Eaton Co. plc (NYSE:ETN) Shares Sold by Keudell Morrison Wealth Management

Keudell Morrison Wealth Management lowered its position in Eaton Co. plc (NYSE:ETN) by 12.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 675 shares of the industrial products company’s stock after selling 100 shares during the quarter. Keudell Morrison Wealth Management’s holdings in Eaton were worth $212,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Congress Wealth Management LLC DE lifted its position in Eaton by 8.1% during the 4th quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock worth $18,479,000 after acquiring an additional 5,725 shares in the last quarter. Norden Group LLC purchased a new stake in Eaton during the 1st quarter worth $2,176,000. Weiss Asset Management LP acquired a new position in Eaton in the 4th quarter worth $1,001,000. Prospector Partners LLC grew its stake in shares of Eaton by 0.6% during the fourth quarter. Prospector Partners LLC now owns 71,307 shares of the industrial products company’s stock valued at $17,172,000 after acquiring an additional 415 shares in the last quarter. Finally, Spire Wealth Management increased its position in shares of Eaton by 66.0% during the fourth quarter. Spire Wealth Management now owns 14,914 shares of the industrial products company’s stock worth $3,648,000 after acquiring an additional 5,932 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of NYSE ETN traded up $3.83 during midday trading on Thursday, reaching $302.13. 1,884,746 shares of the company traded hands, compared to its average volume of 2,182,596. The stock has a 50-day moving average price of $310.79 and a 200 day moving average price of $307.91. The company has a market cap of $120.79 billion, a price-to-earnings ratio of 35.73, a PEG ratio of 2.47 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.05. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 5th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.24%. Eaton’s dividend payout ratio is currently 44.39%.

Analysts Set New Price Targets

A number of brokerages have weighed in on ETN. HSBC raised their price objective on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. JPMorgan Chase & Co. raised their price objective on shares of Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Mizuho restated a “buy” rating and issued a $355.00 target price (up previously from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Barclays upped their price objective on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Finally, Argus raised their price objective on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $326.53.

Insider Buying and Selling

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now owns 9,900 shares in the company, valued at $2,858,328. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.53% of the company’s stock.

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.