Oak Harbor Wealth Partners LLC Sells 1,063 Shares of Eaton Co. plc (NYSE:ETN)

Oak Harbor Wealth Partners LLC trimmed its position in shares of Eaton Co. plc (NYSE:ETN) by 11.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,537 shares of the industrial products company’s stock after selling 1,063 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in Eaton were worth $2,056,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Frazier Financial Advisors LLC bought a new position in Eaton in the 4th quarter worth about $41,000. Financial Advisors Network Inc. bought a new position in Eaton in the 4th quarter worth about $205,000. JPL Wealth Management LLC bought a new position in Eaton in the 4th quarter worth about $281,000. Central Valley Advisors LLC bought a new position in Eaton in the 4th quarter worth about $1,879,000. Finally, InterOcean Capital Group LLC grew its stake in Eaton by 1.6% in the 4th quarter. InterOcean Capital Group LLC now owns 3,683 shares of the industrial products company’s stock worth $887,000 after acquiring an additional 59 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Eaton Stock Performance

Shares of NYSE ETN traded up $4.09 during midday trading on Thursday, reaching $340.27. The company had a trading volume of 925,267 shares, compared to its average volume of 1,973,021. The business’s 50-day simple moving average is $318.69 and its 200 day simple moving average is $274.05. The stock has a market cap of $136.04 billion, a P/E ratio of 39.68, a P/E/G ratio of 2.82 and a beta of 1.06. Eaton Co. plc has a 1 year low of $167.33 and a 1 year high of $344.00. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.28 by $0.12. The business had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the company posted $1.88 earnings per share. On average, analysts forecast that Eaton Co. plc will post 10.56 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be paid a $0.94 dividend. The ex-dividend date is Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.11%. Eaton’s payout ratio is currently 44.39%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Wolfe Research restated an “underperform” rating and issued a $312.00 target price on shares of Eaton in a research note on Monday, April 8th. Mizuho reaffirmed a “buy” rating and issued a $355.00 price target (up previously from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. Berenberg Bank upped their price target on shares of Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Royal Bank of Canada raised shares of Eaton from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $286.00 to $371.00 in a research report on Friday, April 5th. Finally, HSBC upped their price target 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

Insider Transactions at Eaton

In other news, insider Heath B. Monesmith sold 13,027 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the sale, the insider now owns 69,472 shares in the company, valued at $20,244,140.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Heath B. Monesmith sold 13,027 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the sale, the insider now owns 69,472 shares in the company, valued at $20,244,140.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the sale, the insider now owns 5,086 shares in the company, valued at approximately $1,687,738.24. The disclosure for this sale can be found here. Insiders have sold 17,174 shares of company stock worth $5,098,000 over the last 90 days. 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.