Kingsview Wealth Management LLC Increases Holdings in Eaton Co. plc (NYSE:ETN)

Kingsview Wealth Management LLC boosted its position in Eaton Co. plc (NYSE:ETN) by 4.8% in the 1st quarter, Holdings Channel reports. The institutional investor owned 20,579 shares of the industrial products company’s stock after purchasing an additional 947 shares during the period. Kingsview Wealth Management LLC’s holdings in Eaton were worth $6,435,000 at the end of the most recent reporting period.

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

Eaton Stock Performance

ETN stock traded up $2.59 during trading on Friday, reaching $311.66. The company had a trading volume of 1,511,421 shares, compared to its average volume of 2,017,362. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The company has a market cap of $124.60 billion, a price-to-earnings ratio of 37.26, a price-to-earnings-growth ratio of 2.61 and a beta of 1.02. The firm has a 50-day simple moving average of $325.17 and a 200-day simple moving average of $300.31.

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

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend was Friday, May 3rd. Eaton’s payout ratio is presently 44.39%.

Insiders Place Their Bets

In related news, insider Peter Denk sold 2,416 shares of the stock in a transaction on Wednesday, May 8th. The shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on ETN. Mizuho reissued a “buy” rating and issued a $355.00 price target (up from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Raymond James started coverage on Eaton in a research note on Friday, June 28th. They issued an “outperform” rating and a $375.00 target price for the company. Barclays upped their target price on shares of Eaton from $316.00 to $318.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. JPMorgan Chase & Co. raised their price objective on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Finally, Argus raised their price target on shares of Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $323.06.

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.