Eaton Co. plc (NYSE:ETN) Shares Sold by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC trimmed its holdings in Eaton Co. plc (NYSE:ETN) by 9.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,745 shares of the industrial products company’s stock after selling 608 shares during the period. Axxcess Wealth Management LLC’s holdings in Eaton were worth $1,801,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ETN. LifeSteps Financial Inc. acquired a new position in Eaton in the first quarter valued at $25,000. Breakwater Investment Management increased its position in Eaton by 1,560.0% during the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares in the last quarter. Atwood & Palmer Inc. raised its holdings in Eaton by 142.9% in the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after buying an additional 50 shares during the period. Clear Investment Research LLC acquired a new position in Eaton during the fourth quarter valued at approximately $29,000. Finally, Proffitt & Goodson Inc. purchased a new stake in Eaton during the second quarter worth approximately $29,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insiders Place Their Bets

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares in the company, valued at $2,858,328. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Eaton news, Director Karenann K. Terrell acquired 500 shares of Eaton stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the transaction, the director now owns 500 shares in the company, valued at approximately $149,485. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now owns 9,900 shares in the company, valued at $2,858,328. The disclosure for this sale can be found here. Insiders have sold 52,511 shares of company stock valued at $15,809,326 over the last three months. Company insiders own 0.53% of the company’s stock.

Eaton Stock Up 0.9 %

Shares of NYSE:ETN opened at $314.65 on Thursday. The company’s fifty day moving average is $299.93 and its two-hundred day moving average is $312.10. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $345.19. The stock has a market capitalization of $125.80 billion, a price-to-earnings ratio of 37.15, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping the consensus estimate of $2.61 by $0.12. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. Equities analysts anticipate that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.19%. Eaton’s payout ratio is currently 44.39%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on ETN shares. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Citigroup assumed coverage on shares of Eaton in a research report on Monday. They issued a “buy” rating and a $348.00 price objective for the company. Barclays boosted their target price on shares of Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Royal Bank of Canada decreased their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Evercore ISI dropped their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $337.41.

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.