OneAscent Financial Services LLC Reduces Stake in Eaton Co. plc (NYSE:ETN)

OneAscent Financial Services LLC decreased its stake in shares of Eaton Co. plc (NYSE:ETN) by 1.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,925 shares of the industrial products company’s stock after selling 35 shares during the quarter. OneAscent Financial Services LLC’s holdings in Eaton were worth $969,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ETN. Breakwater Investment Management increased its position in 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 in the last quarter. Proffitt & Goodson Inc. purchased a new stake in shares of Eaton in the second quarter valued at $29,000. LGT Financial Advisors LLC purchased a new stake in shares of Eaton in the second quarter valued at $33,000. West Financial Advisors LLC purchased a new stake in shares of Eaton in the third quarter valued at $35,000. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in shares of Eaton in the second quarter valued at $37,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Trading Down 0.3 %

Shares of ETN opened at $357.83 on Tuesday. The stock’s 50-day moving average is $337.19 and its two-hundred day moving average is $321.74. The stock has a market cap of $141.41 billion, a PE ratio of 38.07, a P/E/G ratio of 2.85 and a beta of 1.01. Eaton Co. plc has a 12 month low of $224.52 and a 12 month high of $373.49. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00.

Eaton (NYSE:ETN) last announced 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 for the quarter, compared to analyst estimates of $6.37 billion. During the same period in the previous year, the company earned $2.47 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. Equities analysts forecast that Eaton Co. plc will post 10.79 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 4th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date is Monday, November 4th. Eaton’s payout ratio is 40.00%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on ETN shares. Sanford C. Bernstein started coverage on Eaton in a research report on Tuesday, November 5th. They issued an “outperform” rating and a $382.00 price objective for the company. Citigroup began coverage on Eaton in a report on Monday, September 16th. They issued a “buy” rating and a $348.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $374.00 target price on shares of Eaton in a report on Friday, November 1st. Raymond James reduced their target price on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Finally, Barclays reduced their target price on Eaton from $327.00 to $320.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $357.83.

Insider Transactions at Eaton

In other Eaton news, Director Karenann K. Terrell bought 500 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average cost of $298.97 per share, with a total value of $149,485.00. Following the completion of the transaction, the director now owns 500 shares in the company, valued at $149,485. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction dated Thursday, August 29th. The stock was 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 trade was a 44.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 68,705 shares of company stock valued at $24,516,346. 0.33% of the stock is currently owned by insiders.

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.