Oak Harbor Wealth Partners LLC Has $2.35 Million Stock Holdings in Eaton Co. plc (NYSE:ETN)

Oak Harbor Wealth Partners LLC trimmed its holdings in shares of Eaton Co. plc (NYSE:ETN) by 12.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,082 shares of the industrial products company’s stock after selling 1,006 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in Eaton were worth $2,347,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Breakwater Investment Management grew its holdings in Eaton by 1,560.0% during the second 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 period. Proffitt & Goodson Inc. acquired a new position in Eaton in the 2nd quarter valued at $29,000. LGT Financial Advisors LLC bought a new position in Eaton during the second quarter worth about $33,000. West Financial Advisors LLC bought a new position in shares of Eaton during the third quarter worth approximately $35,000. Finally, DT Investment Partners LLC bought a new position in Eaton during the 3rd quarter worth $37,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Eaton

In other news, Director Gregory R. Page sold 4,000 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $335.30, for a total transaction of $1,341,200.00. Following the completion of the transaction, the director now owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. The trade was a 7.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Arnold sold 61,569 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 506,360 shares of the company’s stock, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 68,705 shares of company stock worth $24,516,346. 0.53% of the stock is owned by corporate insiders.

Eaton Stock Down 2.1 %

Eaton stock opened at $361.85 on Friday. The stock has a market cap of $143.00 billion, a PE ratio of 38.49, a price-to-earnings-growth 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. The firm’s 50-day simple moving average is $332.81 and its 200 day simple moving average is $320.84. Eaton Co. plc has a fifty-two week low of $224.52 and a fifty-two week high of $373.49.

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

Eaton Announces Dividend

The company 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 $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date is Monday, November 4th. Eaton’s dividend payout ratio is currently 40.00%.

Wall Street Analyst Weigh In

ETN has been the subject of several recent analyst reports. Raymond James cut their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Mizuho upped their price target on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. UBS Group started coverage on Eaton in a research report on Wednesday. They set a “buy” rating and a $431.00 price objective for the company. Wells Fargo & Company upped 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. Finally, Bank of America boosted their price target on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $357.83.

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.