SVB Wealth LLC Decreases Holdings in Eaton Co. plc (NYSE:ETN)

SVB Wealth LLC lowered its stake in Eaton Co. plc (NYSE:ETN) by 16.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,793 shares of the industrial products company’s stock after selling 10,716 shares during the period. SVB Wealth LLC’s holdings in Eaton were worth $17,180,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Chicago Capital LLC raised its holdings in Eaton by 37.8% during the 2nd quarter. Chicago Capital LLC now owns 61,702 shares of the industrial products company’s stock valued at $19,347,000 after buying an additional 16,916 shares during the period. Lake Street Advisors Group LLC raised its stake in shares of Eaton by 1.5% in the second quarter. Lake Street Advisors Group LLC now owns 22,009 shares of the industrial products company’s stock valued at $6,901,000 after acquiring an additional 332 shares during the period. Advisor OS LLC lifted its holdings in shares of Eaton by 11.1% in the 2nd quarter. Advisor OS LLC now owns 1,782 shares of the industrial products company’s stock worth $559,000 after acquiring an additional 178 shares during the last quarter. Private Advisor Group LLC boosted its stake in shares of Eaton by 5.9% during the 2nd quarter. Private Advisor Group LLC now owns 33,056 shares of the industrial products company’s stock worth $10,365,000 after purchasing an additional 1,838 shares during the period. Finally, New York Life Investment Management LLC grew its holdings in Eaton by 0.6% during the 2nd quarter. New York Life Investment Management LLC now owns 54,995 shares of the industrial products company’s stock valued at $17,244,000 after purchasing an additional 355 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Eaton Stock Performance

ETN stock traded down $0.75 during midday trading on Friday, reaching $284.97. The stock had a trading volume of 2,163,854 shares, compared to its average volume of 2,172,430. The firm has a fifty day simple moving average of $302.48 and a two-hundred day simple moving average of $310.93. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. The stock has a market cap of $113.93 billion, a PE ratio of 33.64, a P/E/G ratio of 2.35 and a beta of 1.01.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The firm had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.35 billion. As a group, equities research analysts anticipate that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.32%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Activity at Eaton

In other Eaton news, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the transaction, the insider now owns 3,914 shares in the company, valued at approximately $1,186,411.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Eaton news, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total value of $950,584.32. Following the sale, the insider now owns 3,914 shares in the company, valued at approximately $1,186,411.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Dorothy C. Thompson bought 2,205 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, with a total value of $662,161.50. Following the completion of the purchase, the director now owns 2,205 shares in the company, valued at $662,161.50. The disclosure for this purchase can be found here. Insiders sold 52,511 shares of company stock worth $15,809,326 over the last three months. Company insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Royal Bank of Canada dropped their target price on Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Morgan Stanley initiated coverage on Eaton in a research report on Friday. They set an “overweight” rating and a $370.00 target price for the company. Evercore ISI lowered their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Barclays boosted their price target on Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Finally, Wells Fargo & Company dropped their price objective on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $335.76.

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.