Eaton Co. plc (NYSE:ETN) Shares Sold by SVB Wealth LLC

SVB Wealth LLC lowered its stake in Eaton Co. plc (NYSE:ETN) by 16.4% during the second quarter, Holdings Channel.com reports. The fund owned 54,793 shares of the industrial products company’s stock after selling 10,716 shares during the quarter. SVB Wealth LLC’s holdings in Eaton were worth $17,180,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. LifeSteps Financial Inc. acquired a new position in shares of Eaton during the 1st quarter worth about $25,000. Atwood & Palmer Inc. raised its holdings in shares of Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 50 shares during the last quarter. Clear Investment Research LLC purchased a new position in shares of Eaton in the fourth quarter valued at approximately $29,000. Proffitt & Goodson Inc. acquired a new stake in shares of Eaton in the second quarter worth approximately $29,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Eaton during the first quarter worth approximately $33,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Trading Down 0.3 %

Shares of Eaton stock traded down $0.75 on Friday, reaching $284.97. The company had a trading volume of 2,163,854 shares, compared to its average volume of 2,172,430. 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 firm has a market cap of $113.93 billion, a PE ratio of 33.64, a PEG ratio of 2.35 and a beta of 1.01. The firm’s 50 day moving average price is $302.48 and its two-hundred day moving average price is $310.93. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The company had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Sell-side analysts predict that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.32%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio is currently 44.39%.

Insiders Place Their Bets

In other Eaton news, Director Dorothy C. Thompson acquired 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the purchase, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Michael Yelton sold 3,136 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the sale, the insider now directly owns 3,914 shares in the company, valued at $1,186,411.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Dorothy C. Thompson bought 2,205 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the purchase, the director now directly owns 2,205 shares in the company, valued at $662,161.50. The disclosure for this purchase can be found here. Insiders have sold 52,511 shares of company stock worth $15,809,326 over the last three months. Company insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on ETN. Raymond James initiated coverage on shares of Eaton in a research note on Friday, June 28th. They set an “outperform” rating and a $375.00 target price on the stock. Royal Bank of Canada cut their price objective on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Morgan Stanley began coverage on shares of Eaton in a research note on Friday. They issued an “overweight” rating and a $370.00 target price on the stock. Evercore ISI cut their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Finally, Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $335.76.

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.