Estabrook Capital Management Sells 2,515 Shares of Eaton Co. plc (NYSE:ETN)

Estabrook Capital Management reduced its stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 8.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,107 shares of the industrial products company's stock after selling 2,515 shares during the quarter. Eaton makes up approximately 1.4% of Estabrook Capital Management's investment portfolio, making the stock its 19th largest position. Estabrook Capital Management's holdings in Eaton were worth $9,328,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. United Bank purchased a new position in Eaton during the 3rd quarter worth $258,000. Morse Asset Management Inc purchased a new position in Eaton during the third quarter worth approximately $33,000. Wellington Management Group LLP increased its position in shares of Eaton by 74.6% during the third quarter. Wellington Management Group LLP now owns 28,057 shares of the industrial products company's stock worth $9,299,000 after purchasing an additional 11,992 shares in the last quarter. Zacks Investment Management increased its stake in shares of Eaton by 84.4% in the 3rd quarter. Zacks Investment Management now owns 6,516 shares of the industrial products company's stock worth $2,160,000 after acquiring an additional 2,982 shares during the last quarter. Finally, MML Investors Services LLC grew its holdings in shares of Eaton by 1.2% during the 3rd quarter. MML Investors Services LLC now owns 45,136 shares of the industrial products company's stock worth $14,960,000 after purchasing an additional 530 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. StockNews.com downgraded shares of Eaton from a "buy" rating to a "hold" rating in a research note on Friday, March 21st. Wells Fargo & Company decreased their price target on shares of Eaton from $335.00 to $305.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 5th. Royal Bank of Canada dropped their price objective on shares of Eaton from $405.00 to $376.00 and set an "outperform" rating on the stock in a research report on Thursday, March 6th. JPMorgan Chase & Co. lowered their price objective on Eaton from $350.00 to $289.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Finally, Melius Research reiterated a "hold" rating and issued a $373.00 price target on shares of Eaton in a research note on Tuesday, January 28th. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $355.06.

Eaton Stock Performance

Shares of NYSE ETN traded down $2.07 during midday trading on Monday, reaching $275.46. 871,464 shares of the company traded hands, compared to its average volume of 2,615,329. Eaton Co. plc has a 52 week low of $231.85 and a 52 week high of $379.99. The company has a market cap of $107.92 billion, a price-to-earnings ratio of 29.00, a PEG ratio of 2.64 and a beta of 1.09. The stock has a 50-day moving average price of $289.36 and a 200 day moving average price of $327.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings results on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 last year, the company posted $2.55 earnings per share. Sell-side analysts anticipate that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Monday, March 10th were given a $1.04 dividend. This is a positive change from Eaton's previous quarterly dividend of $0.94. The ex-dividend date was Monday, March 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.51%. Eaton's dividend payout ratio (DPR) is 43.79%.

Eaton 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.