SlateStone Wealth LLC Lowers Holdings in Eaton Co. plc (NYSE:ETN)

SlateStone Wealth LLC reduced its holdings in Eaton Co. plc (NYSE:ETN) by 36.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,452 shares of the industrial products company’s stock after selling 2,499 shares during the period. SlateStone Wealth LLC’s holdings in Eaton were worth $1,396,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. LifeSteps Financial Inc. acquired a new position in Eaton during the 1st quarter worth $25,000. Atwood & Palmer Inc. grew its position in Eaton by 142.9% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares during the last quarter. Proffitt & Goodson Inc. acquired a new position in Eaton in the second quarter valued at $29,000. Redmont Wealth Advisors LLC acquired a new position in Eaton in the 1st quarter valued at about $33,000. Finally, Clear Investment Research LLC purchased a new stake in shares of Eaton during the fourth quarter worth approximately $29,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ETN shares. Argus lifted their price objective on Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Raymond James assumed coverage on shares of Eaton in a report on Friday, June 28th. They issued an “outperform” rating and a $375.00 target price for the company. Jefferies Financial Group boosted their price target on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Mizuho restated a “buy” rating and set a $355.00 target price (up previously from $340.00) on shares of Eaton in a research report on Wednesday, May 1st. Finally, Evercore ISI reduced their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. One equities 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $328.00.

Eaton Trading Down 1.0 %

ETN traded down $3.09 on Monday, reaching $296.91. 1,537,044 shares of the company’s stock were exchanged, compared to its average volume of 2,169,749. The company has a market cap of $118.70 billion, a price-to-earnings ratio of 35.05, a PEG ratio of 2.47 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, 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’s 50 day moving average is $307.12 and its 200-day moving average is $310.22.

Eaton (NYSE:ETN) last released its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, beating the consensus estimate of $2.61 by $0.12. The company had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. Equities analysts predict that Eaton Co. plc will post 10.66 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s dividend payout ratio is presently 44.39%.

Insider Activity

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Eaton news, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 71,262 shares in the company, valued at $21,451,287.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now owns 9,900 shares in the company, valued at $2,858,328. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

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.