NewEdge Wealth LLC Sells 1,530 Shares of Eaton Co. plc (NYSE:ETN)

NewEdge Wealth LLC cut its stake in shares of Eaton Co. plc (NYSE:ETN) by 6.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 24,179 shares of the industrial products company’s stock after selling 1,530 shares during the quarter. NewEdge Wealth LLC’s holdings in Eaton were worth $8,024,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Wetzel Investment Advisors Inc. grew its position in shares of Eaton by 0.9% during the 4th quarter. Wetzel Investment Advisors Inc. now owns 3,101 shares of the industrial products company’s stock worth $1,029,000 after buying an additional 28 shares in the last quarter. Fairfield Financial Advisors LTD grew its position in shares of Eaton by 16.2% during the 3rd quarter. Fairfield Financial Advisors LTD now owns 215 shares of the industrial products company’s stock worth $71,000 after buying an additional 30 shares in the last quarter. Westmount Partners LLC grew its position in shares of Eaton by 3.1% during the 4th quarter. Westmount Partners LLC now owns 985 shares of the industrial products company’s stock worth $327,000 after buying an additional 30 shares in the last quarter. Signal Advisors Wealth LLC grew its position in shares of Eaton by 3.5% during the 4th quarter. Signal Advisors Wealth LLC now owns 896 shares of the industrial products company’s stock worth $297,000 after buying an additional 30 shares in the last quarter. Finally, Lantz Financial LLC grew its position in shares of Eaton by 4.8% during the 4th quarter. Lantz Financial LLC now owns 659 shares of the industrial products company’s stock worth $219,000 after buying an additional 30 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ETN shares. Mizuho increased their price target on Eaton from $365.00 to $385.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Bank of America raised their price objective on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Jefferies Financial Group raised their price objective on Eaton from $400.00 to $440.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Melius downgraded Eaton from a “buy” rating to a “hold” rating and set a $373.00 price objective on the stock. in a research report on Tuesday, January 28th. Finally, Citigroup dropped their price objective on Eaton from $440.00 to $410.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $366.05.

Insider Buying and Selling

In related news, Director Gregory R. Page sold 10,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $355.98, for a total transaction of $3,559,800.00. Following the sale, the director now directly owns 43,203 shares of the company’s stock, valued at $15,379,403.94. This trade represents a 18.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.33% of the stock is owned by corporate insiders.

Eaton Trading Down 2.4 %

Shares of NYSE:ETN opened at $290.08 on Friday. Eaton Co. plc has a 52-week low of $255.65 and a 52-week high of $379.99. The stock has a market cap of $114.64 billion, a price-to-earnings ratio of 30.53, a PEG ratio of 2.64 and a beta of 1.05. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The business has a 50-day moving average price of $327.80 and a 200-day moving average price of $332.26.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Friday, January 31st. The industrial products company reported $2.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.01. Eaton had a return on equity of 22.62% and a net margin of 15.25%. During the same period in the previous year, the business earned $2.55 earnings per share. Equities analysts predict that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Monday, March 10th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.43%. This is a positive change from Eaton’s previous quarterly dividend of $0.94. Eaton’s dividend payout ratio (DPR) is 39.58%.

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.