Deroy & Devereaux Private Investment Counsel Inc. Reduces Position in Eaton Co. PLC (NYSE:ETN)

Deroy & Devereaux Private Investment Counsel Inc. lessened its stake in shares of Eaton Co. PLC (NYSE:ETN) by 1.8% during the 3rd quarter, Holdings Channel reports. The firm owned 198,885 shares of the industrial products company’s stock after selling 3,595 shares during the quarter. Deroy & Devereaux Private Investment Counsel Inc.’s holdings in Eaton were worth $16,537,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in ETN. Buckingham Capital Management Inc. grew its position in Eaton by 2.5% during the 1st quarter. Buckingham Capital Management Inc. now owns 13,018 shares of the industrial products company’s stock worth $1,049,000 after purchasing an additional 315 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Eaton in the 1st quarter valued at $947,000. Marshall Wace North America L.P. purchased a new stake in shares of Eaton in the 1st quarter valued at $270,000. First Financial Bank Trust Division boosted its holdings in shares of Eaton by 2.1% in the 2nd quarter. First Financial Bank Trust Division now owns 55,373 shares of the industrial products company’s stock valued at $4,611,000 after acquiring an additional 1,148 shares during the last quarter. Finally, Montecito Bank & Trust boosted its holdings in shares of Eaton by 4.2% in the 2nd quarter. Montecito Bank & Trust now owns 4,906 shares of the industrial products company’s stock valued at $409,000 after acquiring an additional 200 shares during the last quarter. 77.43% of the stock is currently owned by institutional investors.

NYSE ETN traded down $0.51 during mid-day trading on Thursday, reaching $84.15. 18,195 shares of the stock were exchanged, compared to its average volume of 2,116,793. The business’s 50 day moving average is $82.47 and its 200-day moving average is $80.93. Eaton Co. PLC has a 1 year low of $64.46 and a 1 year high of $89.07. The company has a market capitalization of $35.58 billion, a P/E ratio of 15.61, a P/E/G ratio of 1.66 and a beta of 1.43. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.18 and a current ratio of 1.83.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $1.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.51 by $0.02. The firm had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $5.63 billion. Eaton had a net margin of 10.16% and a return on equity of 14.88%. The firm’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.39 earnings per share. Equities analysts predict that Eaton Co. PLC will post 5.82 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date is Thursday, October 31st. Eaton’s dividend payout ratio is presently 52.69%.

Several research firms have recently commented on ETN. Deutsche Bank set a $96.00 price objective on shares of Eaton and gave the company a “buy” rating in a report on Wednesday, July 31st. Robert W. Baird downgraded shares of Eaton from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $89.00 to $82.00 in a report on Tuesday, September 3rd. Oppenheimer raised shares of Eaton from a “market perform” rating to an “outperform” rating and set a $95.00 price target on the stock in a report on Wednesday, October 16th. Vertical Research downgraded shares of Eaton from a “buy” rating to a “hold” rating and set a $85.00 price target on the stock. in a report on Wednesday, October 9th. Finally, Morgan Stanley increased their price target on shares of Eaton from $88.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $88.23.

In other Eaton news, insider Richard H. Fearon sold 80,592 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $82.75, for a total transaction of $6,668,988.00. Following the completion of the transaction, the insider now directly owns 270,097 shares in the company, valued at $22,350,526.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Joao V. Faria sold 1,000 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $86.89, for a total transaction of $86,890.00. Following the transaction, the insider now owns 52,841 shares of the company’s stock, valued at $4,591,354.49. The disclosure for this sale can be found here. Insiders have sold 101,592 shares of company stock valued at $8,501,148 over the last 90 days. 0.70% of the stock is currently owned by company insiders.

Eaton Company Profile

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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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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