ARS Wealth Advisors Group LLC Acquires Shares of 1,374 Eaton Co. plc (NYSE:ETN)

ARS Wealth Advisors Group LLC acquired a new stake in shares of Eaton Co. plc (NYSE:ETN) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,374 shares of the industrial products company’s stock, valued at approximately $431,000.

A number of other hedge funds also recently bought and sold shares of ETN. Congress Wealth Management LLC DE increased its holdings in shares of Eaton by 8.1% in the 4th quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock valued at $18,479,000 after purchasing an additional 5,725 shares during the period. Norden Group LLC acquired a new position in shares of Eaton in the 1st quarter valued at about $2,176,000. Weiss Asset Management LP acquired a new position in shares of Eaton in the 4th quarter valued at about $1,001,000. Prospector Partners LLC increased its holdings in shares of Eaton by 0.6% in the 4th quarter. Prospector Partners LLC now owns 71,307 shares of the industrial products company’s stock valued at $17,172,000 after purchasing an additional 415 shares during the period. Finally, Spire Wealth Management increased its holdings in shares of Eaton by 66.0% in the 4th quarter. Spire Wealth Management now owns 14,914 shares of the industrial products company’s stock valued at $3,648,000 after purchasing an additional 5,932 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ETN. Royal Bank of Canada dropped their target price on Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Jefferies Financial Group increased their price objective on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. HSBC increased their price objective on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. increased their price objective on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Finally, Wells Fargo & Company dropped their price objective on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $326.53.

Insiders Place Their Bets

In other news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the sale, the insider now directly owns 71,262 shares in the company, valued at $21,451,287.24. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the sale, the insider now directly owns 71,262 shares in the company, valued at $21,451,287.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

Eaton Stock Performance

ETN stock traded down $5.78 during midday trading on Friday, hitting $296.68. The stock had a trading volume of 2,768,158 shares, compared to its average volume of 2,188,878. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. The stock has a 50-day simple moving average of $310.21 and a 200 day simple moving average of $308.61. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19. The firm has a market capitalization of $118.61 billion, a price-to-earnings ratio of 35.03, a P/E/G ratio of 2.47 and a beta of 1.02.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Monday, August 5th will be paid a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.27%. Eaton’s dividend payout ratio is currently 44.39%.

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.