Eaton Co. plc (NYSE:ETN) Shares Sold by Fiduciary Alliance LLC

Fiduciary Alliance LLC trimmed its stake in shares of Eaton Co. plc (NYSE:ETN) by 12.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,351 shares of the industrial products company’s stock after selling 4,859 shares during the quarter. Eaton comprises 1.8% of Fiduciary Alliance LLC’s holdings, making the stock its 13th biggest position. Fiduciary Alliance LLC’s holdings in Eaton were worth $10,406,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Tennessee Valley Asset Management Partners bought a new position in Eaton during the fourth quarter valued at approximately $25,000. Atwood & Palmer Inc. raised 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 acquired a new position in Eaton in the fourth quarter valued at about $29,000. Valued Wealth Advisors LLC acquired a new position in Eaton in the fourth quarter worth $35,000. Finally, Chilton Capital Management LLC bought a new stake in Eaton during the 4th quarter worth about $35,000. Institutional investors own 82.97% of the company’s stock.

Insider Activity

In related news, insider Peter Denk sold 2,416 shares of Eaton stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total transaction of $801,725.44. Following the sale, the insider now directly owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

ETN has been the topic of a number of analyst reports. JPMorgan Chase & Co. increased their price target on shares of Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Argus lifted their target price on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Barclays upgraded shares of Eaton from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Royal Bank of Canada raised shares of Eaton from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $286.00 to $371.00 in a research note on Friday, April 5th. Finally, Raymond James initiated coverage on shares of Eaton in a report on Friday. They issued an “outperform” rating and a $375.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $318.06.

Eaton Stock Performance

Shares of NYSE:ETN traded down $0.39 during trading on Friday, reaching $313.55. The company had a trading volume of 2,557,711 shares, compared to its average volume of 2,258,211. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05. The firm has a market capitalization of $125.36 billion, a price-to-earnings ratio of 37.02, a price-to-earnings-growth ratio of 2.62 and a beta of 1.04. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. The stock’s fifty day moving average price is $325.35 and its 200 day moving average price is $292.72.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. The business had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.88 earnings per share. As a group, equities research analysts predict that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.76 annualized dividend and a yield of 1.20%. Eaton’s payout ratio is 44.39%.

Eaton 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.