Focus Partners Wealth Trims Position in Eaton Co. plc (NYSE:ETN)

Focus Partners Wealth lessened its position in shares of Eaton Co. plc (NYSE:ETN) by 60.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 57,708 shares of the industrial products company’s stock after selling 89,232 shares during the quarter. Focus Partners Wealth’s holdings in Eaton were worth $19,152,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Flagship Wealth Advisors LLC bought a new stake in Eaton during the fourth quarter valued at about $27,000. Noble Wealth Management PBC bought a new position in shares of Eaton in the fourth quarter worth about $30,000. Horizon Bancorp Inc. IN boosted its stake in shares of Eaton by 321.7% in the fourth quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 74 shares during the period. Murphy & Mullick Capital Management Corp bought a new position in shares of Eaton in the fourth quarter worth about $33,000. Finally, Activest Wealth Management boosted its stake in shares of Eaton by 621.4% in the fourth quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 87 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ETN. Jefferies Financial Group dropped their price target on Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research note on Wednesday, March 12th. StockNews.com downgraded Eaton from a “buy” rating to a “hold” rating in a report on Saturday. Melius downgraded Eaton from a “buy” rating to a “hold” rating and set a $373.00 price target on the stock. in a report on Tuesday, January 28th. Royal Bank of Canada increased their price objective on Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a research note on Monday, May 5th. Finally, Morgan Stanley dropped their price objective on Eaton from $385.00 to $375.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 6th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and an average price target of $361.13.

Eaton Trading Up 1.0%

Shares of Eaton stock opened at $310.01 on Monday. The stock has a market cap of $121.31 billion, a P/E ratio of 32.63, a P/E/G ratio of 2.64 and a beta of 1.14. The stock’s 50 day simple moving average is $282.81 and its 200-day simple moving average is $319.96. Eaton Co. plc has a 1-year low of $231.85 and a 1-year high of $379.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96.

Eaton (NYSE:ETN) last issued its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.02. The business had revenue of $6.38 billion for the quarter, compared to analysts’ expectations of $6.26 billion. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.40 EPS. Analysts predict that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 5th will be issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date is Monday, May 5th. Eaton’s dividend payout ratio is presently 41.98%.

Insider Activity at Eaton

In other Eaton news, insider Craig Arnold sold 51,054 shares of the business’s stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $305.43, for a total value of $15,593,423.22. Following the sale, the insider now owns 489,444 shares of the company’s stock, valued at $149,490,880.92. The trade was a 9.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael Yelton sold 2,120 shares of the company’s stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the sale, the insider now directly owns 3,382 shares in the company, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is currently 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.