Opal Wealth Advisors LLC Lowers Holdings in Eaton Co. plc (NYSE:ETN)

Opal Wealth Advisors LLC lessened its stake in Eaton Co. plc (NYSE:ETN) by 9.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 707 shares of the industrial products company’s stock after selling 74 shares during the quarter. Opal Wealth Advisors LLC’s holdings in Eaton were worth $234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of the business. Legal & General Group Plc raised its position in Eaton by 0.6% in the 2nd quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock worth $1,005,317,000 after buying an additional 18,077 shares during the last quarter. Capital World Investors raised its position in Eaton by 323.8% in the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after buying an additional 2,439,270 shares during the last quarter. Janus Henderson Group PLC raised its position in Eaton by 15.5% in the 1st quarter. Janus Henderson Group PLC now owns 1,318,025 shares of the industrial products company’s stock worth $412,108,000 after buying an additional 176,571 shares during the last quarter. Jennison Associates LLC grew its stake in shares of Eaton by 2,857.4% during the 1st quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock valued at $394,752,000 after purchasing an additional 1,219,790 shares during the period. Finally, Lord Abbett & CO. LLC grew its stake in shares of Eaton by 61.4% during the 1st quarter. Lord Abbett & CO. LLC now owns 790,182 shares of the industrial products company’s stock valued at $247,074,000 after purchasing an additional 300,689 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insiders Place Their Bets

In other news, Director Dorothy C. Thompson acquired 2,205 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, with a total value of $662,161.50. Following the acquisition, the director now directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Director Dorothy C. Thompson acquired 2,205 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $300.30 per share, with a total value of $662,161.50. Following the acquisition, the director now directly owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Karenann K. Terrell acquired 500 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were purchased at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the acquisition, the director now directly owns 500 shares in the company, valued at approximately $149,485. The disclosure for this purchase can be found here. Insiders sold 52,511 shares of company stock worth $15,809,326 in the last three months. 0.53% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Wells Fargo & Company boosted their price target on Eaton from $315.00 to $342.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Barclays boosted their price target on Eaton from $319.00 to $327.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group boosted their price target on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Raymond James cut their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research note on Monday, September 9th. Finally, Citigroup began coverage on Eaton in a research note on Monday, September 16th. They set a “buy” rating and a $348.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $339.47.

Eaton Trading Up 0.9 %

ETN stock opened at $341.10 on Thursday. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $347.35. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. The company has a market capitalization of $136.37 billion, a price-to-earnings ratio of 40.27, a PEG ratio of 2.58 and a beta of 1.02. The business has a 50 day simple moving average of $311.66 and a two-hundred day simple moving average of $316.19.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping the consensus estimate of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The business had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Research analysts anticipate that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a $0.94 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.10%. Eaton’s payout ratio is 44.39%.

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.