Eaton Co. plc (NYSE:ETN) Shares Sold by Cetera Advisor Networks LLC

Cetera Advisor Networks LLC lessened its holdings in shares of Eaton Co. plc (NYSE:ETN) by 1.9% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 94,024 shares of the industrial products company’s stock after selling 1,830 shares during the quarter. Cetera Advisor Networks LLC’s holdings in Eaton were worth $29,399,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Tennessee Valley Asset Management Partners acquired a new stake in shares of Eaton during the fourth quarter worth about $25,000. LifeSteps Financial Inc. acquired a new stake in shares of Eaton during the first quarter worth about $25,000. Atwood & Palmer Inc. lifted its position 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 worth $27,000 after purchasing an additional 50 shares in the last quarter. Clear Investment Research LLC acquired a new stake in Eaton in the fourth quarter valued at approximately $29,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in Eaton in the first quarter valued at approximately $33,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Price Performance

Shares of NYSE:ETN traded down $17.62 during midday trading on Friday, hitting $280.26. 4,528,035 shares of the stock were exchanged, compared to its average volume of 2,834,101. The stock has a market cap of $112.05 billion, a P/E ratio of 33.09, a PEG ratio of 2.47 and a beta of 1.02. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The company has a 50 day moving average price of $317.93 and a 200-day moving average price of $305.04.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.12. The business had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. On average, research analysts forecast that Eaton Co. plc will post 10.66 earnings per share for the current year.

Eaton Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ETN shares. Mizuho reaffirmed a “buy” rating and issued a $355.00 target price (up previously from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Wells Fargo & Company dropped their price target on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research note on Friday. HSBC raised their target price on shares of Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. JPMorgan Chase & Co. raised their target price on shares of Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Finally, Raymond James initiated coverage on shares of Eaton in a research report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $326.53.

Insider Buying and Selling

In related news, insider Peter Denk sold 2,416 shares of Eaton stock in a transaction dated 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 sale, the insider now owns 5,086 shares in the company, valued at approximately $1,687,738.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.53% of the stock is currently owned by company 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.