Western Wealth Management LLC Sells 46 Shares of Eaton Co. plc (NYSE:ETN)

Western Wealth Management LLC lowered its position in Eaton Co. plc (NYSE:ETN) by 0.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,586 shares of the industrial products company’s stock after selling 46 shares during the period. Western Wealth Management LLC’s holdings in Eaton were worth $2,309,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Tennessee Valley Asset Management Partners acquired a new position in Eaton during the fourth quarter worth $25,000. PCA Investment Advisory Services Inc. acquired a new stake in Eaton in the 2nd quarter valued at about $27,000. Coppell Advisory Solutions Corp. bought a new position in Eaton during the fourth quarter worth about $30,000. Valued Wealth Advisors LLC acquired a new position in Eaton during the fourth quarter worth approximately $35,000. Finally, Chilton Capital Management LLC bought a new stake in Eaton in the fourth quarter valued at approximately $35,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Berenberg Bank lifted their target price on Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Evercore ISI upped their price objective on shares of Eaton from $262.00 to $308.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Wolfe Research reaffirmed an “underperform” rating and set a $312.00 target price on shares of Eaton in a report on Monday, April 8th. Barclays raised shares of Eaton from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $250.00 to $300.00 in a report on Tuesday, April 2nd. Finally, Bank of America boosted their price objective on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $295.60.

Eaton Stock Down 0.6 %

Shares of ETN traded down $1.76 during trading hours on Friday, reaching $307.18. The stock had a trading volume of 562,251 shares, compared to its average volume of 1,872,064. The company has a current ratio of 1.51, a quick ratio of 1.02 and a debt-to-equity ratio of 0.43. The firm has a 50-day simple moving average of $300.20 and a 200 day simple moving average of $253.91. Eaton Co. plc has a 12 month low of $161.12 and a 12 month high of $331.47. The company has a market capitalization of $122.72 billion, a price-to-earnings ratio of 38.29, a P/E/G ratio of 2.57 and a beta of 1.07.

Eaton (NYSE:ETN) last posted its earnings results on Thursday, February 1st. The industrial products company reported $2.55 EPS for the quarter, topping the consensus estimate of $2.47 by $0.08. The company had revenue of $5.97 billion during the quarter, compared to the consensus estimate of $5.91 billion. Eaton had a net margin of 13.88% and a return on equity of 20.05%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.06 earnings per share. Equities research analysts predict that Eaton Co. plc will post 10.28 earnings per share for the current fiscal year.

Eaton Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 11th were paid a $0.94 dividend. This is a positive change from Eaton’s previous quarterly dividend of $0.86. The ex-dividend date was Friday, March 8th. This represents a $3.76 annualized dividend and a dividend yield of 1.22%. Eaton’s dividend payout ratio is presently 46.88%.

Insider Activity at Eaton

In other news, insider Heath B. Monesmith sold 13,027 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $291.40, for a total value of $3,796,067.80. Following the completion of the transaction, the insider now directly owns 69,472 shares of the company’s stock, valued at $20,244,140.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of Eaton stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the completion of the transaction, the insider now owns 69,472 shares of the company’s stock, valued at approximately $20,244,140.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total transaction of $5,395,107.50. Following the completion of the transaction, the insider now owns 29,712 shares of the company’s stock, valued at $8,116,427.04. The disclosure for this sale can be found here. Insiders have sold 38,969 shares of company stock valued at $10,904,774 over the last ninety days. Corporate insiders own 0.53% of the company’s stock.

About Eaton

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.