Optimum Investment Advisors Sells 401 Shares of Eaton Co. plc (NYSE:ETN)

Optimum Investment Advisors trimmed its holdings in shares of Eaton Co. plc (NYSE:ETN) by 13.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,475 shares of the industrial products company’s stock after selling 401 shares during the quarter. Optimum Investment Advisors’ holdings in Eaton were worth $820,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Breakwater Investment Management increased its holdings in 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 buying an additional 78 shares during the period. Proffitt & Goodson Inc. bought a new position in Eaton in the 2nd quarter valued at about $29,000. LGT Financial Advisors LLC bought a new position in Eaton in the 2nd quarter valued at about $33,000. Redmont Wealth Advisors LLC bought a new position in Eaton in the 1st quarter valued at about $33,000. Finally, West Financial Advisors LLC bought a new position in Eaton in the 3rd quarter valued at about $35,000. 82.97% of the stock is owned by institutional investors.

Eaton Trading Up 2.1 %

ETN opened at $348.33 on Friday. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $349.74. 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 firm has a market capitalization of $139.26 billion, a price-to-earnings ratio of 41.13, a PEG ratio of 2.58 and a beta of 1.02. The company’s 50 day moving average price is $312.88 and its two-hundred day moving average price is $316.41.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. As a group, research analysts predict that Eaton Co. plc will post 10.75 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio is currently 44.39%.

Insider Activity

In other news, insider Heath B. Monesmith sold 49,040 shares of the company’s 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 sale, the insider now directly owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Dorothy C. Thompson acquired 2,205 shares of Eaton stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost of $300.30 per share, with a total value of $662,161.50. Following the purchase, the director now owns 2,205 shares in the company, valued at $662,161.50. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Heath B. Monesmith sold 49,040 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the transaction, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,511 shares of company stock valued at $15,809,326. 0.53% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ETN has been the topic of several recent analyst reports. Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Mizuho raised their target price on shares of Eaton from $355.00 to $365.00 and gave the company an “outperform” rating in a report on Thursday. Barclays raised their target price on shares of Eaton from $319.00 to $327.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Morgan Stanley assumed coverage on shares of Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. Finally, Jefferies Financial Group raised their price target on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Eaton presently has an average rating of “Moderate Buy” and an average target price of $340.06.

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.