MorganRosel Wealth Management LLC Lowers Position in Eaton Co. plc (NYSE:ETN)

MorganRosel Wealth Management LLC reduced its stake in Eaton Co. plc (NYSE:ETN) by 14.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,706 shares of the industrial products company’s stock after selling 644 shares during the period. MorganRosel Wealth Management LLC’s holdings in Eaton were worth $1,159,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Ritholtz Wealth Management lifted its stake in Eaton by 5.1% during the 4th quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock worth $1,379,000 after acquiring an additional 277 shares in the last quarter. Pinnbrook Capital Management LP acquired a new position in shares of Eaton in the fourth quarter valued at approximately $15,109,000. Congress Wealth Management LLC DE grew its holdings in shares of Eaton by 8.1% in the fourth quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock valued at $18,479,000 after purchasing an additional 5,725 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in Eaton by 30.5% during the 4th quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock worth $8,205,000 after buying an additional 7,964 shares in the last quarter. Finally, Weiss Asset Management LP purchased a new position in Eaton in the 4th quarter valued at approximately $1,001,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ETN. Royal Bank of Canada upgraded Eaton from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $286.00 to $371.00 in a research note on Friday, April 5th. Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Berenberg Bank raised their target price on shares of Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Argus boosted their price target on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, Wolfe Research reiterated an “underperform” rating and set a $312.00 target price on shares of Eaton in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and a consensus target price of $318.06.

Insider Activity

In related news, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total transaction of $801,725.44. Following the transaction, the insider now 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 link. Corporate insiders own 0.33% of the company’s stock.

Eaton Stock Down 0.1 %

Eaton stock opened at $313.55 on Monday. The company has a market capitalization of $125.36 billion, a P/E ratio of 37.02, a PEG ratio of 2.64 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. The stock has a 50-day simple moving average of $325.35 and a 200-day simple moving average of $293.12.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. The company 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 for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.88 earnings per share. Equities research analysts expect that Eaton Co. plc will post 10.56 earnings per share for the current year.

Eaton Announces Dividend

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

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.