Balboa Wealth Partners Lowers Stake in Eaton Co. plc (NYSE:ETN)

Balboa Wealth Partners cut its stake in Eaton Co. plc (NYSE:ETN) by 3.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,899 shares of the industrial products company’s stock after selling 58 shares during the period. Balboa Wealth Partners’ holdings in Eaton were worth $629,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Impax Asset Management Group plc bought a new position in Eaton during the 3rd quarter worth approximately $2,347,000. OneDigital Investment Advisors LLC increased its stake in shares of Eaton by 4.4% in the third quarter. OneDigital Investment Advisors LLC now owns 7,309 shares of the industrial products company’s stock worth $2,422,000 after buying an additional 305 shares during the period. Sycomore Asset Management raised its holdings in Eaton by 0.5% during the 3rd quarter. Sycomore Asset Management now owns 38,778 shares of the industrial products company’s stock valued at $12,914,000 after buying an additional 189 shares during the last quarter. ING Groep NV boosted its position in Eaton by 32.1% during the 3rd quarter. ING Groep NV now owns 230,842 shares of the industrial products company’s stock valued at $76,510,000 after buying an additional 56,144 shares during the period. Finally, Lifeworks Advisors LLC grew its holdings in Eaton by 22.5% in the 3rd quarter. Lifeworks Advisors LLC now owns 9,016 shares of the industrial products company’s stock worth $2,988,000 after acquiring an additional 1,653 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Trading Down 2.1 %

ETN stock opened at $361.85 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a 52-week low of $224.52 and a 52-week high of $373.49. The company’s 50-day simple moving average is $332.81 and its 200-day simple moving average is $320.84. The firm has a market cap of $143.00 billion, a P/E ratio of 38.49, a PEG ratio of 2.96 and a beta of 1.01.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, topping the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the business earned $2.47 earnings per share. As a group, equities analysts forecast that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be paid a dividend of $0.94 per share. The ex-dividend date is Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.04%. Eaton’s dividend payout ratio is presently 40.00%.

Analyst Ratings Changes

A number of analysts have 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. Morgan Stanley began coverage on Eaton in a research report on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective on the stock. Sanford C. Bernstein assumed coverage on Eaton in a report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 target price for the company. Raymond James decreased their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Finally, Evercore ISI lowered shares of Eaton from an “outperform” rating to an “inline” rating and lifted their target price for the company from $333.00 to $389.00 in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and an average target price of $357.83.

Insiders Place Their Bets

In other news, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares in the company, valued at $182,780,769.20. The trade was a 10.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the sale, the insider now directly owns 3,914 shares of the company’s stock, valued at $1,186,411.68. This represents a 44.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,705 shares of company stock valued at $24,516,346 in the last ninety days. 0.53% of the stock is currently owned by corporate insiders.

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.