Mackenzie Financial Corp Decreases Stock Holdings in Eaton Co. plc (NYSE:ETN)

Mackenzie Financial Corp decreased its holdings in shares of Eaton Co. plc (NYSE:ETN) by 19.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 148,545 shares of the industrial products company’s stock after selling 35,919 shares during the quarter. Mackenzie Financial Corp’s holdings in Eaton were worth $35,773,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Tennessee Valley Asset Management Partners bought a new position in Eaton during the fourth quarter valued at $25,000. PCA Investment Advisory Services Inc. bought a new position in Eaton during the second quarter valued at $27,000. Coppell Advisory Solutions Corp. bought a new position in Eaton during the fourth quarter valued at $30,000. Global Trust Asset Management LLC bought a new position in shares of Eaton in the third quarter worth about $32,000. Finally, Valued Wealth Advisors LLC bought a new position in shares of Eaton in the fourth quarter worth about $35,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Transactions at Eaton

In other news, insider Peter Denk sold 1,731 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total transaction of $500,207.07. Following the sale, the insider now owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Peter Denk sold 1,731 shares of Eaton stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $288.97, for a total value of $500,207.07. Following the sale, the insider now owns 5,514 shares of the company’s stock, valued at approximately $1,593,380.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction on Monday, March 11th. The shares were sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the completion of the sale, the insider now directly owns 69,472 shares in the company, valued at approximately $20,244,140.80. The disclosure for this sale can be found here. Insiders have sold 38,969 shares of company stock valued at $10,904,774 in the last 90 days. 0.33% of the stock is currently owned by company insiders.

Eaton Stock Performance

Shares of Eaton stock opened at $310.15 on Thursday. The firm has a market capitalization of $123.90 billion, a P/E ratio of 38.67, a PEG ratio of 2.62 and a beta of 1.07. The company has a quick ratio of 1.02, a current ratio of 1.51 and a debt-to-equity ratio of 0.43. The company has a 50 day moving average price of $299.48 and a 200 day moving average price of $253.53. Eaton Co. plc has a 52 week low of $161.12 and a 52 week high of $331.47.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.08. Eaton had a net margin of 13.88% and a return on equity of 20.05%. The company had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.91 billion. During the same quarter in the prior year, the company earned $2.06 EPS. Eaton’s quarterly revenue was up 10.8% on a year-over-year basis. Sell-side analysts expect that Eaton Co. plc will post 10.25 EPS for the current year.

Eaton Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 11th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend was Friday, March 8th. This is an increase from Eaton’s previous quarterly dividend of $0.86. Eaton’s dividend payout ratio is 46.88%.

Wall Street Analyst Weigh In

ETN has been the topic of a number of research analyst reports. Wolfe Research restated an “underperform” rating and issued a $312.00 price target on shares of Eaton in a report on Monday, April 8th. Bank of America upped their price target on shares of Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Evercore ISI upped their price target on shares of Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. The Goldman Sachs Group upped their price objective on shares of Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Finally, Barclays raised shares of Eaton from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $250.00 to $300.00 in a research note on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $295.60.

About Eaton

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.