Summit Financial Wealth Advisors LLC Acquires 32 Shares of Eaton Co. plc (NYSE:ETN)

Summit Financial Wealth Advisors LLC raised its holdings in Eaton Co. plc (NYSE:ETN) by 0.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,568 shares of the industrial products company’s stock after purchasing an additional 32 shares during the period. Eaton makes up about 1.2% of Summit Financial Wealth Advisors LLC’s portfolio, making the stock its 25th largest holding. Summit Financial Wealth Advisors LLC’s holdings in Eaton were worth $6,486,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Bank of Montreal Can boosted its stake in shares of Eaton by 16.0% in the third quarter. Bank of Montreal Can now owns 495,944 shares of the industrial products company’s stock valued at $162,893,000 after buying an additional 68,247 shares during the period. Private Trust Co. NA raised its holdings in Eaton by 4.9% in the 3rd quarter. Private Trust Co. NA now owns 7,549 shares of the industrial products company’s stock valued at $2,502,000 after acquiring an additional 353 shares in the last quarter. Mirabella Financial Services LLP bought a new stake in shares of Eaton during the 3rd quarter valued at $4,444,000. Truvestments Capital LLC bought a new position in shares of Eaton in the third quarter worth $144,000. Finally, Brown Brothers Harriman & Co. raised its stake in Eaton by 69.3% in the third quarter. Brown Brothers Harriman & Co. now owns 6,848 shares of the industrial products company’s stock valued at $2,270,000 after purchasing an additional 2,804 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Trading Down 0.2 %

Shares of NYSE ETN opened at $376.56 on Tuesday. The firm has a 50 day moving average price of $344.15 and a two-hundred day moving average price of $323.22. The stock has a market cap of $148.81 billion, a P/E ratio of 40.06, a price-to-earnings-growth ratio of 2.99 and a beta of 1.01. Eaton Co. plc has a 52-week low of $224.52 and a 52-week high of $379.12. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53.

Eaton (NYSE:ETN) last announced 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. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same period last year, the company earned $2.47 EPS. Eaton’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, equities analysts forecast that Eaton Co. plc will post 10.8 EPS for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were issued a $0.94 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.00%. Eaton’s payout ratio is 40.00%.

Analyst Ratings Changes

Several equities analysts have commented on ETN shares. Barclays decreased their target price on shares of Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Sanford C. Bernstein began coverage on shares of Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price objective for the company. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and upped their target price for the stock from $333.00 to $389.00 in a research note on Wednesday, November 13th. Citigroup began coverage on Eaton in a research note on Monday, September 16th. They issued a “buy” rating and a $348.00 price target on the stock. Finally, UBS Group initiated coverage on Eaton in a research report on Wednesday, November 13th. They set a “buy” rating and a $431.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and a consensus price target of $357.83.

Insider Buying and Selling

In related news, Director Dorothy C. Thompson acquired 2,205 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average cost of $300.30 per share, with a total value of $662,161.50. Following the acquisition, the director now owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of Eaton stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the transaction, the insider now directly owns 506,360 shares in the company, valued at approximately $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 68,705 shares of company stock valued at $24,516,346 over the last 90 days. Company insiders own 0.33% of the company’s stock.

About Eaton

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.