Alpha Omega Wealth Management LLC Trims Stock Position in Eaton Co. plc (NYSE:ETN)

Alpha Omega Wealth Management LLC trimmed its holdings in Eaton Co. plc (NYSE:ETN) by 2.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 19,544 shares of the industrial products company’s stock after selling 438 shares during the quarter. Eaton accounts for approximately 1.2% of Alpha Omega Wealth Management LLC’s investment portfolio, making the stock its 21st biggest holding. Alpha Omega Wealth Management LLC’s holdings in Eaton were worth $6,478,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norden Group LLC acquired a new stake in Eaton during the first quarter worth about $2,176,000. Griffin Asset Management Inc. acquired a new stake in shares of Eaton during the 1st quarter worth approximately $813,000. IAM Advisory LLC purchased a new position in shares of Eaton during the 2nd quarter valued at approximately $599,000. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Eaton by 19.2% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 78,725 shares of the industrial products company’s stock valued at $24,616,000 after purchasing an additional 12,689 shares during the period. Finally, Empowered Funds LLC boosted its holdings in Eaton by 302.4% during the first quarter. Empowered Funds LLC now owns 23,273 shares of the industrial products company’s stock worth $7,277,000 after buying an additional 17,490 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Stock Performance

ETN opened at $326.96 on Friday. The firm has a market capitalization of $130.72 billion, a PE ratio of 38.60, a PEG ratio of 2.53 and a beta of 1.02. The firm’s 50-day moving average price is $302.61 and its 200 day moving average price is $314.43. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.73 EPS for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. As a group, sell-side analysts expect that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend was Monday, August 5th. Eaton’s payout ratio is currently 44.39%.

Insiders Place Their Bets

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 9,900 shares of the company’s stock, valued at approximately $2,858,328. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Michael Yelton sold 3,136 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $303.12, for a total value of $950,584.32. Following the sale, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were 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 directly owns 9,900 shares in the company, valued at approximately $2,858,328. The disclosure for this sale can be found here. Insiders have sold 52,511 shares of company stock valued at $15,809,326 over the last ninety days. Company insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

ETN has been the subject of a number of recent analyst reports. Raymond James cut 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. Jefferies Financial Group upped their price target on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Evercore ISI dropped their price objective on Eaton from $357.00 to $333.00 and set an “outperform” rating on the stock in a report on Monday, August 19th. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, Morgan Stanley started coverage on shares of Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $337.88.

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.