Connors Investor Services Inc. Sells 6,767 Shares of Eaton Co. plc (NYSE:ETN)

Connors Investor Services Inc. reduced its stake in Eaton Co. plc (NYSE:ETN) by 11.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 54,345 shares of the industrial products company’s stock after selling 6,767 shares during the period. Eaton comprises 1.8% of Connors Investor Services Inc.’s holdings, making the stock its 15th largest position. Connors Investor Services Inc.’s holdings in Eaton were worth $16,993,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Verdence Capital Advisors LLC grew its stake in shares of Eaton by 1.7% in the 1st quarter. Verdence Capital Advisors LLC now owns 2,059 shares of the industrial products company’s stock worth $644,000 after buying an additional 34 shares in the last quarter. Fragasso Group Inc. grew its stake in shares of Eaton by 3.6% in the 1st quarter. Fragasso Group Inc. now owns 1,032 shares of the industrial products company’s stock worth $323,000 after buying an additional 36 shares in the last quarter. Valley National Advisers Inc. grew its stake in shares of Eaton by 5.6% in the 1st quarter. Valley National Advisers Inc. now owns 682 shares of the industrial products company’s stock worth $213,000 after buying an additional 36 shares in the last quarter. Wendell David Associates Inc. grew its stake in shares of Eaton by 4.0% in the 1st quarter. Wendell David Associates Inc. now owns 936 shares of the industrial products company’s stock worth $293,000 after buying an additional 36 shares in the last quarter. Finally, FinTrust Capital Advisors LLC grew its stake in shares of Eaton by 2.6% in the 4th quarter. FinTrust Capital Advisors LLC now owns 1,481 shares of the industrial products company’s stock worth $357,000 after buying an additional 37 shares in the last quarter. 82.97% of the stock is owned by institutional investors.

Eaton Stock Up 0.9 %

ETN stock traded up $2.82 during midday trading on Friday, reaching $311.89. 2,287,596 shares of the company were exchanged, compared to its average volume of 1,926,396. The stock’s 50-day simple moving average is $324.80 and its 200 day simple moving average is $301.71. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $345.19. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. The company has a market cap of $124.69 billion, a price-to-earnings ratio of 36.82, a price-to-earnings-growth ratio of 2.61 and a beta of 1.02.

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

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were issued a dividend of $0.94 per share. The ex-dividend date was Friday, May 3rd. This represents a $3.76 annualized dividend and a dividend yield of 1.21%. Eaton’s payout ratio is currently 44.39%.

Analyst Ratings Changes

A number of research firms recently commented on ETN. Barclays lifted their price target on shares of Eaton from $316.00 to $318.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Argus lifted their price target on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Mizuho reiterated a “buy” rating and set a $355.00 price objective (up previously from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Raymond James initiated coverage on shares of Eaton in a report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price target for the company. Finally, HSBC boosted their price target on shares of Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $323.06.

Insider Buying and Selling

In other Eaton news, insider Peter Denk sold 2,416 shares of the stock in a transaction that occurred on 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 sale, the insider now owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

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.