Balboa Wealth Partners Has $629,000 Stake in Eaton Co. plc (NYSE:ETN)

Balboa Wealth Partners cut its position in Eaton Co. plc (NYSE:ETN) by 3.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,899 shares of the industrial products company’s stock after selling 58 shares during the quarter. Balboa Wealth Partners’ holdings in Eaton were worth $629,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ETN. Capital World Investors grew its position in Eaton by 323.8% during the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after buying an additional 2,439,270 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Eaton by 27,075.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after purchasing an additional 1,070,024 shares in the last quarter. Swedbank AB bought a new position in shares of Eaton in the second quarter worth $225,974,000. Assenagon Asset Management S.A. raised its stake in Eaton by 1,604.4% in the second quarter. Assenagon Asset Management S.A. now owns 673,579 shares of the industrial products company’s stock valued at $211,201,000 after purchasing an additional 634,059 shares in the last quarter. Finally, Wulff Hansen & CO. grew its stake in Eaton by 31,255.0% during the second quarter. Wulff Hansen & CO. now owns 478,164 shares of the industrial products company’s stock worth $149,928,000 after buying an additional 476,639 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Insider Activity

In other news, Director Karenann K. Terrell acquired 500 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were acquired at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the purchase, the director now owns 500 shares of the company’s stock, valued at approximately $149,485. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $360.97, for a total transaction of $22,224,561.93. Following the completion of the transaction, the insider now owns 506,360 shares of the company’s stock, valued at $182,780,769.20. The trade was a 10.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 68,705 shares of company stock valued at $24,516,346 in the last ninety days. 0.53% of the stock is currently owned by insiders.

Eaton Stock Down 2.1 %

Shares of NYSE:ETN opened at $361.85 on Friday. The stock has a market cap of $143.00 billion, a price-to-earnings ratio of 38.49, a PEG ratio of 2.96 and a beta of 1.01. The business’s 50 day moving average is $332.81 and its 200 day moving average is $320.84. Eaton Co. plc has a 12-month low of $224.52 and a 12-month high of $373.49. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 0.45.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The business’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.47 EPS. On average, sell-side analysts forecast that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $3.76 dividend on an annualized basis and a yield of 1.04%. Eaton’s dividend payout ratio (DPR) is presently 40.00%.

Analyst Ratings Changes

Several research firms recently issued reports on ETN. Sanford C. Bernstein started coverage on shares of Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price target on the stock. Barclays reduced their target price on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and boosted their price target for the stock from $333.00 to $389.00 in a report on Wednesday. Raymond James lowered their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $374.00 target price on shares of Eaton in a research report on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and a consensus price target of $357.83.

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.