CCM Investment Advisers LLC Sells 1,773 Shares of Eaton Co. plc (NYSE:ETN)

CCM Investment Advisers LLC lessened its holdings in shares of Eaton Co. plc (NYSE:ETN) by 1.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 90,085 shares of the industrial products company’s stock after selling 1,773 shares during the period. Eaton accounts for approximately 2.7% of CCM Investment Advisers LLC’s investment portfolio, making the stock its 6th biggest holding. CCM Investment Advisers LLC’s holdings in Eaton were worth $21,694,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ETN. Vanguard Group Inc. increased its holdings in shares of Eaton by 0.5% in the third quarter. Vanguard Group Inc. now owns 36,336,041 shares of the industrial products company’s stock valued at $7,749,751,000 after purchasing an additional 176,900 shares during the period. FMR LLC increased its holdings in shares of Eaton by 36.0% in 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. Northern Trust Corp increased its holdings in shares of Eaton by 2.2% in the third quarter. Northern Trust Corp now owns 5,009,435 shares of the industrial products company’s stock valued at $1,068,412,000 after purchasing an additional 109,775 shares during the period. Norges Bank acquired a new position in shares of Eaton in the fourth quarter valued at approximately $1,087,983,000. Finally, Coatue Management LLC increased its holdings in shares of Eaton by 5.2% in the fourth quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock valued at $960,016,000 after purchasing an additional 195,809 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

ETN has been the topic of a number of recent research reports. Royal Bank of Canada raised Eaton from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $286.00 to $371.00 in a report on Friday, April 5th. Wolfe Research restated an “underperform” rating and issued a $312.00 price target on shares of Eaton in a research note on Monday, April 8th. Mizuho restated a “buy” rating and issued a $355.00 price target (up from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Barclays upgraded Eaton from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $250.00 to $300.00 in a research note on Tuesday, April 2nd. Finally, Bank of America lifted their price target on Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, March 18th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $314.27.

Insider Activity

In other news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the sale, the insider now directly owns 5,086 shares in the company, valued at $1,687,738.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.53% of the company’s stock.

Eaton Stock Down 2.8 %

ETN opened at $319.02 on Monday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. Eaton Co. plc has a one year low of $189.26 and a one year high of $345.19. The business’s fifty day moving average is $323.99 and its two-hundred day moving average is $286.75. The company has a market cap of $127.54 billion, a price-to-earnings ratio of 37.66, a PEG ratio of 2.67 and a beta of 1.04.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.91 billion. During the same period in the prior year, the business earned $1.88 earnings per share. The business’s revenue was up 8.4% on a year-over-year basis. Analysts anticipate that Eaton Co. plc will post 10.56 EPS for the current fiscal 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 given a $0.94 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.76 annualized dividend and a dividend yield of 1.18%. Eaton’s dividend payout ratio is currently 44.39%.

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.