Creative Planning Lowers Position in Eaton Co. plc (NYSE:ETN)

Creative Planning reduced its stake in Eaton Co. plc (NYSE:ETN) by 0.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 176,362 shares of the industrial products company’s stock after selling 399 shares during the quarter. Creative Planning’s holdings in Eaton were worth $55,298,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ETN. LifeSteps Financial Inc. purchased a new stake in Eaton in the 1st quarter valued at $25,000. Breakwater Investment Management grew its stake in Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 78 shares during the period. Atwood & Palmer Inc. grew its stake in Eaton by 142.9% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 50 shares during the period. Proffitt & Goodson Inc. bought a new position in Eaton in the 2nd quarter valued at $29,000. Finally, Redmont Wealth Advisors LLC bought a new position in Eaton in the 1st quarter valued at $33,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ETN. Morgan Stanley began coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price objective for the company. Barclays upped their price objective on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Jefferies Financial Group upped their price objective on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Evercore ISI cut their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Finally, Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $337.41.

Insider Activity at Eaton

In related news, Director Karenann K. Terrell purchased 500 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were acquired at an average cost of $298.97 per share, with a total value of $149,485.00. Following the purchase, the director now directly owns 500 shares of the company’s stock, valued at $149,485. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction that occurred on 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 sale, the insider now directly owns 71,262 shares in the company, valued at approximately $21,451,287.24. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Karenann K. Terrell acquired 500 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average price of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the transaction, the director now owns 500 shares in the company, valued at approximately $149,485. The disclosure for this purchase can be found here. In the last three months, insiders have sold 52,511 shares of company stock valued at $15,809,326. Corporate insiders own 0.53% of the company’s stock.

Eaton Stock Down 1.4 %

Shares of NYSE ETN opened at $328.45 on Monday. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19. The business has a 50-day simple moving average of $301.03 and a two-hundred day simple moving average of $313.82. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The company has a market cap of $131.31 billion, a P/E ratio of 38.78, a P/E/G ratio of 2.53 and a beta of 1.01.

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

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.14%. Eaton’s dividend payout ratio is 44.39%.

Eaton Company 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.