Northcape Wealth Management LLC Sells 631 Shares of Eaton Co. plc (NYSE:ETN)

Northcape Wealth Management LLC lowered its stake in Eaton Co. plc (NYSE:ETN) by 4.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 14,836 shares of the industrial products company’s stock after selling 631 shares during the period. Eaton makes up 1.7% of Northcape Wealth Management LLC’s holdings, making the stock its 14th biggest holding. Northcape Wealth Management LLC’s holdings in Eaton were worth $4,652,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Independence Bank of Kentucky grew its position in Eaton by 5.0% in the second quarter. Independence Bank of Kentucky now owns 3,143 shares of the industrial products company’s stock valued at $985,000 after acquiring an additional 151 shares during the last quarter. Optas LLC grew its position in Eaton by 11.3% in the second quarter. Optas LLC now owns 880 shares of the industrial products company’s stock valued at $276,000 after acquiring an additional 89 shares during the last quarter. WT Asset Management Ltd grew its position in Eaton by 1.0% in the second quarter. WT Asset Management Ltd now owns 132,460 shares of the industrial products company’s stock valued at $41,533,000 after acquiring an additional 1,260 shares during the last quarter. Clear Creek Financial Management LLC grew its holdings in shares of Eaton by 27.1% during the second quarter. Clear Creek Financial Management LLC now owns 1,421 shares of the industrial products company’s stock worth $446,000 after purchasing an additional 303 shares during the last quarter. Finally, Community Financial Services Group LLC grew its holdings in shares of Eaton by 5.0% during the second quarter. Community Financial Services Group LLC now owns 24,451 shares of the industrial products company’s stock worth $7,667,000 after purchasing an additional 1,168 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Trading Up 0.8 %

ETN traded up $2.31 during trading on Friday, hitting $300.00. The company’s stock had a trading volume of 1,950,652 shares, compared to its average volume of 2,173,366. The stock’s fifty day moving average price is $307.69 and its 200-day moving average price is $309.79. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The firm has a market capitalization of $119.94 billion, a P/E ratio of 35.42, a PEG ratio of 2.47 and a beta of 1.02. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.44.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. Analysts anticipate that Eaton Co. plc will post 10.66 EPS for the current year.

Eaton Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 1.25%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Buying and Selling at Eaton

In related news, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the sale, the insider now owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $301.02, for a total value of $14,762,020.80. Following the sale, the insider now owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s 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 completion of the sale, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Wells Fargo & Company reduced their price target on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Raymond James assumed coverage on Eaton in a report on Friday, June 28th. They set an “outperform” rating and a $375.00 price target on the stock. Mizuho restated a “buy” rating and set a $355.00 price target (up from $340.00) on shares of Eaton in a report on Wednesday, May 1st. JPMorgan Chase & Co. lifted their price objective on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Finally, Argus lifted 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 research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $328.00.

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.