Eaton Corporation, PLC $ETN Shares Sold by RWA Wealth Partners LLC

RWA Wealth Partners LLC trimmed its holdings in shares of Eaton Corporation, PLC (NYSE:ETN) by 22.4% in the first quarter, Holdings Channel reports. The firm owned 9,281 shares of the industrial products company’s stock after selling 2,673 shares during the period. RWA Wealth Partners LLC’s holdings in Eaton were worth $2,523,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ETN. Vanguard Group Inc. boosted its holdings in Eaton by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 37,507,725 shares of the industrial products company’s stock valued at $10,195,725,000 after acquiring an additional 289,819 shares during the period. Nuveen LLC purchased a new position in Eaton during the 1st quarter valued at about $1,472,231,000. Nuveen Asset Management LLC boosted its holdings in Eaton by 4.3% during the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company’s stock valued at $1,550,226,000 after acquiring an additional 192,482 shares during the period. Northern Trust Corp boosted its holdings in Eaton by 8.8% during the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock valued at $1,518,207,000 after acquiring an additional 368,241 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in Eaton by 12.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,985,735 shares of the industrial products company’s stock valued at $1,083,442,000 after acquiring an additional 427,509 shares during the period. 82.97% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. KeyCorp raised their target price on Eaton from $355.00 to $410.00 and gave the company an “overweight” rating in a report on Tuesday, July 15th. BNP Paribas Exane started coverage on Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Wells Fargo & Company lifted their price objective on Eaton from $310.00 to $360.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 1st. Finally, Morgan Stanley lifted their price objective on Eaton from $375.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, August 6th. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Eaton presently has a consensus rating of “Moderate Buy” and a consensus target price of $383.63.

Insider Buying and Selling

In other Eaton news, insider Olivier Leonetti sold 16,018 shares of Eaton stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $358.39, for a total transaction of $5,740,691.02. Following the transaction, the insider owned 630 shares of the company’s stock, valued at $225,785.70. The trade was a 96.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by company insiders.

Eaton Price Performance

Shares of NYSE ETN opened at $353.63 on Tuesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.76 and a current ratio of 1.24. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $399.56. The firm has a market capitalization of $137.67 billion, a PE ratio of 35.58, a price-to-earnings-growth ratio of 2.59 and a beta of 1.18. The stock’s 50-day simple moving average is $358.67 and its 200-day simple moving average is $318.89.

Eaton (NYSE:ETN) last released its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $2.95 EPS for the quarter, topping the consensus estimate of $2.92 by $0.03. The company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.93 billion. Eaton had a return on equity of 23.91% and a net margin of 15.11%. The firm’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.73 earnings per share. As a group, equities research analysts forecast that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $4.16 annualized dividend and a yield of 1.2%. Eaton’s payout ratio is 41.85%.

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.