Alpha Omega Wealth Management LLC Sells 2,448 Shares of Eaton Co. plc (NYSE:ETN)

Alpha Omega Wealth Management LLC lowered its stake in Eaton Co. plc (NYSE:ETN) by 12.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,873 shares of the industrial products company’s stock after selling 2,448 shares during the period. Alpha Omega Wealth Management LLC’s holdings in Eaton were worth $4,587,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Eaton during the fourth quarter worth about $1,495,582,000. GAMMA Investing LLC boosted its holdings in Eaton by 27,281.9% in the first quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company’s stock worth $976,772,000 after acquiring an additional 3,580,198 shares in the last quarter. Capital International Investors bought a new position in shares of Eaton in the 4th quarter worth $523,541,000. Proficio Capital Partners LLC grew its holdings in shares of Eaton by 42,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company’s stock valued at $243,036,000 after buying an additional 730,594 shares during the last quarter. Finally, Leigh Baldwin & CO. LLC bought a new stake in Eaton during the 4th quarter worth approximately $231,552,000. 82.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ETN. BNP Paribas Exane initiated coverage on Eaton in a research report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective on the stock. BNP Paribas initiated coverage on shares of Eaton in a research report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective for the company. Citigroup boosted their price objective on Eaton from $323.00 to $351.00 and gave the stock a “buy” rating in a report on Monday, May 5th. Evercore ISI upped their price objective on Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a report on Monday, May 19th. Finally, Wells Fargo & Company reiterated an “overweight” rating and issued a $355.00 target price on shares of Eaton in a research report on Monday, May 5th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $368.78.

Insider Buying and Selling at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the business’s 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 sale, the insider now owns 490,208 shares of the company’s stock, valued at approximately $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction 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 transaction, the insider now directly owns 3,382 shares of the company’s stock, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by insiders.

Eaton Trading Down 0.5%

Shares of ETN opened at $324.33 on Wednesday. The firm’s fifty day moving average is $300.21 and its two-hundred day moving average is $315.65. The stock has a market cap of $126.91 billion, a PE ratio of 34.14, a price-to-earnings-growth ratio of 2.64 and a beta of 1.16. 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 52-week low of $231.85 and a 52-week high of $379.99.

Eaton (NYSE:ETN) last released its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.70 by $0.02. The firm had revenue of $6.38 billion for the quarter, compared to analysts’ expectations of $6.26 billion. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.40 earnings per share. Research analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.28%. The ex-dividend date was Monday, May 5th. Eaton’s payout ratio is currently 41.98%.

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.