AdvisorNet Financial Inc Sells 612 Shares of Eaton Co. plc (NYSE:ETN)

AdvisorNet Financial Inc trimmed its position in shares of Eaton Co. plc (NYSE:ETN) by 8.8% in the fourth quarter, Holdings Channel reports. The fund owned 6,314 shares of the industrial products company’s stock after selling 612 shares during the quarter. AdvisorNet Financial Inc’s holdings in Eaton were worth $2,095,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in ETN. Miracle Mile Advisors LLC grew its holdings in Eaton by 14.2% in the 4th quarter. Miracle Mile Advisors LLC now owns 6,569 shares of the industrial products company’s stock valued at $2,180,000 after buying an additional 816 shares during the last quarter. Bar Harbor Wealth Management boosted its position in shares of Eaton by 1.9% in the fourth quarter. Bar Harbor Wealth Management now owns 14,624 shares of the industrial products company’s stock valued at $4,853,000 after acquiring an additional 268 shares during the period. Enterprise Bank & Trust Co grew its stake in shares of Eaton by 100.4% in the fourth quarter. Enterprise Bank & Trust Co now owns 2,200 shares of the industrial products company’s stock worth $730,000 after acquiring an additional 1,102 shares during the last quarter. Cooper Financial Group increased its position in Eaton by 7.1% during the fourth quarter. Cooper Financial Group now owns 4,562 shares of the industrial products company’s stock worth $1,514,000 after acquiring an additional 301 shares during the period. Finally, Wedmont Private Capital raised its stake in Eaton by 4.7% during the 4th quarter. Wedmont Private Capital now owns 5,484 shares of the industrial products company’s stock valued at $1,873,000 after purchasing an additional 244 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Gregory R. Page sold 4,000 shares of Eaton stock in a transaction on Friday, November 1st. The stock was sold at an average price of $335.30, for a total value of $1,341,200.00. Following the completion of the sale, the director now directly owns 51,422 shares of the company’s stock, valued at approximately $17,241,796.60. This trade represents a 7.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Craig Arnold sold 61,569 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $360.97, for a total value of $22,224,561.93. Following the completion of the transaction, the insider now owns 506,360 shares in the company, valued at approximately $182,780,769.20. This represents a 10.84 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 76,981 shares of company stock valued at $27,660,117. Insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ETN shares. Wells Fargo & Company dropped their price objective on shares of Eaton from $365.00 to $350.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. Evercore ISI cut Eaton from an “outperform” rating to an “inline” rating and upped their price target for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Royal Bank of Canada lifted their price objective on Eaton from $374.00 to $392.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Bank of America upped their target price on Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Mizuho boosted their price target on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $367.61.

Eaton Stock Performance

NYSE ETN opened at $339.79 on Wednesday. The firm has a market cap of $134.29 billion, a price-to-earnings ratio of 36.15, a PEG ratio of 2.70 and a beta of 1.06. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. Eaton Co. plc has a 1-year low of $236.04 and a 1-year high of $379.99. The company has a 50 day moving average of $355.38 and a 200-day moving average of $329.33.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.47 EPS. On average, equities analysts forecast that Eaton Co. plc will post 10.8 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date of this dividend was Monday, November 4th. Eaton’s dividend payout ratio is currently 40.00%.

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.