IMS Capital Management Sells 250 Shares of Eaton Co. plc (NYSE:ETN)

IMS Capital Management decreased its position in shares of Eaton Co. plc (NYSE:ETN) by 22.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 854 shares of the industrial products company’s stock after selling 250 shares during the quarter. IMS Capital Management’s holdings in Eaton were worth $267,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ETN. Norges Bank bought a new position in shares of Eaton in the fourth quarter worth about $1,087,983,000. Capital World Investors lifted its holdings in shares of Eaton by 323.8% in the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after acquiring an additional 2,439,270 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Eaton by 2,857.4% in the first quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock worth $394,752,000 after acquiring an additional 1,219,790 shares during the last quarter. Balyasny Asset Management L.P. lifted its holdings in shares of Eaton by 2,006.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 964,728 shares of the industrial products company’s stock worth $232,326,000 after acquiring an additional 918,936 shares during the last quarter. Finally, Artisan Partners Limited Partnership lifted its holdings in shares of Eaton by 207.5% in the fourth quarter. Artisan Partners Limited Partnership now owns 970,426 shares of the industrial products company’s stock worth $233,698,000 after acquiring an additional 654,855 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Insiders Place Their Bets

In related news, insider Peter Denk sold 2,416 shares of the 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 transaction, the insider now directly owns 5,086 shares in the company, valued at approximately $1,687,738.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.53% of the company’s stock.

Eaton Trading Down 5.9 %

Shares of Eaton stock traded down $17.62 on Friday, reaching $280.26. 4,528,035 shares of the company’s stock were exchanged, compared to its average volume of 2,834,101. The company has a market capitalization of $112.05 billion, a P/E ratio of 33.09, a price-to-earnings-growth ratio of 2.47 and a beta of 1.02. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19. The firm’s 50-day moving average is $317.93 and its two-hundred day moving average is $305.49. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.56.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. The firm had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. Sell-side analysts predict that Eaton Co. plc will post 10.66 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Monday, August 5th will be issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date of this dividend is Monday, August 5th. Eaton’s payout ratio is 44.39%.

Analysts Set New Price Targets

A number of research firms have recently commented on ETN. JPMorgan Chase & Co. increased their target price on shares of Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Argus upped their price objective on Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Raymond James initiated coverage on Eaton in a research note on Friday, June 28th. They issued an “outperform” rating and a $375.00 price objective for the company. Royal Bank of Canada lowered their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Jefferies Financial Group upped their price objective on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $326.53.

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.