King Wealth Management Group Cuts Holdings in Eaton Co. plc (NYSE:ETN)

King Wealth Management Group lowered its stake in shares of Eaton Co. plc (NYSE:ETN) by 5.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,163 shares of the industrial products company’s stock after selling 125 shares during the quarter. King Wealth Management Group’s holdings in Eaton were worth $717,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in Eaton by 16.5% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 27,561 shares of the industrial products company’s stock worth $8,618,000 after buying an additional 3,913 shares during the last quarter. Nwam LLC raised its position in Eaton by 1.5% in the 1st quarter. Nwam LLC now owns 3,408 shares of the industrial products company’s stock worth $1,088,000 after purchasing an additional 51 shares during the period. TCTC Holdings LLC raised its position in Eaton by 6.0% in the 1st quarter. TCTC Holdings LLC now owns 1,010 shares of the industrial products company’s stock worth $316,000 after purchasing an additional 57 shares during the period. Prevail Innovative Wealth Advisors LLC bought a new position in shares of Eaton during the first quarter valued at about $1,758,000. Finally, First Foundation Advisors increased its holdings in shares of Eaton by 19.7% in the first quarter. First Foundation Advisors now owns 1,397 shares of the industrial products company’s stock worth $437,000 after buying an additional 230 shares during the period. Institutional investors own 82.97% of the company’s stock.

Eaton Trading Down 2.1 %

Shares of ETN stock opened at $361.85 on Friday. The stock has a fifty day simple moving average of $332.81 and a two-hundred day simple moving average of $320.84. Eaton Co. plc has a 52-week low of $224.52 and a 52-week high of $373.49. The firm has a market capitalization of $143.00 billion, a PE ratio of 38.49, a PEG ratio of 2.96 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53.

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

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders 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 payout ratio is currently 40.00%.

Insider Buying and Selling at Eaton

In other news, Director Karenann K. Terrell acquired 500 shares of Eaton stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average cost 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 $149,485. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,705 shares of company stock worth $24,516,346 over the last ninety days. Company insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ETN. Citigroup started coverage on Eaton in a research report on Monday, September 16th. They set a “buy” rating and a $348.00 price target on the stock. UBS Group initiated coverage on shares of Eaton in a report on Wednesday. They issued a “buy” rating and a $431.00 price objective for the company. Wells Fargo & Company boosted their price target on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Finally, Bank of America upped their price target on Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a research note on Wednesday. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $357.83.

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.