BNC Wealth Management LLC Has $3.31 Million Holdings in Eaton Co. plc (NYSE:ETN)

BNC Wealth Management LLC cut its position in Eaton Co. plc (NYSE:ETN) by 32.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,193 shares of the industrial products company’s stock after selling 5,766 shares during the quarter. Eaton makes up about 1.2% of BNC Wealth Management LLC’s holdings, making the stock its 29th biggest position. BNC Wealth Management LLC’s holdings in Eaton were worth $3,314,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Capital A Wealth Management LLC acquired a new stake in shares of Eaton during the 4th quarter valued at about $26,000. Flagship Wealth Advisors LLC bought a new position in shares of Eaton in the fourth quarter worth about $27,000. Noble Wealth Management PBC bought a new position in shares of Eaton in the fourth quarter worth about $30,000. Murphy & Mullick Capital Management Corp bought a new stake in shares of Eaton during the fourth quarter worth approximately $33,000. Finally, Vermillion Wealth Management Inc. bought a new stake in shares of Eaton during the fourth quarter worth approximately $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Down 2.1%

Eaton stock opened at $323.26 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a 12-month low of $231.85 and a 12-month high of $379.99. The firm’s fifty day moving average is $304.79 and its 200 day moving average is $315.02. The company has a market capitalization of $126.49 billion, a PE ratio of 34.03, a PEG ratio of 2.64 and a beta of 1.16.

Eaton (NYSE:ETN) last released its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.70 by $0.02. The company had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a net margin of 15.25% and a return on equity of 22.62%. Eaton’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.40 EPS. As a group, sell-side analysts predict that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were paid a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.29%. Eaton’s dividend payout ratio (DPR) is presently 41.98%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ETN. Citigroup boosted their price objective on shares of Eaton from $323.00 to $351.00 and gave the company a “buy” rating in a report on Monday, May 5th. Morgan Stanley cut their price target on shares of Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a research note on Tuesday, May 6th. KeyCorp increased their price objective on shares of Eaton from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Monday, May 5th. BNP Paribas Exane assumed coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective for the company. Finally, Evercore ISI raised their target price on shares of Eaton from $326.00 to $349.00 and gave the company an “in-line” rating in a report on Monday, May 19th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $368.78.

Insider Transactions at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the transaction, the insider now owns 490,208 shares in the company, valued at approximately $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Yelton sold 2,120 shares of the company’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the sale, the insider now directly owns 3,382 shares in the company, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock worth $49,622,894 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.

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.