Estabrook Capital Management cut its position in shares of Eaton Co. PLC (NYSE:ETN) by 2.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 40,934 shares of the industrial products company’s stock after selling 940 shares during the period. Estabrook Capital Management’s holdings in Eaton were worth $2,811,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Legacy Financial Advisors Inc. boosted its position in Eaton by 53.9% in the 4th quarter. Legacy Financial Advisors Inc. now owns 454 shares of the industrial products company’s stock valued at $31,000 after buying an additional 159 shares during the period. Plimoth Trust Co. LLC boosted its position in Eaton by 0.4% in the 4th quarter. Plimoth Trust Co. LLC now owns 46,954 shares of the industrial products company’s stock valued at $3,224,000 after buying an additional 179 shares during the period. First Capital Advisors Group LLC. boosted its position in Eaton by 2.4% in the 4th quarter. First Capital Advisors Group LLC. now owns 8,054 shares of the industrial products company’s stock valued at $553,000 after buying an additional 189 shares during the period. Brown Advisory Securities LLC boosted its position in Eaton by 3.5% in the 4th quarter. Brown Advisory Securities LLC now owns 6,881 shares of the industrial products company’s stock valued at $473,000 after buying an additional 232 shares during the period. Finally, Wedbush Securities Inc. boosted its position in Eaton by 2.9% in the 4th quarter. Wedbush Securities Inc. now owns 8,402 shares of the industrial products company’s stock valued at $577,000 after buying an additional 237 shares during the period. 74.88% of the stock is owned by hedge funds and other institutional investors.
NYSE ETN opened at $80.99 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.47 and a quick ratio of 0.93. The company has a market cap of $34.08 billion, a P/E ratio of 15.03, a PEG ratio of 1.48 and a beta of 1.48. Eaton Co. PLC has a 52 week low of $64.46 and a 52 week high of $89.46.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 22nd. Investors of record on Saturday, March 9th will be paid a dividend of $0.71 per share. The ex-dividend date is Thursday, March 7th. This represents a $2.84 annualized dividend and a dividend yield of 3.51%. Eaton’s dividend payout ratio (DPR) is presently 52.69%.
In other Eaton news, insider Curtis J. Hutchins sold 37,625 shares of the company’s stock in a transaction that occurred on Thursday, February 7th. The shares were sold at an average price of $76.02, for a total transaction of $2,860,252.50. Following the transaction, the insider now owns 15,872 shares in the company, valued at approximately $1,206,589.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joao V. Faria sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $76.73, for a total transaction of $383,650.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 61,214 shares of company stock valued at $4,742,255. 0.50% of the stock is currently owned by company insiders.
ETN has been the subject of several research reports. Credit Suisse Group reissued an “outperform” rating and issued a $80.00 price objective (down from $85.00) on shares of Eaton in a research report on Thursday, January 3rd. Zacks Investment Research cut shares of Eaton from a “hold” rating to a “sell” rating in a research report on Wednesday, January 23rd. Barclays lowered their price target on shares of Eaton from $75.00 to $73.00 and set an “underweight” rating for the company in a research report on Monday, January 7th. Vertical Research raised shares of Eaton from a “hold” rating to a “buy” rating in a research report on Monday, March 4th. Finally, Robert W. Baird set a $88.00 price target on shares of Eaton and gave the stock a “buy” rating in a research report on Friday, January 25th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $86.38.
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Eaton Corporation plc operates as a power management company worldwide. Its Electrical Products segment offers electrical and industrial components, residential products, single phase power quality products, emergency lighting and fire detection products, wiring devices, structural support systems, and circuit protection and lighting products.
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