Diligent Investors LLC Sells 65 Shares of Eaton Co. plc (NYSE:ETN)

Diligent Investors LLC trimmed its stake in shares of Eaton Co. plc (NYSE:ETN) by 2.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,190 shares of the industrial products company’s stock after selling 65 shares during the quarter. Diligent Investors LLC’s holdings in Eaton were worth $1,059,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. EP Wealth Advisors LLC lifted its holdings in shares of Eaton by 2.5% in the fourth quarter. EP Wealth Advisors LLC now owns 30,829 shares of the industrial products company’s stock worth $10,231,000 after buying an additional 749 shares in the last quarter. Colonial Trust Co SC lifted its stake in Eaton by 2.7% in the 4th quarter. Colonial Trust Co SC now owns 23,745 shares of the industrial products company’s stock worth $7,880,000 after purchasing an additional 621 shares in the last quarter. Crestline Management LP boosted its holdings in Eaton by 2,502.4% in the 4th quarter. Crestline Management LP now owns 57,200 shares of the industrial products company’s stock valued at $18,983,000 after purchasing an additional 55,002 shares during the period. Capital Advantage Inc. bought a new position in shares of Eaton in the fourth quarter worth $1,096,000. Finally, Cetera Investment Advisers raised its position in shares of Eaton by 0.5% in the fourth quarter. Cetera Investment Advisers now owns 144,036 shares of the industrial products company’s stock worth $47,801,000 after buying an additional 695 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of ETN stock opened at $298.56 on Wednesday. The firm has a market capitalization of $116.97 billion, a price-to-earnings ratio of 31.43, a PEG ratio of 2.64 and a beta of 1.14. The stock has a fifty day moving average of $281.41 and a 200 day moving average of $320.94. Eaton Co. plc has a 52 week low of $231.85 and a 52 week high of $379.99. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last announced its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.70 by $0.02. The firm had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.40 EPS. As a group, research analysts expect that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Monday, May 5th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date is Monday, May 5th. Eaton’s dividend payout ratio is 41.98%.

Analyst Ratings Changes

Several research firms recently commented on ETN. Morgan Stanley reduced their target price on Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a research report on Tuesday. Barclays decreased their price objective on shares of Eaton from $315.00 to $306.00 and set an “equal weight” rating on the stock in a research report on Friday, April 4th. Jefferies Financial Group dropped their target price on shares of Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research report on Wednesday, March 12th. StockNews.com raised shares of Eaton from a “hold” rating to a “buy” rating in a report on Wednesday, April 30th. Finally, Citigroup raised their price objective on shares of Eaton from $323.00 to $351.00 and gave the company a “buy” rating in a research report on Monday. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $361.13.

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.