Meyer Handelman Co. Has $39.79 Million Position in Eaton Co. plc (NYSE:ETN)

Meyer Handelman Co. cut its stake in Eaton Co. plc (NYSE:ETN) by 1.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 126,898 shares of the industrial products company’s stock after selling 1,710 shares during the quarter. Eaton makes up 1.4% of Meyer Handelman Co.’s portfolio, making the stock its 23rd biggest holding. Meyer Handelman Co.’s holdings in Eaton were worth $39,789,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of ETN. Tennessee Valley Asset Management Partners acquired a new position in shares of Eaton during the 4th quarter worth $25,000. LifeSteps Financial Inc. bought a new stake in shares of Eaton during the 1st quarter worth about $25,000. Atwood & Palmer Inc. increased its holdings in shares of Eaton by 142.9% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 50 shares during the last quarter. Clear Investment Research LLC bought a new position in shares of Eaton in the 4th quarter valued at approximately $29,000. Finally, Redmont Wealth Advisors LLC bought a new stake in Eaton during the first quarter worth approximately $33,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Price Performance

NYSE:ETN traded up $6.90 during mid-day trading on Tuesday, hitting $295.33. The company’s stock had a trading volume of 2,255,950 shares, compared to its average volume of 2,185,850. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. The stock has a fifty day moving average of $311.36 and a 200-day moving average of $307.98. The company has a market capitalization of $118.07 billion, a price-to-earnings ratio of 34.87, a P/E/G ratio of 2.47 and a beta of 1.02. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Monday, August 5th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend is Monday, August 5th. Eaton’s dividend payout ratio is 44.39%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ETN. Argus boosted their price objective on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. lifted their price objective on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. HSBC increased their target price on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. Mizuho reiterated a “buy” rating and set a $355.00 price target (up from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Finally, Wells Fargo & Company lowered their price objective on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $326.53.

Insiders Place Their Bets

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.53% of the company’s stock.

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.