Summit Financial Wealth Advisors LLC Sells 17,958 Shares of Eaton Co. plc (NYSE:ETN)

Summit Financial Wealth Advisors LLC trimmed its stake in Eaton Co. plc (NYSE:ETN) by 46.9% during the 1st quarter, HoldingsChannel reports. The fund owned 20,322 shares of the industrial products company’s stock after selling 17,958 shares during the quarter. Eaton comprises 1.3% of Summit Financial Wealth Advisors LLC’s holdings, making the stock its 25th biggest position. Summit Financial Wealth Advisors LLC’s holdings in Eaton were worth $6,354,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Tennessee Valley Asset Management Partners purchased a new position in shares of Eaton in the fourth quarter worth $25,000. LifeSteps Financial Inc. purchased a new stake in Eaton during the first quarter valued at $25,000. Atwood & Palmer Inc. increased its position in Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 50 shares during the last quarter. Clear Investment Research LLC purchased a new stake in Eaton during the fourth quarter valued at $29,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in Eaton in the first quarter worth about $33,000. 82.97% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the completion of the transaction, the insider now owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.33% of the stock is currently owned by insiders.

Analyst Ratings Changes

ETN has been the subject of a number of analyst reports. Bank of America upped their price target on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Barclays upgraded Eaton from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $250.00 to $300.00 in a report on Tuesday, April 2nd. Mizuho reiterated a “buy” rating and issued a $355.00 target price (up previously from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Royal Bank of Canada raised Eaton from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $286.00 to $371.00 in a research note on Friday, April 5th. Finally, The Goldman Sachs Group lifted their target price on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a research report on Friday, March 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $318.06.

Eaton Stock Performance

Eaton stock traded up $1.61 during trading hours on Monday, hitting $318.98. 1,139,806 shares of the stock traded hands, compared to its average volume of 2,010,310. The stock has a market capitalization of $127.53 billion, a price-to-earnings ratio of 37.81, a P/E/G ratio of 2.67 and a beta of 1.02. The firm’s 50 day moving average price is $325.32 and its 200-day moving average price is $295.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.28 by $0.12. The business had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.88 EPS. As a group, equities analysts expect that Eaton Co. plc will post 10.55 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were issued a $0.94 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.18%. Eaton’s payout ratio is 44.39%.

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.