InTrack Investment Management Inc Lowers Holdings in Eaton Co. plc (NYSE:ETN)

InTrack Investment Management Inc lessened its position in Eaton Co. plc (NYSE:ETN) by 82.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 703 shares of the industrial products company’s stock after selling 3,287 shares during the period. InTrack Investment Management Inc’s holdings in Eaton were worth $220,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in ETN. Atwood & Palmer Inc. grew 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. Tennessee Valley Asset Management Partners purchased a new position in Eaton in the fourth quarter valued at about $25,000. Clear Investment Research LLC acquired a new stake in shares of Eaton during the 4th quarter valued at approximately $29,000. Valued Wealth Advisors LLC purchased a new stake in shares of Eaton during the 4th quarter worth approximately $35,000. Finally, Chilton Capital Management LLC purchased a new position in Eaton in the 4th quarter valued at approximately $35,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. HSBC raised their price target on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. Bank of America upped their price target on shares of Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a report on Monday, March 18th. Mizuho reissued a “buy” rating and set a $355.00 price objective (up from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Wolfe Research reaffirmed an “underperform” rating and issued a $312.00 target price on shares of Eaton in a research note on Monday, April 8th. Finally, JPMorgan Chase & Co. raised their price target on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $318.06.

Insider Buying and Selling

In other Eaton 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 transaction of $801,725.44. Following the transaction, the insider now owns 5,086 shares in the company, valued at $1,687,738.24. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.33% of the stock is owned by corporate insiders.

Eaton Trading Up 0.3 %

Shares of ETN opened at $313.28 on Wednesday. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The firm has a market capitalization of $125.25 billion, a P/E ratio of 36.99, a price-to-earnings-growth ratio of 2.64 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. The stock’s fifty day simple moving average is $325.44 and its 200 day simple moving average is $293.64.

Eaton (NYSE:ETN) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, beating 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 return on equity of 20.69% and a net margin of 14.38%. The company’s revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.88 EPS. On average, equities research analysts forecast that Eaton Co. plc will post 10.55 earnings per share for the current year.

Eaton Dividend Announcement

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

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.