AdvisorNet Financial Inc Trims Position in Eaton Co. plc (NYSE:ETN)

AdvisorNet Financial Inc lessened its stake in shares of Eaton Co. plc (NYSE:ETN) by 1.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,219 shares of the industrial products company’s stock after selling 96 shares during the period. AdvisorNet Financial Inc’s holdings in Eaton were worth $1,944,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Atwood & Palmer Inc. increased its position 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 worth $27,000 after purchasing an additional 50 shares during the last quarter. Tennessee Valley Asset Management Partners acquired a new stake in shares of Eaton during the 4th quarter worth about $25,000. Clear Investment Research LLC acquired a new stake in shares of Eaton during the 4th quarter worth about $29,000. Valued Wealth Advisors LLC acquired a new stake in shares of Eaton during the 4th quarter worth about $35,000. Finally, Chilton Capital Management LLC acquired a new stake in shares of Eaton during the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of Eaton stock opened at $322.08 on Tuesday. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19. The company has a market cap of $128.77 billion, a PE ratio of 38.03, a P/E/G ratio of 2.68 and a beta of 1.04. 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 business has a 50-day simple moving average of $324.80 and a 200-day simple moving average of $290.83.

Eaton (NYSE:ETN) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.28 by $0.12. The firm had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The firm’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.88 earnings per share. On average, equities research analysts forecast that Eaton Co. plc will post 10.56 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.17%. The ex-dividend date was Friday, May 3rd. Eaton’s payout ratio is 44.39%.

Insider Buying and Selling

In related news, insider Peter Denk sold 2,416 shares of the business’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 transaction of $801,725.44. Following the completion of the sale, the insider now owns 5,086 shares in the company, valued at $1,687,738.24. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.33% of the stock is owned by company insiders.

Analyst Ratings Changes

ETN has been the subject of a number of recent analyst reports. Bank of America raised their price objective on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Wolfe Research reaffirmed an “underperform” rating and issued a $312.00 target price on shares of Eaton in a research report on Monday, April 8th. The Goldman Sachs Group lifted their target price on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Finally, Berenberg Bank lifted 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 analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and an average price target of $314.27.

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.