L & S Advisors Inc Trims Stock Position in Eaton Co. plc (NYSE:ETN)

L & S Advisors Inc decreased its position in Eaton Co. plc (NYSE:ETN) by 8.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 27,984 shares of the industrial products company’s stock after selling 2,468 shares during the period. Eaton accounts for about 1.0% of L & S Advisors Inc’s investment portfolio, making the stock its 26th biggest position. L & S Advisors Inc’s holdings in Eaton were worth $8,774,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of ETN. LifeSteps Financial Inc. purchased a new position in Eaton during the first quarter valued at approximately $25,000. Breakwater Investment Management increased its holdings in shares of Eaton by 1,560.0% in the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 78 shares during the period. Atwood & Palmer Inc. lifted its stake in shares of Eaton by 142.9% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares during the last quarter. Proffitt & Goodson Inc. bought a new stake in Eaton during the second quarter valued at about $29,000. Finally, LGT Financial Advisors LLC purchased a new position in Eaton in the second quarter valued at about $33,000. Institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling at Eaton

In related news, insider Heath B. Monesmith sold 49,040 shares of Eaton 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 completion of the transaction, the insider now owns 71,262 shares in the company, valued at approximately $21,451,287.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton 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 of the company’s stock, valued at $2,858,328. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Heath B. Monesmith sold 49,040 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the completion of the transaction, the insider now directly owns 71,262 shares of the company’s stock, valued at $21,451,287.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,511 shares of company stock valued at $15,809,326. Corporate insiders own 0.53% of the company’s stock.

Eaton Stock Performance

NYSE ETN opened at $306.55 on Tuesday. The firm has a market capitalization of $122.56 billion, a P/E ratio of 36.19, a PEG ratio of 2.28 and a beta of 1.01. The stock has a 50-day simple moving average of $300.31 and a two-hundred day simple moving average of $311.96. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, beating 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 company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. On average, equities analysts forecast that Eaton Co. plc will post 10.74 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.23%. Eaton’s dividend payout ratio is presently 44.39%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ETN shares. Wells Fargo & Company lowered their target price on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Morgan Stanley began coverage on Eaton in a research note on Friday, September 6th. They set an “overweight” rating and a $370.00 target price on the stock. Raymond James decreased 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. Citigroup started coverage on shares of Eaton in a report on Monday. They set a “buy” rating and a $348.00 price objective on the stock. Finally, Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $337.41.

Eaton Company 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.