Bornite Capital Management LP Sells 150,000 Shares of Eaton Co. plc (NYSE:ETN)

Bornite Capital Management LP cut its holdings in Eaton Co. plc (NYSE:ETN) by 98.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,710 shares of the industrial products company’s stock after selling 150,000 shares during the period. Bornite Capital Management LP’s holdings in Eaton were worth $535,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ETN. Tennessee Valley Asset Management Partners bought a new stake in shares of Eaton in the 4th quarter worth about $25,000. LifeSteps Financial Inc. purchased a new position in shares of Eaton during the 1st quarter worth about $25,000. Atwood & Palmer Inc. boosted its stake in shares of Eaton by 142.9% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares during the period. Clear Investment Research LLC purchased a new position in shares of Eaton during the 4th quarter worth about $29,000. Finally, Redmont Wealth Advisors LLC purchased a new position in shares of Eaton during the 1st quarter worth about $33,000. 82.97% of the stock is currently owned by institutional investors.

Eaton Stock Down 0.4 %

Shares of ETN traded down $1.18 during mid-day trading on Monday, hitting $296.61. The company’s stock had a trading volume of 2,237,908 shares, compared to its average volume of 2,067,504. The company’s 50-day moving average is $321.57 and its 200-day moving average is $304.51. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19. The firm has a market capitalization of $118.58 billion, a price-to-earnings ratio of 35.02, a PEG ratio of 2.49 and a beta of 1.02. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42.

Eaton (NYSE:ETN) last posted 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 firm had revenue of $5.94 billion during 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%. Eaton’s revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.88 EPS. On average, equities research analysts forecast that Eaton Co. plc will post 10.56 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Monday, August 5th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.27%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Buying and Selling

In other Eaton news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the transaction, the insider now owns 5,086 shares in the company, valued at approximately $1,687,738.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on ETN shares. Jefferies Financial Group lifted their price target on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Raymond James assumed coverage on shares of Eaton in a research note on Friday, June 28th. They set an “outperform” rating and a $375.00 price target for the company. Royal Bank of Canada raised shares of Eaton from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $286.00 to $371.00 in a research report on Friday, April 5th. Barclays boosted their price objective on shares of Eaton from $316.00 to $318.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Finally, Wolfe Research reissued an “underperform” rating and issued a $312.00 price objective on shares of Eaton in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Eaton presently has an average rating of “Moderate Buy” and a consensus price target of $323.06.

Eaton 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.