Sheaff Brock Investment Advisors LLC Sells 4,068 Shares of Eaton Co. plc (NYSE:ETN)

Sheaff Brock Investment Advisors LLC decreased its position in shares of Eaton Co. plc (NYSE:ETN) by 84.2% in the 1st quarter, Holdings Channel reports. The fund owned 761 shares of the industrial products company’s stock after selling 4,068 shares during the quarter. Sheaff Brock Investment Advisors LLC’s holdings in Eaton were worth $238,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ritholtz Wealth Management grew its stake in shares of Eaton by 5.1% during the 4th quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock worth $1,379,000 after acquiring an additional 277 shares during the period. Pinnbrook Capital Management LP bought a new position in Eaton in the 4th quarter worth about $15,109,000. Congress Wealth Management LLC DE boosted its stake in Eaton by 8.1% in the 4th quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock worth $18,479,000 after purchasing an additional 5,725 shares during the period. Pacer Advisors Inc. boosted its stake in Eaton by 30.5% in the 4th quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock worth $8,205,000 after purchasing an additional 7,964 shares during the period. Finally, Norden Group LLC bought a new position in Eaton in the 1st quarter worth about $2,176,000. Institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Shares of NYSE ETN traded up $4.91 during trading hours on Friday, reaching $297.79. 3,090,006 shares of the stock traded hands, compared to its average volume of 2,170,230. The company has a market capitalization of $119.06 billion, a P/E ratio of 35.16, a price-to-earnings-growth ratio of 2.45 and a beta of 1.02. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19. The company’s 50-day simple moving average is $322.30 and its two-hundred day simple moving average is $303.25.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The business had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same period last year, the company earned $1.88 EPS. Eaton’s revenue for the quarter was up 8.4% compared to the same quarter last year. Equities research analysts forecast that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Monday, August 5th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $3.76 annualized dividend and a yield of 1.26%. Eaton’s payout ratio is 44.39%.

Insider Transactions at Eaton

In other news, insider Peter Denk sold 2,416 shares of Eaton stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the sale, the insider now directly owns 5,086 shares in the company, valued at approximately $1,687,738.24. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

ETN has been the subject of several analyst reports. Barclays raised their target price on Eaton from $316.00 to $318.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Raymond James started coverage on Eaton in a research note on Friday, June 28th. They issued an “outperform” rating and a $375.00 target price for the company. JPMorgan Chase & Co. raised their price target on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Jefferies Financial Group raised their price target on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Finally, HSBC raised their price target on Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $323.06.

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.