Legacy Financial Strategies LLC Cuts Stock Position in Eaton Co. plc (NYSE:ETN)

Legacy Financial Strategies LLC reduced its position in Eaton Co. plc (NYSE:ETN) by 5.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 747 shares of the industrial products company’s stock after selling 42 shares during the quarter. Legacy Financial Strategies LLC’s holdings in Eaton were worth $203,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital A Wealth Management LLC purchased a new position in shares of Eaton in the 4th quarter worth about $26,000. Flagship Wealth Advisors LLC purchased a new position in shares of Eaton in the 4th quarter worth about $27,000. Noble Wealth Management PBC purchased a new position in shares of Eaton in the 4th quarter worth about $30,000. Murphy & Mullick Capital Management Corp purchased a new position in shares of Eaton in the 4th quarter worth about $33,000. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Eaton in the 4th quarter worth about $33,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Trading Down 1.4%

ETN opened at $320.35 on Friday. Eaton Co. plc has a one year low of $231.85 and a one year high of $379.99. The firm has a market capitalization of $125.35 billion, a price-to-earnings ratio of 33.72, a PEG ratio of 2.64 and a beta of 1.14. The business has a 50 day simple moving average of $293.29 and a two-hundred day simple moving average of $317.89. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96.

Eaton (NYSE:ETN) last announced its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The firm had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the prior year, the company earned $2.40 EPS. The business’s revenue was up 7.3% compared to the same quarter last year. Analysts predict that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were given a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.30%. The ex-dividend date of this dividend was Monday, May 5th. Eaton’s dividend payout ratio is currently 41.98%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. KeyCorp increased their target price on Eaton from $325.00 to $355.00 and gave the company an “overweight” rating in a report on Monday, May 5th. Jefferies Financial Group dropped their target price on Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a report on Wednesday, March 12th. Barclays dropped their target price on Eaton from $315.00 to $306.00 and set an “equal weight” rating for the company in a report on Friday, April 4th. BNP Paribas Exane assumed coverage on Eaton in a report on Thursday, May 15th. They set an “outperform” rating and a $380.00 target price for the company. Finally, Morgan Stanley dropped their target price on Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a report on Tuesday, May 6th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, Eaton presently has a consensus rating of “Moderate Buy” and an average target price of $367.83.

Insider Transactions at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the transaction, the insider now owns 3,382 shares of the company’s stock, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Craig Arnold sold 103,486 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider now owns 490,208 shares in the company, valued at $158,214,632. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 156,660 shares of company stock valued at $49,622,894. Corporate insiders own 0.30% of the company’s stock.

Eaton Company 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.