target on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Raymond James began coverage on Eaton in a report on Friday, June 28th. They set an “outperform” rating and a $375.00 price target on the stock. Wells Fargo & Company lowered their target price on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Finally, Mizuho reaffirmed a “buy” rating and issued a $355.00 price objective (up previously from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $326.53.

Eaton Price Performance

NYSE ETN traded down $3.24 during trading on Monday, hitting $288.40. 1,840,425 shares of the stock traded hands, compared to its average volume of 2,185,396. The company has a market capitalization of $115.30 billion, a P/E ratio of 34.05, a price-to-earnings-growth ratio of 2.47 and a beta of 1.02. The firm has a 50-day simple moving average of $311.78 and a 200-day simple moving average of $307.63. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a 12-month low of $191.82 and a 12-month high of $345.19.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders 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 dividend yield of 1.30%. The ex-dividend date of this dividend is Monday, August 5th. Eaton’s dividend payout ratio (DPR) is 44.39%.

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.