Eaton Co. plc (NYSE:ETN) Holdings Cut by TL Private Wealth

TL Private Wealth cut its stake in shares of Eaton Co. plc (NYSE:ETN) by 5.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 900 shares of the industrial products company’s stock after selling 50 shares during the quarter. TL Private Wealth’s holdings in Eaton were worth $301,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Breakwater Investment Management grew its position in Eaton by 1,560.0% in 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 during the last quarter. Atwood & Palmer Inc. grew its holdings in Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after buying an additional 50 shares in the last quarter. Proffitt & Goodson Inc. acquired a new stake in Eaton in the 2nd quarter valued at approximately $29,000. Redmont Wealth Advisors LLC acquired a new position in Eaton during the 1st quarter worth $33,000. Finally, LGT Financial Advisors LLC bought a new position in shares of Eaton in the second quarter worth $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Trading Up 0.8 %

NYSE ETN opened at $338.25 on Thursday. The firm’s 50 day moving average price is $305.71 and its two-hundred day moving average price is $315.22. The stock has a market cap of $135.23 billion, a price-to-earnings ratio of 39.94, a PEG ratio of 2.53 and a beta of 1.02. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. 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 (NYSE:ETN) last posted its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating the consensus estimate of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Equities analysts anticipate that Eaton Co. plc will post 10.75 EPS for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date was Monday, August 5th. Eaton’s payout ratio is presently 44.39%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ETN. Morgan Stanley began coverage on shares of Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective on the stock. Royal Bank of Canada reduced their price target 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. Evercore ISI lowered their price objective 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. Barclays increased their price target on Eaton from $319.00 to $327.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Finally, Raymond James dropped their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $339.47.

Insider Buying and Selling at Eaton

In other news, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the transaction, the insider now directly owns 71,262 shares in the company, valued at $21,451,287.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Eaton news, Director Karenann K. Terrell bought 500 shares of Eaton stock in a transaction on Wednesday, August 21st. The stock was purchased at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the purchase, the director now directly owns 500 shares of the company’s stock, valued at $149,485. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the transaction, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is currently owned by company insiders.

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.