MONECO Advisors LLC Decreases Stock Holdings in Eaton Corporation, PLC (NYSE:ETN)

MONECO Advisors LLC lowered its position in Eaton Corporation, PLC (NYSE:ETN) by 3.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,448 shares of the industrial products company’s stock after selling 83 shares during the quarter. MONECO Advisors LLC’s holdings in Eaton were worth $665,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Moors & Cabot Inc. raised its stake in shares of Eaton by 1.3% in the first quarter. Moors & Cabot Inc. now owns 45,885 shares of the industrial products company’s stock valued at $12,473,000 after acquiring an additional 594 shares during the period. US Bancorp DE raised its stake in shares of Eaton by 13.9% in the first quarter. US Bancorp DE now owns 347,164 shares of the industrial products company’s stock valued at $94,371,000 after acquiring an additional 42,407 shares during the period. Nicolet Advisory Services LLC raised its stake in shares of Eaton by 7.9% in the first quarter. Nicolet Advisory Services LLC now owns 11,652 shares of the industrial products company’s stock valued at $3,155,000 after acquiring an additional 854 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in shares of Eaton by 45.9% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,210 shares of the industrial products company’s stock valued at $1,688,000 after acquiring an additional 1,954 shares during the period. Finally, Harbour Investments Inc. raised its stake in shares of Eaton by 8.2% in the first quarter. Harbour Investments Inc. now owns 9,270 shares of the industrial products company’s stock valued at $2,520,000 after acquiring an additional 700 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analyst Upgrades and Downgrades

ETN has been the topic of several recent analyst reports. Sanford C. Bernstein reissued an “outperform” rating and issued a $396.00 target price on shares of Eaton in a research note on Monday, July 14th. Evercore ISI increased their target price on shares of Eaton from $326.00 to $349.00 and gave the company an “in-line” rating in a research note on Monday, May 19th. Wells Fargo & Company upped their price target on shares of Eaton from $310.00 to $360.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 1st. Barclays upped their price target on shares of Eaton from $323.00 to $340.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 9th. Finally, The Goldman Sachs Group upped their price target on shares of Eaton from $345.00 to $382.00 and gave the stock a “buy” rating in a report on Tuesday, July 8th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $377.89.

Insider Activity

In other Eaton news, insider Michael Yelton sold 2,120 shares of the 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 completion of the sale, the insider directly owned 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 sale, the insider directly owned 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 156,660 shares of company stock valued at $49,622,894. Insiders own 0.30% of the company’s stock.

Eaton Stock Down 0.8%

Shares of Eaton stock opened at $381.52 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year high of $399.56. The firm’s 50-day moving average is $350.92 and its two-hundred day moving average is $317.79. The stock has a market cap of $149.29 billion, a price-to-earnings ratio of 38.50, a PEG ratio of 2.90 and a beta of 1.18.

Eaton (NYSE:ETN) last issued 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. The company had revenue of $6.38 billion for the quarter, compared to analysts’ expectations of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.40 EPS. As a group, research analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

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. This represents a $4.16 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton’s dividend payout ratio is presently 41.98%.

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.