Icon Wealth Advisors LLC Trims Stake in Eaton Co. plc (NYSE:ETN)

by · The Markets Daily

Icon Wealth Advisors LLC lessened its position in Eaton Co. plc (NYSE:ETN – Free Report) by 4.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,359 shares of the industrial products company’s stock after selling 738 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Eaton were worth $4,802,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in ETN. Tennessee Valley Asset Management Partners bought a new stake in shares of Eaton during the 4th quarter valued at $25,000. LifeSteps Financial Inc. purchased a new position in Eaton during the 1st quarter valued at about $25,000. Atwood & Palmer Inc. boosted its stake in Eaton by 142.9% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 50 shares in the last quarter. Clear Investment Research LLC purchased a new stake in Eaton in the fourth quarter worth about $29,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of Eaton during the first quarter valued at approximately $33,000. 82.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ETN has been the topic of several recent research reports. JPMorgan Chase & Co. upped their price target on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Royal Bank of Canada upgraded Eaton from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $286.00 to $371.00 in a report on Friday, April 5th. HSBC lifted their price target on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. Wolfe Research reissued an “underperform” rating and set a $312.00 price objective on shares of Eaton in a research report on Monday, April 8th. Finally, Jefferies Financial Group lifted their target price on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Eaton has an average rating of “Moderate Buy” and an average target price of $323.06.

View Our Latest Research Report on ETN

Insider Buying and Selling at Eaton

In other news, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the transaction, the insider now owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.53% of the stock is currently owned by corporate insiders.

Eaton Stock Performance

Shares of NYSE ETN traded down $9.39 during midday trading on Tuesday, hitting $287.22. 4,776,463 shares of the company’s stock traded hands, compared to its average volume of 2,088,127. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. The stock has a market capitalization of $114.83 billion, a price-to-earnings ratio of 33.91, a price-to-earnings-growth ratio of 2.49 and a beta of 1.02. The firm has a fifty day moving average of $320.58 and a 200 day moving average of $304.83. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19.

Eaton (NYSE:ETN – Get Free Report) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The business had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.91 billion. During the same period last year, the firm earned $1.88 earnings per share. The company’s quarterly revenue was up 8.4% on a year-over-year basis. On average, analysts forecast that Eaton Co. plc will post 10.56 earnings per share for the current year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Monday, August 5th will be given a dividend of $0.94 per share. The ex-dividend date is Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.31%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Eaton Profile

(Free Report)

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.

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