Eaton Co. plc (NYSE:ETN) Position Cut by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC lowered its holdings in shares of Eaton Co. plc (NYSE:ETN) by 1.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,871 shares of the industrial products company’s stock after selling 45 shares during the period. Palumbo Wealth Management LLC’s holdings in Eaton were worth $951,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Hennion & Walsh Asset Management Inc. raised its holdings in Eaton by 36.0% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 1,450 shares of the industrial products company’s stock worth $453,000 after purchasing an additional 384 shares in the last quarter. Valley National Advisers Inc. lifted its holdings in Eaton by 5.6% in the 1st quarter. Valley National Advisers Inc. now owns 682 shares of the industrial products company’s stock valued at $213,000 after acquiring an additional 36 shares during the last quarter. Norden Group LLC bought a new stake in shares of Eaton in the 1st quarter worth approximately $2,176,000. Accel Wealth Management lifted its stake in Eaton by 57.7% during the first quarter. Accel Wealth Management now owns 1,364 shares of the industrial products company’s stock valued at $426,000 after purchasing an additional 499 shares during the last quarter. Finally, Everett Harris & Co. CA bought a new stake in Eaton during the first quarter worth approximately $294,000. Institutional investors own 82.97% of the company’s stock.

Eaton Stock Down 5.2 %

Shares of ETN traded down $17.71 during mid-day trading on Thursday, hitting $325.10. 600,681 shares of the company’s stock were exchanged, compared to its average volume of 2,090,221. The stock has a market cap of $129.42 billion, a price-to-earnings ratio of 37.71, a P/E/G ratio of 2.62 and a beta of 1.02. The firm has a fifty day moving average of $321.71 and a two-hundred day moving average of $318.06. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a twelve month low of $198.68 and a twelve month high of $349.74.

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

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date is Monday, November 4th. Eaton’s payout ratio is 41.36%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Citigroup started coverage on Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 target price on the stock. Morgan Stanley assumed coverage on shares of Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 price objective for the company. Jefferies Financial Group raised their target price on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Royal Bank of Canada cut their price target on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Finally, Evercore ISI decreased their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and a consensus target price of $340.06.

Insider Buying and Selling

In other news, Director Dorothy C. Thompson purchased 2,205 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the transaction, the director now directly owns 2,205 shares in the company, valued at $662,161.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Eaton news, Director Dorothy C. Thompson acquired 2,205 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the purchase, the director now owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Karenann K. Terrell bought 500 shares of the stock in a transaction on Wednesday, August 21st. The stock was acquired at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the acquisition, the director now directly owns 500 shares in the company, valued at approximately $149,485. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 52,511 shares of company stock worth $15,809,326. 0.33% of the stock is currently owned by insiders.

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.