Covenant Asset Management LLC Acquires 177 Shares of Eaton Co. plc (NYSE:ETN)

Covenant Asset Management LLC raised its holdings in shares of Eaton Co. plc (NYSE:ETN) by 4.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,209 shares of the industrial products company’s stock after purchasing an additional 177 shares during the quarter. Covenant Asset Management LLC’s holdings in Eaton were worth $846,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of ETN. Coppell Advisory Solutions Corp. purchased a new stake in shares of Eaton in the fourth quarter valued at $30,000. Freedom Wealth Alliance LLC purchased a new stake in shares of Eaton in the fourth quarter valued at $31,000. Steward Financial Group LLC purchased a new stake in shares of Eaton in the fourth quarter valued at $32,000. Tucker Asset Management LLC purchased a new stake in shares of Eaton in the first quarter valued at $37,000. Finally, Armstrong Advisory Group Inc. raised its stake in shares of Eaton by 189.4% in the second quarter. Armstrong Advisory Group Inc. now owns 246 shares of the industrial products company’s stock valued at $49,000 after acquiring an additional 161 shares during the period. Institutional investors own 81.02% of the company’s stock.

Analysts Set New Price Targets

ETN has been the topic of several recent analyst reports. Citigroup increased their target price on shares of Eaton from $190.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, July 18th. Wells Fargo & Company raised their price target on shares of Eaton from $180.00 to $195.00 in a research note on Monday, July 10th. Mizuho raised their price target on shares of Eaton from $210.00 to $250.00 and gave the stock a “buy” rating in a research note on Wednesday, August 2nd. Wolfe Research downgraded shares of Eaton from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, July 11th. Finally, HSBC raised their price target on shares of Eaton from $161.00 to $210.00 and gave the stock a “hold” rating in a research note on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Eaton presently has a consensus rating of “Hold” and a consensus target price of $211.93.

Eaton Stock Down 0.6 %

NYSE ETN traded down $1.24 during trading on Tuesday, reaching $217.91. 223,485 shares of the company’s stock traded hands, compared to its average volume of 2,047,515. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.53 and a quick ratio of 0.99. The firm has a market cap of $86.95 billion, a price-to-earnings ratio of 32.37, a price-to-earnings-growth ratio of 2.13 and a beta of 1.11. The company’s 50 day simple moving average is $217.52 and its two-hundred day simple moving average is $190.29. Eaton Co. plc has a 12-month low of $129.85 and a 12-month high of $240.44.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $2.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.11 by $0.10. Eaton had a net margin of 12.29% and a return on equity of 19.06%. The firm had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.76 billion. During the same quarter in the previous year, the firm earned $1.87 EPS. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Eaton Co. plc will post 8.81 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Monday, August 7th were given a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date was Friday, August 4th. Eaton’s payout ratio is currently 50.81%.

Insider Transactions at Eaton

In other news, insider Craig Arnold sold 100,000 shares of Eaton stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $219.45, for a total value of $21,945,000.00. Following the transaction, the insider now owns 516,875 shares of the company’s stock, valued at approximately $113,428,218.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Eaton news, insider Craig Arnold sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $219.45, for a total transaction of $21,945,000.00. Following the sale, the insider now owns 516,875 shares of the company’s stock, valued at approximately $113,428,218.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Thomas B. Okray sold 4,950 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $231.09, for a total transaction of $1,143,895.50. Following the sale, the insider now directly owns 7,367 shares in the company, valued at approximately $1,702,440.03. The disclosure for this sale can be found here. Insiders have sold a total of 116,650 shares of company stock valued at $25,686,391 in the last 90 days. Insiders own 0.53% 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.