Burkett Financial Services LLC Cuts Stake in Eaton Co. plc (NYSE:ETN)

Burkett Financial Services LLC decreased its stake in shares of Eaton Co. plc (NYSE:ETN) by 3.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 750 shares of the industrial products company’s stock after selling 30 shares during the period. Burkett Financial Services LLC’s holdings in Eaton were worth $248,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. First PREMIER Bank raised its stake in Eaton by 1,000.0% in the third quarter. First PREMIER Bank now owns 418 shares of the industrial products company’s stock valued at $139,000 after buying an additional 380 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors boosted its stake in Eaton by 61.1% during the 3rd quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 2,291 shares of the industrial products company’s stock worth $759,000 after purchasing an additional 869 shares during the period. Sovereign Financial Group Inc. raised its position in Eaton by 9.1% during the 3rd quarter. Sovereign Financial Group Inc. now owns 1,203 shares of the industrial products company’s stock worth $399,000 after buying an additional 100 shares during the last quarter. Strategic Wealth Partners Ltd. lifted its stake in shares of Eaton by 3.0% in the 3rd quarter. Strategic Wealth Partners Ltd. now owns 1,027 shares of the industrial products company’s stock worth $340,000 after acquiring an additional 30 shares during the period. Finally, Hoxton Planning & Management LLC purchased a new stake in shares of Eaton in the third quarter valued at about $270,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Activity at Eaton

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the transaction, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Heath B. Monesmith sold 49,040 shares of Eaton 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 completion of the transaction, the insider now directly owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ETN has been the subject of a number of recent analyst reports. Royal Bank of Canada reduced their price objective on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Citigroup began coverage on Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective for the company. Morgan Stanley began coverage on shares of Eaton in a research report on Friday, September 6th. They set an “overweight” rating and a $370.00 target price on the stock. Finally, Jefferies Financial Group raised their price objective on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Eaton has an average rating of “Moderate Buy” and an average target price of $339.47.

Eaton Price Performance

ETN stock traded up $1.27 on Wednesday, reaching $336.85. The company had a trading volume of 162,699 shares, compared to its average volume of 2,140,158. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. The company’s fifty day moving average is $305.05 and its 200 day moving average is $315.05. The company has a market cap of $134.67 billion, a P/E ratio of 39.61, a PEG ratio of 2.53 and a beta of 1.02. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19.

Eaton (NYSE:ETN) last released its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. The company had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Eaton had a net margin of 15.12% and a return on equity of 21.45%. On average, research analysts forecast that Eaton Co. plc will post 10.75 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s payout ratio is 44.39%.

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.