Sound Income Strategies LLC Buys 269 Shares of Eaton Co. plc (NYSE:ETN)

Sound Income Strategies LLC boosted its stake in Eaton Co. plc (NYSE:ETN) by 62.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 697 shares of the industrial products company’s stock after buying an additional 269 shares during the quarter. Sound Income Strategies LLC’s holdings in Eaton were worth $231,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. EP Wealth Advisors LLC lifted its position in shares of Eaton by 4.3% during the 4th quarter. EP Wealth Advisors LLC now owns 18,030 shares of the industrial products company’s stock worth $4,342,000 after buying an additional 744 shares in the last quarter. Tortoise Investment Management LLC increased its position in shares of Eaton by 377.1% during the 4th quarter. Tortoise Investment Management LLC now owns 334 shares of the industrial products company’s stock valued at $80,000 after purchasing an additional 264 shares during the last quarter. Scarborough Advisors LLC bought a new stake in Eaton in the fourth quarter worth about $64,000. Fisher Asset Management LLC lifted its stake in Eaton by 3.3% in the fourth quarter. Fisher Asset Management LLC now owns 186,307 shares of the industrial products company’s stock valued at $44,867,000 after purchasing an additional 5,973 shares during the last quarter. Finally, SageView Advisory Group LLC lifted its holdings in Eaton by 148.6% during the fourth quarter. SageView Advisory Group LLC now owns 6,759 shares of the industrial products company’s stock valued at $1,692,000 after purchasing an additional 4,040 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ETN shares. Morgan Stanley began coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 target price for the company. Wells Fargo & Company boosted their price target on shares of Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Citigroup started coverage on Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective on the stock. Evercore ISI dropped their target price on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Finally, Royal Bank of Canada cut their price objective on Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $339.47.

Eaton Price Performance

Shares of ETN opened at $341.39 on Monday. The firm has a market cap of $135.91 billion, a PE ratio of 37.56, a P/E/G ratio of 2.58 and a beta of 1.02. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $345.19. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. The firm has a fifty day simple moving average of $307.72 and a two-hundred day simple moving average of $315.60.

Eaton (NYSE:ETN) last announced its earnings results on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The company had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. On average, equities analysts anticipate that Eaton Co. plc will post 10.75 EPS for the current year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were issued a $0.94 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a yield of 1.10%. Eaton’s dividend payout ratio is presently 41.36%.

Insider Buying and Selling at Eaton

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Eaton news, Director Dorothy C. Thompson purchased 2,205 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, with a total value of $662,161.50. Following the acquisition, the director now owns 2,205 shares in the company, valued at approximately $662,161.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the sale, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock valued at $15,809,326 in the last three months. 0.53% of the stock is currently owned by corporate insiders.

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.