Heritage Wealth Management Inc. Lowers Stock Holdings in Eaton Co. plc (NYSE:ETN)

Heritage Wealth Management Inc. reduced its holdings in shares of Eaton Co. plc (NYSE:ETN) by 6.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,594 shares of the industrial products company’s stock after selling 689 shares during the period. Eaton comprises 1.0% of Heritage Wealth Management Inc.’s investment portfolio, making the stock its 17th largest holding. Heritage Wealth Management Inc.’s holdings in Eaton were worth $3,180,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Breakwater Investment Management raised its stake in Eaton by 1,560.0% in the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after buying an additional 78 shares in the last quarter. Proffitt & Goodson Inc. purchased a new stake in Eaton during the second quarter worth approximately $29,000. LGT Financial Advisors LLC acquired a new position in Eaton in the second quarter valued at approximately $33,000. West Financial Advisors LLC acquired a new stake in Eaton during the third quarter worth approximately $35,000. Finally, DiNuzzo Private Wealth Inc. acquired a new position in shares of Eaton in the 2nd quarter valued at $37,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analyst Ratings Changes

ETN has been the topic of several research analyst reports. Citigroup assumed coverage on shares of Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 price target on the stock. Evercore ISI lowered their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a research note on Monday, August 19th. Jefferies Financial Group upped their price target on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Royal Bank of Canada reiterated an “outperform” rating and issued a $374.00 price objective on shares of Eaton in a research report on Friday, November 1st. Finally, Raymond James reduced their target price on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Four 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.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $343.28.

Eaton Stock Up 0.8 %

Shares of NYSE:ETN traded up $2.80 during midday trading on Friday, hitting $363.36. 367,991 shares of the company’s stock traded hands, compared to its average volume of 2,108,404. The company has a market cap of $143.60 billion, a PE ratio of 38.36, a P/E/G ratio of 2.66 and a beta of 1.01. Eaton Co. plc has a twelve month low of $217.61 and a twelve month high of $366.08. The firm’s fifty day moving average price is $325.92 and its two-hundred day moving average price is $319.05. 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 issued its quarterly earnings data 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 net margin of 15.32% and a return on equity of 21.97%. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.37 billion. During the same quarter in the previous year, the business posted $2.47 EPS. The firm’s revenue was up 7.9% compared to the same quarter last year. On average, equities research analysts anticipate that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio (DPR) is currently 40.00%.

Insider Buying and Selling at Eaton

In related news, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the sale, the insider now directly owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the transaction, the insider now owns 71,262 shares of the company’s stock, valued at $21,451,287.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Craig Arnold sold 61,569 shares of the company’s stock in a transaction that occurred 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 directly owns 506,360 shares of the company’s stock, valued at $182,780,769.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 118,080 shares of company stock worth $39,375,088 in the last ninety days. 0.33% of the stock is owned by insiders.

Eaton 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.