Prime Capital Investment Advisors LLC Trims Stock Holdings in Eaton Co. plc (NYSE:ETN)

Prime Capital Investment Advisors LLC lessened its stake in shares of Eaton Co. plc (NYSE:ETN) by 36.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 16,988 shares of the industrial products company’s stock after selling 9,948 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Eaton were worth $5,327,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. LifeSteps Financial Inc. acquired a new stake in Eaton in the 1st quarter valued at approximately $25,000. Breakwater Investment Management boosted its position in shares of Eaton by 1,560.0% during the second quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after buying an additional 78 shares during the period. Atwood & Palmer Inc. grew its stake in shares of Eaton by 142.9% in the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after buying an additional 50 shares in the last quarter. Proffitt & Goodson Inc. purchased a new stake in shares of Eaton in the 2nd quarter valued at $29,000. Finally, LGT Financial Advisors LLC acquired a new position in Eaton during the 2nd quarter worth about $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Eaton

In other news, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the sale, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the transaction, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Heath B. Monesmith sold 49,040 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the completion of the sale, the insider now owns 71,262 shares of the company’s stock, valued at approximately $21,451,287.24. The disclosure for this sale can be found here. Insiders sold 52,511 shares of company stock worth $15,809,326 over the last 90 days. Corporate insiders own 0.53% of the company’s stock.

Eaton Stock Up 0.8 %

Shares of NYSE ETN opened at $305.80 on Monday. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The company has a market capitalization of $122.26 billion, a price-to-earnings ratio of 36.10, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. The business has a 50-day moving average of $300.56 and a two-hundred day moving average of $311.83.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.12. Eaton had a return on equity of 21.45% and a net margin of 15.12%. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.35 billion. On average, analysts forecast that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Dividend Announcement

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

Analyst Ratings Changes

ETN has been the subject of several research reports. Evercore ISI dropped their target price on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Raymond James dropped 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. Royal Bank of Canada reduced their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Jefferies Financial Group boosted their price target on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Finally, Barclays upped their price objective on Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Four investment 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 company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.