Soltis Investment Advisors LLC Raises Position in Eaton Co. plc (NYSE:ETN)

Soltis Investment Advisors LLC boosted its position in Eaton Co. plc (NYSE:ETN) by 6.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,941 shares of the industrial products company’s stock after purchasing an additional 121 shares during the period. Soltis Investment Advisors LLC’s holdings in Eaton were worth $607,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of ETN. Vanguard Group Inc. raised its stake in Eaton by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock valued at $8,812,966,000 after acquiring an additional 259,615 shares during the period. Norges Bank purchased a new stake in shares of Eaton during the 4th quarter valued at approximately $1,087,983,000. Coatue Management LLC boosted its holdings in Eaton by 5.2% in the 4th quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock worth $960,016,000 after buying an additional 195,809 shares during the period. Raymond James & Associates grew its stake in Eaton by 1.7% in the 1st quarter. Raymond James & Associates now owns 3,804,171 shares of the industrial products company’s stock valued at $1,189,488,000 after buying an additional 64,446 shares in the last quarter. Finally, Capital World Investors lifted its position in shares of 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 acquiring an additional 2,439,270 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ETN. Barclays boosted 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. Argus raised their price objective on shares of Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Royal Bank of Canada decreased their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday. Raymond James initiated coverage on shares of Eaton in a report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price target for the company. Finally, Wolfe Research reiterated an “underperform” rating and issued a $312.00 price objective on shares of Eaton in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $326.53.

Eaton Trading Down 5.9 %

NYSE:ETN traded down $17.62 during trading hours on Friday, reaching $280.26. The company’s stock had a trading volume of 4,528,035 shares, compared to its average volume of 2,834,101. The firm has a 50-day simple moving average of $317.93 and a 200-day simple moving average of $305.04. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.56. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The firm has a market capitalization of $112.05 billion, a price-to-earnings ratio of 33.09, a PEG ratio of 2.47 and a beta of 1.02.

Eaton (NYSE:ETN) last announced 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. The business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. Research analysts expect that Eaton Co. plc will post 10.66 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 5th will be paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend is Monday, August 5th. Eaton’s dividend payout ratio (DPR) is 44.39%.

Insider Buying and Selling

In other Eaton news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total transaction of $801,725.44. Following the completion of the transaction, the insider now owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is 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.