Cullinan Associates Inc. Sells 3,345 Shares of Eaton Co. plc (NYSE:ETN)

Cullinan Associates Inc. lowered its stake in shares of Eaton Co. plc (NYSE:ETN) by 46.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,907 shares of the industrial products company’s stock after selling 3,345 shares during the quarter. Cullinan Associates Inc.’s holdings in Eaton were worth $1,222,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Atwood & Palmer Inc. grew its stake in 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 buying an additional 50 shares during the last quarter. Tennessee Valley Asset Management Partners bought a new position in shares of Eaton in the fourth quarter worth about $25,000. Clear Investment Research LLC acquired a new position in shares of Eaton during the 4th quarter worth about $29,000. Valued Wealth Advisors LLC acquired a new stake in Eaton in the 4th quarter valued at approximately $35,000. Finally, Chilton Capital Management LLC bought a new position in Eaton in the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Stock Up 0.3 %

Shares of Eaton stock opened at $313.28 on Wednesday. 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 has a 50-day moving average of $325.44 and a two-hundred day moving average of $293.64. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The company 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.

Eaton (NYSE:ETN) last issued its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.88 EPS. As a group, equities analysts predict that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.20%. The ex-dividend date was Friday, May 3rd. Eaton’s dividend payout ratio (DPR) is 44.39%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ETN. The Goldman Sachs Group raised their price objective on shares of Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Barclays upgraded Eaton from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Raymond James started coverage on Eaton in a report on Friday, June 28th. They set an “outperform” rating and a $375.00 price objective on the stock. Mizuho reissued a “buy” rating and issued a $355.00 target price (up from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Finally, Royal Bank of Canada raised Eaton from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $286.00 to $371.00 in a research note on Friday, April 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $318.06.

Insider Activity

In related news, insider Peter Denk sold 2,416 shares of the business’s stock in a transaction 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 directly owns 5,086 shares in the company, valued at $1,687,738.24. The sale was disclosed in a filing with the SEC, which is available through this link. 0.33% of the stock is currently owned by insiders.

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.