OneAscent Financial Services LLC Cuts Stock Position in Eaton Co. plc (NYSE:ETN)

OneAscent Financial Services LLC cut its holdings in Eaton Co. plc (NYSE:ETN) by 1.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,925 shares of the industrial products company’s stock after selling 35 shares during the quarter. OneAscent Financial Services LLC’s holdings in Eaton were worth $969,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ETN. Strategic Wealth Partners Ltd. increased its holdings in Eaton by 3.0% during the 3rd quarter. Strategic Wealth Partners Ltd. now owns 1,027 shares of the industrial products company’s stock worth $340,000 after purchasing an additional 30 shares during the period. Fairfield Financial Advisors LTD increased its holdings in Eaton by 16.2% during the 3rd quarter. Fairfield Financial Advisors LTD now owns 215 shares of the industrial products company’s stock worth $71,000 after purchasing an additional 30 shares during the period. Legacy Capital Group California Inc. increased its holdings in Eaton by 1.2% during the 2nd quarter. Legacy Capital Group California Inc. now owns 2,776 shares of the industrial products company’s stock worth $870,000 after purchasing an additional 32 shares during the period. Venturi Wealth Management LLC increased its holdings in Eaton by 2.1% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,549 shares of the industrial products company’s stock worth $513,000 after purchasing an additional 32 shares during the period. Finally, Well Done LLC increased its holdings in Eaton by 1.3% during the 2nd quarter. Well Done LLC now owns 2,551 shares of the industrial products company’s stock worth $800,000 after purchasing an additional 33 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Karenann K. Terrell acquired 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was purchased at an average cost of $298.97 per share, with a total value of $149,485.00. Following the purchase, the director now directly owns 500 shares of the company’s stock, valued at approximately $149,485. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael Yelton sold 3,136 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the completion of the transaction, the insider now directly owns 3,914 shares of the company’s stock, valued at $1,186,411.68. The trade was a 44.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,705 shares of company stock valued at $24,516,346 in the last three months. 0.33% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ETN. Barclays dropped their price objective on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Bank of America increased their price objective on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Citigroup began coverage on Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 price objective on the stock. Mizuho increased their price objective on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Evercore ISI downgraded Eaton from an “outperform” rating to an “inline” rating and increased their price objective for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $357.83.

Eaton Stock Down 0.3 %

Eaton stock opened at $357.83 on Tuesday. Eaton Co. plc has a twelve month low of $224.52 and a twelve month high of $373.49. The stock has a 50 day moving average of $337.19 and a two-hundred day moving average of $321.74. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $141.41 billion, a price-to-earnings ratio of 38.07, a PEG ratio of 2.85 and a beta of 1.01.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. The company had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period last year, the firm earned $2.47 EPS. As a group, research analysts expect that Eaton Co. plc will post 10.79 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be issued a $0.94 dividend. The ex-dividend date is Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.05%. Eaton’s dividend payout ratio is currently 40.00%.

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.