Envestnet Asset Management Inc. Sells 48,085 Shares of Eaton Co. plc (NYSE:ETN)

Envestnet Asset Management Inc. lessened its position in Eaton Co. plc (NYSE:ETN) by 5.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 792,206 shares of the industrial products company’s stock after selling 48,085 shares during the quarter. Envestnet Asset Management Inc. owned 0.20% of Eaton worth $248,396,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. LifeSteps Financial Inc. purchased a new position in shares of Eaton during the first quarter valued at approximately $25,000. Atwood & Palmer Inc. boosted its holdings in Eaton by 142.9% during the 1st 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 during the period. Proffitt & Goodson Inc. purchased a new stake in Eaton in the second quarter worth $29,000. LGT Financial Advisors LLC bought a new stake in shares of Eaton during the second quarter worth $33,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Eaton during the first quarter valued at $33,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Performance

Shares of Eaton stock opened at $305.80 on Friday. The firm has a market capitalization of $121.74 billion, a P/E ratio of 36.10, a PEG ratio of 2.28 and a beta of 1.01. Eaton Co. plc has a 52 week low of $191.82 and a 52 week high of $345.19. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. The company has a 50 day moving average price of $300.56 and a 200 day moving average price of $311.66.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, topping the consensus estimate of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The business had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. Sell-side analysts expect that Eaton Co. plc will post 10.74 EPS for the current year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were issued a $0.94 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.23%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Insider Buying and Selling at Eaton

In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the sale, the insider now directly owns 9,900 shares of the company’s stock, valued at $2,858,328. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Eaton news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the sale, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Karenann K. Terrell bought 500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was purchased at an average price of $298.97 per share, with a total value of $149,485.00. Following the completion of the purchase, the director now owns 500 shares in the company, valued at $149,485. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 52,511 shares of company stock worth $15,809,326. Company insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ETN shares. Raymond James decreased their price objective on shares of Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Evercore ISI lowered their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a report on Monday, August 19th. Wells Fargo & Company decreased their price objective on Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Finally, Jefferies Financial Group increased 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. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $335.18.

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.