Eaton Co. plc (NYSE:ETN) Stock Position Increased by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. grew its holdings in shares of Eaton Co. plc (NYSE:ETN) by 3.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,092 shares of the industrial products company’s stock after buying an additional 115 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Eaton were worth $745,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ETN. FMR LLC increased its holdings in shares of Eaton by 36.0% during the third quarter. FMR LLC now owns 19,921,979 shares of the industrial products company’s stock valued at $4,248,960,000 after purchasing an additional 5,270,331 shares during the period. J.P. Morgan Private Wealth Advisors LLC bought a new position in shares of Eaton in the third quarter valued at approximately $340,500,000. Deutsche Bank AG raised its holdings in Eaton by 97.5% during the third quarter. Deutsche Bank AG now owns 1,860,312 shares of the industrial products company’s stock worth $396,767,000 after purchasing an additional 918,422 shares in the last quarter. Artisan Partners Limited Partnership bought a new position in Eaton during the 3rd quarter valued at $67,305,000. Finally, International Assets Investment Management LLC raised its stake in shares of Eaton by 21,664.8% in the 4th quarter. International Assets Investment Management LLC now owns 316,242 shares of the industrial products company’s stock worth $76,157,000 after buying an additional 314,789 shares in the last quarter. 82.97% of the stock is owned by institutional investors.

Insider Activity at Eaton

In other Eaton news, insider Olivier Leonetti sold 4,461 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the completion of the sale, the insider now owns 630 shares of the company’s stock, valued at $171,360. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Eaton news, insider Ernest W. Marshall, Jr. sold 19,750 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the sale, the insider now owns 29,712 shares of the company’s stock, valued at approximately $8,116,427.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Olivier Leonetti sold 4,461 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the transaction, the insider now owns 630 shares of the company’s stock, valued at $171,360. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,969 shares of company stock valued at $10,904,774. Corporate insiders own 0.33% of the company’s stock.

Eaton Stock Down 2.5 %

ETN opened at $318.36 on Wednesday. The business has a 50-day moving average of $306.65 and a 200-day moving average of $260.44. Eaton Co. plc has a fifty-two week low of $165.24 and a fifty-two week high of $333.05. The company has a market capitalization of $127.18 billion, a PE ratio of 39.70, a price-to-earnings-growth ratio of 2.71 and a beta of 1.07. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.51 and a quick ratio of 1.02.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.55 EPS for the quarter, topping the consensus estimate of $2.47 by $0.08. The company had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.91 billion. Eaton had a net margin of 13.88% and a return on equity of 20.05%. Eaton’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.06 EPS. Equities research analysts forecast that Eaton Co. plc will post 10.28 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date is Friday, May 3rd. Eaton’s dividend payout ratio is 46.88%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. The Goldman Sachs Group boosted their price target on shares of Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Royal Bank of Canada upgraded shares of Eaton from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $286.00 to $371.00 in a research report on Friday, April 5th. Evercore ISI raised their price objective on Eaton from $262.00 to $308.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Wolfe Research reiterated an “underperform” rating and issued a $312.00 price target on shares of Eaton in a research report on Monday, April 8th. Finally, Barclays raised shares of Eaton from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $250.00 to $300.00 in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $295.60.

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.