Keyes Stange & Wooten Wealth Management LLC Has $1.20 Million Stock Position in Eaton Co. plc (NYSE:ETN)

Keyes Stange & Wooten Wealth Management LLC lessened its holdings in shares of Eaton Co. plc (NYSE:ETN) by 1.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,615 shares of the industrial products company’s stock after selling 51 shares during the quarter. Eaton makes up approximately 0.7% of Keyes Stange & Wooten Wealth Management LLC’s investment portfolio, making the stock its 17th largest position. Keyes Stange & Wooten Wealth Management LLC’s holdings in Eaton were worth $1,198,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Nicolet Advisory Services LLC raised its position in shares of Eaton by 17.4% in the third quarter. Nicolet Advisory Services LLC now owns 9,581 shares of the industrial products company’s stock valued at $3,133,000 after purchasing an additional 1,421 shares during the period. Meridian Wealth Management LLC grew its stake in Eaton by 16.4% in the 3rd quarter. Meridian Wealth Management LLC now owns 2,005 shares of the industrial products company’s stock valued at $665,000 after buying an additional 283 shares during the last quarter. Nwam LLC bought a new position in Eaton in the 3rd quarter valued at about $1,750,000. Icon Wealth Advisors LLC lifted its position in Eaton by 1,675.6% during the third quarter. Icon Wealth Advisors LLC now owns 251,848 shares of the industrial products company’s stock worth $83,473,000 after acquiring an additional 237,664 shares during the last quarter. Finally, Covenant Asset Management LLC grew its position in shares of Eaton by 2.6% in the third quarter. Covenant Asset Management LLC now owns 4,965 shares of the industrial products company’s stock valued at $1,646,000 after purchasing an additional 126 shares during the last quarter. Institutional investors own 82.97% of the company’s stock.

Wall Street Analysts Forecast Growth

ETN has been the subject of several research reports. Morgan Stanley began coverage on Eaton in a report on Friday, September 6th. They set an “overweight” rating and a $370.00 price target for the company. Bank of America boosted their target price on shares of Eaton from $350.00 to $410.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Evercore ISI lowered shares of Eaton from an “outperform” rating to an “inline” rating and raised their price target for the stock from $333.00 to $389.00 in a research report on Wednesday, November 13th. Mizuho boosted their price objective on shares of Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, UBS Group began coverage on shares of Eaton in a report on Wednesday, November 13th. They set a “buy” rating and a $431.00 target price on the stock. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $357.83.

Eaton Stock Up 1.7 %

ETN stock opened at $377.41 on Friday. The stock has a market capitalization of $149.15 billion, a P/E ratio of 40.15, a price-to-earnings-growth ratio of 2.94 and a beta of 1.01. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm has a 50-day moving average price of $342.75 and a 200-day moving average price of $323.00. Eaton Co. plc has a 12 month low of $224.52 and a 12 month high of $378.00.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.80 by $0.04. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The business had revenue of $6.35 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter in the prior year, the firm earned $2.47 EPS. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Eaton Co. plc will post 10.79 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 4th were paid a $0.94 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 annualized dividend and a dividend yield of 1.00%. Eaton’s dividend payout ratio is 40.00%.

Insider Buying and Selling

In other news, Director Dorothy C. Thompson acquired 2,205 shares of Eaton stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost of $300.30 per share, with a total value of $662,161.50. Following the purchase, the director now owns 2,205 shares in the company, valued at $662,161.50. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the transaction, the insider now directly owns 3,914 shares of the company’s stock, valued at $1,186,411.68. This represents a 44.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 68,705 shares of company stock valued at $24,516,346 in the last three months. 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.