Stewart & Patten Co. LLC Purchases 57 Shares of Eaton Co. plc (NYSE:ETN)

Stewart & Patten Co. LLC lifted its position in Eaton Co. plc (NYSE:ETN) by 0.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 59,122 shares of the industrial products company’s stock after purchasing an additional 57 shares during the quarter. Eaton comprises approximately 2.8% of Stewart & Patten Co. LLC’s portfolio, making the stock its 18th largest holding. Stewart & Patten Co. LLC’s holdings in Eaton were worth $18,486,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Eaton by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock worth $8,812,966,000 after purchasing an additional 259,615 shares during the period. Norges Bank bought a new position in Eaton in the fourth quarter valued at $1,087,983,000. Coatue Management LLC increased its stake in Eaton by 5.2% in the fourth quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock valued at $960,016,000 after acquiring an additional 195,809 shares during the last quarter. Raymond James & Associates increased its stake in Eaton by 3.8% in the fourth quarter. Raymond James & Associates now owns 3,739,725 shares of the industrial products company’s stock valued at $900,600,000 after acquiring an additional 138,465 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Eaton by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,163,432 shares of the industrial products company’s stock valued at $520,998,000 after acquiring an additional 27,386 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling

In related news, insider Peter Denk sold 2,416 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the transaction, the insider now directly owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.33% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently commented on ETN shares. The Goldman Sachs Group increased their target price on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Royal Bank of Canada raised Eaton from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $286.00 to $371.00 in a research note on Friday, April 5th. Mizuho restated a “buy” rating and set a $355.00 price target (up from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. Raymond James began coverage on shares of Eaton in a research report on Friday. They set an “outperform” rating and a $375.00 price target for the company. Finally, HSBC upped 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $318.06.

Eaton Trading Down 0.4 %

Shares of Eaton stock traded down $1.36 during trading on Monday, reaching $312.19. 1,925,872 shares of the stock were exchanged, compared to its average volume of 2,027,753. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. The stock’s fifty day moving average is $325.35 and its 200 day moving average is $293.12. The firm has a market cap of $124.81 billion, a price-to-earnings ratio of 36.88, a price-to-earnings-growth ratio of 2.64 and a beta of 1.02. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19.

Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The company had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.91 billion. During the same period in the prior year, the firm earned $1.88 earnings per share. Eaton’s revenue was up 8.4% on a year-over-year basis. As a group, equities research analysts expect that Eaton Co. plc will post 10.56 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date was Friday, May 3rd. Eaton’s payout ratio is currently 44.39%.

Eaton Company 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.