Bowman & Co S.C. Lowers Stake in Eaton Co. plc (NYSE:ETN)

Bowman & Co S.C. lessened its stake in shares of Eaton Co. plc (NYSE:ETN) by 3.1% during the first quarter, Holdings Channel.com reports. The fund owned 12,175 shares of the industrial products company’s stock after selling 388 shares during the period. Eaton comprises 2.3% of Bowman & Co S.C.’s investment portfolio, making the stock its 9th largest position. Bowman & Co S.C.’s holdings in Eaton were worth $3,808,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Atwood & Palmer Inc. increased its stake in shares of Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 50 shares during the last quarter. Tennessee Valley Asset Management Partners bought a new position in shares of Eaton in the 4th quarter valued at $25,000. Clear Investment Research LLC bought a new position in shares of Eaton in the 4th quarter valued at $29,000. Valued Wealth Advisors LLC bought a new position in shares of Eaton in the 4th quarter valued at $35,000. Finally, Chilton Capital Management LLC bought a new stake in Eaton during the 4th quarter worth $35,000. Institutional investors own 82.97% of the company’s stock.

Insider Activity at Eaton

In related news, insider Peter Denk sold 2,416 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was 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 directly owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. HSBC boosted their price objective on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. Argus boosted their price objective on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Mizuho restated a “buy” rating and set a $355.00 price objective (up previously from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. JPMorgan Chase & Co. boosted their price objective on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Finally, Royal Bank of Canada upgraded Eaton from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $286.00 to $371.00 in a research report on Friday, April 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Eaton has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

Eaton Stock Up 0.2 %

Shares of NYSE:ETN opened at $322.76 on Wednesday. The company has a market capitalization of $129.04 billion, a price-to-earnings ratio of 38.11, a P/E/G ratio of 2.68 and a beta of 1.04. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05. The business’s 50-day moving average is $324.95 and its 200-day moving average is $291.47. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19.

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

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date of this dividend was Friday, May 3rd. Eaton’s payout ratio is 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.