AMJ Financial Wealth Management Increases Position in Eaton Co. plc (NYSE:ETN)

AMJ Financial Wealth Management lifted its holdings in Eaton Co. plc (NYSE:ETN) by 1.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,067 shares of the industrial products company’s stock after purchasing an additional 346 shares during the quarter. Eaton accounts for approximately 3.1% of AMJ Financial Wealth Management’s investment portfolio, making the stock its 8th biggest holding. AMJ Financial Wealth Management’s holdings in Eaton were worth $10,055,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ETN. Congress Wealth Management LLC DE increased 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 during the last quarter. Norden Group LLC bought a new stake in shares of Eaton in the first quarter valued at about $2,176,000. Weiss Asset Management LP bought a new stake in shares of Eaton in the fourth quarter valued at about $1,001,000. Prospector Partners LLC boosted its position in shares of Eaton by 0.6% in the fourth quarter. Prospector Partners LLC now owns 71,307 shares of the industrial products company’s stock valued at $17,172,000 after acquiring an additional 415 shares during the period. Finally, Griffin Asset Management Inc. bought a new stake in shares of Eaton in the first quarter valued at about $813,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Up 0.2 %

Shares of ETN traded up $0.45 during trading hours on Tuesday, reaching $289.83. The stock had a trading volume of 79,936 shares, compared to its average volume of 2,158,010. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The firm has a 50-day simple moving average of $302.03 and a 200 day simple moving average of $311.45. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $115.38 billion, a price-to-earnings ratio of 34.17, a P/E/G ratio of 2.19 and a beta of 1.01.

Eaton (NYSE:ETN) last issued its quarterly earnings data 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 business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Equities research analysts predict that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is currently 44.39%.

Insider Buying and Selling

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction dated Monday, August 12th. The stock was 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 of the company’s stock, valued at approximately $2,858,328. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was 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 approximately $2,858,328. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karenann K. Terrell acquired 500 shares of the stock in a transaction on Wednesday, August 21st. The stock was bought at an average price of $298.97 per share, with a total value of $149,485.00. Following the transaction, the director now directly owns 500 shares of the company’s stock, valued at approximately $149,485. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ETN. Jefferies Financial Group boosted their target price on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Evercore ISI cut their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Wells Fargo & Company cut their price objective on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Raymond James dropped their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday. Finally, Morgan Stanley began coverage on shares of Eaton in a report on Friday. They issued an “overweight” rating and a $370.00 target price for the company. 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $335.18.

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.