Fidelity D & D Bancorp Inc. Sells 72 Shares of Eaton Co. plc (NYSE:ETN)

Fidelity D & D Bancorp Inc. lowered its position in shares of Eaton Co. plc (NYSE:ETN) by 8.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 791 shares of the industrial products company’s stock after selling 72 shares during the period. Fidelity D & D Bancorp Inc.’s holdings in Eaton were worth $247,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ETN. Norges Bank bought a new stake in Eaton during the 4th quarter worth $1,087,983,000. Balyasny Asset Management L.P. lifted its holdings in Eaton by 2,006.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 964,728 shares of the industrial products company’s stock worth $232,326,000 after buying an additional 918,936 shares during the period. Capital World Investors acquired a new position in Eaton during the 4th quarter worth about $181,411,000. Artisan Partners Limited Partnership lifted its stake in shares of Eaton by 207.5% in the 4th quarter. Artisan Partners Limited Partnership now owns 970,426 shares of the industrial products company’s stock valued at $233,698,000 after purchasing an additional 654,855 shares during the period. Finally, TD Asset Management Inc lifted its stake in shares of Eaton by 19.9% in the 4th quarter. TD Asset Management Inc now owns 2,029,795 shares of the industrial products company’s stock valued at $488,815,000 after purchasing an additional 337,351 shares during the period. Institutional investors own 82.97% of the company’s stock.

Insider Activity

In other news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.53% of the stock is currently owned by corporate insiders.

Eaton Stock Down 0.1 %

ETN traded down $0.39 during midday trading on Friday, reaching $313.55. 2,557,711 shares of the company were exchanged, compared to its average volume of 2,258,211. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. The company’s fifty day moving average price is $325.35 and its 200 day moving average price is $292.34. The company has a market cap of $125.36 billion, a price-to-earnings ratio of 37.02, a price-to-earnings-growth ratio of 2.63 and a beta of 1.04. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. The firm had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. 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 company posted $1.88 EPS. As a group, analysts expect that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend was Friday, May 3rd. Eaton’s dividend payout ratio is presently 44.39%.

Wall Street Analysts Forecast Growth

ETN has been the topic of a number of recent analyst reports. Royal Bank of Canada raised Eaton from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $286.00 to $371.00 in a research note on Friday, April 5th. HSBC boosted their price objective on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $250.00 to $300.00 in a research note on Tuesday, April 2nd. Mizuho reissued a “buy” rating and issued a $355.00 price objective (up from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Finally, Berenberg Bank boosted their target price on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $318.06.

About Eaton

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.