Wealthspire Advisors LLC Has $2 Million Stock Holdings in Eaton Corporation, PLC (NYSE:ETN)

Wealthspire Advisors LLC lowered its stake in Eaton Corporation, PLC (NYSE:ETN) by 15.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,358 shares of the industrial products company’s stock after selling 1,366 shares during the quarter. Wealthspire Advisors LLC’s holdings in Eaton were worth $2,000,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC increased its stake 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 valued at $976,772,000 after purchasing an additional 3,580,198 shares in the last quarter. Capital International Investors bought a new position in Eaton during the fourth quarter worth about $523,541,000. Leigh Baldwin & CO. LLC bought a new stake in shares of Eaton in the fourth quarter worth about $231,552,000. Janus Henderson Group PLC raised its position in shares of Eaton by 24.3% during the fourth quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company’s stock worth $998,144,000 after purchasing an additional 588,370 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Eaton in the 4th quarter valued at approximately $145,077,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Stock Performance

Shares of NYSE ETN opened at $359.01 on Thursday. The company has a current ratio of 1.24, a quick ratio of 0.84 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $140.48 billion, a P/E ratio of 36.12, a P/E/G ratio of 2.69 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. The stock has a 50 day moving average of $353.44 and a 200-day moving average of $318.25.

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

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Thursday, August 7th. Eaton’s payout ratio is currently 41.98%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ETN shares. BNP Paribas Exane assumed coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price target on the stock. Barclays upped their target price on shares of Eaton from $340.00 to $344.00 and gave the stock an “equal weight” rating in a research note on Wednesday. BNP Paribas began coverage on Eaton in a research report on Thursday, May 15th. They set an “outperform” rating and a $380.00 price objective for the company. Evercore ISI upped their price target on Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a research report on Monday, May 19th. Finally, KeyCorp increased their target price on shares of Eaton from $355.00 to $410.00 and gave the stock an “overweight” rating in a report on Tuesday, July 15th. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Eaton has an average rating of “Moderate Buy” and an average target price of $381.00.

Insider Activity

In other news, insider Craig Arnold sold 103,486 shares of the stock in a transaction that occurred on 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 owned 490,208 shares in the company, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.30% of the stock is currently owned by corporate insiders.

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.