Athena Investment Management Sells 169 Shares of Eaton Co. plc (NYSE:ETN)

Athena Investment Management lowered its position in shares of Eaton Co. plc (NYSE:ETN) by 14.7% in the 4th quarter, HoldingsChannel reports. The firm owned 982 shares of the industrial products company’s stock after selling 169 shares during the quarter. Athena Investment Management’s holdings in Eaton were worth $326,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ETN. Mutual Advisors LLC lifted its stake in Eaton by 20.5% during the third quarter. Mutual Advisors LLC now owns 6,383 shares of the industrial products company’s stock worth $2,204,000 after purchasing an additional 1,088 shares during the last quarter. JFS Wealth Advisors LLC increased its holdings in shares of Eaton by 75.5% in the third quarter. JFS Wealth Advisors LLC now owns 2,910 shares of the industrial products company’s stock worth $965,000 after buying an additional 1,252 shares during the period. Goldstone Financial Group LLC purchased a new position in shares of Eaton in the third quarter worth about $341,000. HM Payson & Co. increased its holdings in shares of Eaton by 44.5% in the third quarter. HM Payson & Co. now owns 2,956 shares of the industrial products company’s stock worth $980,000 after buying an additional 910 shares during the period. Finally, US Bancorp DE increased its holdings in shares of Eaton by 41.0% in the third quarter. US Bancorp DE now owns 288,083 shares of the industrial products company’s stock worth $95,483,000 after buying an additional 83,799 shares during the period. Institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

ETN has been the topic of several analyst reports. Royal Bank of Canada reiterated an “outperform” rating on shares of Eaton in a report on Thursday, February 13th. UBS Group assumed coverage on Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price target on the stock. Bank of America boosted their price target on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Melius downgraded Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target on the stock. in a report on Tuesday, January 28th. Finally, Evercore ISI reduced their price target on Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a report on Wednesday, February 19th. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $366.05.

Insider Buying and Selling at Eaton

In other news, Director Gregory R. Page sold 10,000 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $355.98, for a total value of $3,559,800.00. Following the transaction, the director now directly owns 43,203 shares in the company, valued at $15,379,403.94. This trade represents a 18.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.33% of the company’s stock.

Eaton Stock Performance

Eaton stock opened at $293.21 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $115.88 billion, a P/E ratio of 30.86, a PEG ratio of 2.64 and a beta of 1.05. The stock’s 50 day moving average is $326.90 and its 200 day moving average is $332.29. Eaton Co. plc has a twelve month low of $255.65 and a twelve month high of $379.99.

Eaton (NYSE:ETN) last issued its earnings results on Friday, January 31st. The industrial products company reported $2.83 EPS for the quarter, beating the consensus estimate of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same quarter in the prior year, the business posted $2.55 EPS. On average, equities research analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Monday, March 10th will be paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.42%. This is an increase from Eaton’s previous quarterly dividend of $0.94. The ex-dividend date is Monday, March 10th. Eaton’s dividend payout ratio (DPR) is currently 39.58%.

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.