Eaton Co. plc (NYSE:ETN) Stock Position Reduced by AdvisorNet Financial Inc

AdvisorNet Financial Inc lessened its position in shares of Eaton Co. plc (NYSE:ETN) by 1.5% during the first quarter, HoldingsChannel reports. The institutional investor owned 6,219 shares of the industrial products company’s stock after selling 96 shares during the quarter. AdvisorNet Financial Inc’s holdings in Eaton were worth $1,944,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the company. Tennessee Valley Asset Management Partners bought a new stake in shares of Eaton in the 4th quarter worth approximately $25,000. Atwood & Palmer Inc. lifted its holdings in shares of Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares during the last quarter. Clear Investment Research LLC bought a new stake in shares of Eaton in the 4th quarter worth approximately $29,000. Valued Wealth Advisors LLC bought a new stake in shares of Eaton in the 4th quarter worth approximately $35,000. Finally, Chilton Capital Management LLC bought a new stake in shares of Eaton in the 4th quarter worth approximately $35,000. Institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

ETN has been the topic of several recent analyst reports. Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $250.00 to $300.00 in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. lifted their target price on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Berenberg Bank lifted their target price on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Royal Bank of Canada raised Eaton from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $286.00 to $371.00 in a research note on Friday, April 5th. Finally, Bank of America lifted their target price on Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $314.27.

Eaton Stock Up 0.6 %

Shares of Eaton stock opened at $322.08 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. Eaton Co. plc has a 12-month low of $191.82 and a 12-month high of $345.19. The firm has a market capitalization of $128.77 billion, a PE ratio of 38.03, a price-to-earnings-growth ratio of 2.68 and a beta of 1.04. The stock’s fifty day moving average is $324.80 and its 200-day moving average is $290.83.

Eaton (NYSE:ETN) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The company had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.91 billion. During the same period last year, the company posted $1.88 earnings per share. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. Equities analysts anticipate that Eaton Co. plc will post 10.56 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were given a $0.94 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.76 annualized dividend and a dividend yield of 1.17%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Transactions at Eaton

In other news, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the sale, the insider now owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.33% of the stock is currently owned by 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.