CCM Investment Advisers LLC Cuts Holdings in Eaton Co. plc (NYSE:ETN)

CCM Investment Advisers LLC lowered its holdings in shares of Eaton Co. plc (NYSE:ETN) by 2.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 63,144 shares of the industrial products company’s stock after selling 1,820 shares during the period. Eaton comprises 2.3% of CCM Investment Advisers LLC’s portfolio, making the stock its 12th largest holding. CCM Investment Advisers LLC’s holdings in Eaton were worth $20,956,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Andra AP fonden purchased a new stake in shares of Eaton during the second quarter worth about $3,731,000. Angeles Wealth Management LLC raised its holdings in Eaton by 3.8% in the 2nd quarter. Angeles Wealth Management LLC now owns 1,126 shares of the industrial products company’s stock valued at $353,000 after acquiring an additional 41 shares during the last quarter. LPL Financial LLC lifted its stake in shares of Eaton by 17.7% during the 2nd quarter. LPL Financial LLC now owns 477,275 shares of the industrial products company’s stock worth $149,650,000 after purchasing an additional 71,740 shares during the period. Hazlett Burt & Watson Inc. increased its stake in Eaton by 40.4% in the second quarter. Hazlett Burt & Watson Inc. now owns 330 shares of the industrial products company’s stock valued at $105,000 after purchasing an additional 95 shares during the last quarter. Finally, Qsemble Capital Management LP purchased a new position in Eaton during the second quarter worth about $5,546,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Activity

In other Eaton news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $378.58, for a total value of $534,554.96. Following the sale, the insider now owns 31,200 shares in the company, valued at approximately $11,811,696. This trade represents a 4.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregory R. Page sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the completion of the sale, the director now directly owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. This represents a 7.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 76,981 shares of company stock valued at $27,660,117. 0.53% of the stock is currently owned by insiders.

Eaton Stock Performance

NYSE:ETN traded down $5.63 during trading hours on Friday, reaching $339.48. 746,540 shares of the stock were exchanged, compared to its average volume of 2,070,244. Eaton Co. plc has a 52 week low of $236.04 and a 52 week high of $379.99. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $134.16 billion, a P/E ratio of 36.11, a P/E/G ratio of 2.70 and a beta of 1.06. The firm has a 50 day simple moving average of $355.01 and a 200-day simple moving average of $328.69.

Eaton (NYSE:ETN) last released its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.04. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same quarter in the previous year, the firm earned $2.47 earnings per share. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were paid a $0.94 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.11%. Eaton’s payout ratio is currently 40.00%.

Analysts Set New Price Targets

ETN has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their price objective on shares of Eaton from $365.00 to $350.00 and set an “equal weight” rating for the company in a research note on Tuesday. Royal Bank of Canada lifted their price target on shares of Eaton from $374.00 to $392.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Jefferies Financial Group upped their price objective on Eaton from $400.00 to $440.00 and gave the stock a “buy” rating in a report on Friday, December 6th. UBS Group started coverage on Eaton in a research report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price target for the company. Finally, Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and raised their price objective for the stock from $333.00 to $389.00 in a report on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and a consensus price target of $369.28.

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.