MGB Wealth Management LLC Has $2.64 Million Stock Holdings in Eaton Corporation, PLC (NYSE:ETN)

MGB Wealth Management LLC trimmed its holdings in shares of Eaton Corporation, PLC (NYSE:ETN) by 1.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,677 shares of the industrial products company’s stock after selling 158 shares during the period. Eaton makes up about 1.0% of MGB Wealth Management LLC’s holdings, making the stock its 20th biggest position. MGB Wealth Management LLC’s holdings in Eaton were worth $2,639,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of ETN. GAMMA Investing LLC increased its holdings in shares of Eaton by 27,281.9% in the 1st quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company’s stock valued at $976,772,000 after purchasing an additional 3,580,198 shares during the period. Capital International Investors acquired a new position in Eaton in the 4th quarter valued at approximately $523,541,000. Leigh Baldwin & CO. LLC purchased a new stake in Eaton in the 4th quarter worth approximately $231,552,000. Janus Henderson Group PLC boosted its stake in shares of Eaton by 24.3% during the 4th quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company’s stock valued at $998,144,000 after buying an additional 588,370 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Eaton during the 4th quarter valued at $145,077,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ETN has been the subject of a number of research reports. Royal Bank Of Canada lifted their price objective on Eaton from $336.00 to $356.00 and gave the company an “outperform” rating in a research report on Monday, May 5th. The Goldman Sachs Group lifted their price target on Eaton from $345.00 to $382.00 and gave the company a “buy” rating in a report on Tuesday, July 8th. Citigroup boosted their price target on Eaton from $351.00 to $420.00 and gave the company a “buy” rating in a research note on Monday, July 14th. Barclays raised their price objective on shares of Eaton from $323.00 to $340.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $377.89.

Eaton Stock Performance

ETN opened at $357.43 on Wednesday. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. The stock’s 50 day moving average price is $352.77 and its two-hundred day moving average price is $317.96. The firm has a market capitalization of $139.86 billion, a P/E ratio of 36.07, a price-to-earnings-growth ratio of 2.90 and a beta of 1.18. Eaton Corporation, PLC has a 12-month low of $231.85 and a 12-month high of $399.56.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.03. The business had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.93 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. Eaton’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the company posted $2.73 earnings per share. On average, equities analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Thursday, August 7th. Eaton’s dividend payout ratio (DPR) is presently 41.98%.

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 stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the transaction, the insider directly owned 490,208 shares in the company, valued at $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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.