SWS Partners Sells 2,638 Shares of Eaton Co. plc (NYSE:ETN)

SWS Partners lessened its holdings in Eaton Co. plc (NYSE:ETN) by 21.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,734 shares of the industrial products company’s stock after selling 2,638 shares during the quarter. Eaton makes up approximately 1.0% of SWS Partners’ investment portfolio, making the stock its 23rd largest position. SWS Partners’ holdings in Eaton were worth $3,226,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in ETN. Breakwater Investment Management raised its holdings in Eaton by 1,560.0% during the 2nd quarter. Breakwater Investment Management now owns 83 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 78 shares during the last quarter. Atwood & Palmer Inc. raised its holdings in Eaton by 142.9% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 50 shares during the last quarter. Proffitt & Goodson Inc. bought a new stake in shares of Eaton in the 2nd quarter valued at $29,000. Redmont Wealth Advisors LLC bought a new stake in shares of Eaton in the 1st quarter valued at $33,000. Finally, LGT Financial Advisors LLC bought a new stake in shares of Eaton in the 2nd quarter valued at $33,000. Institutional investors own 82.97% of the company’s stock.

Insider Activity at Eaton

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the sale, the insider now directly owns 9,900 shares in the company, valued at approximately $2,858,328. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $288.72, for a total transaction of $96,721.20. Following the sale, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Dorothy C. Thompson purchased 2,205 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the transaction, the director now owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. The disclosure for this purchase can be found here. In the last three months, insiders have sold 52,511 shares of company stock worth $15,809,326. Company insiders own 0.53% of the company’s stock.

Eaton Stock Performance

Shares of NYSE:ETN traded down $6.14 during midday trading on Tuesday, reaching $339.47. The company had a trading volume of 1,260,645 shares, compared to its average volume of 2,124,799. The company’s 50 day moving average price is $309.18 and its 200 day moving average price is $315.84. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.44. The stock has a market cap of $135.72 billion, a P/E ratio of 40.84, a P/E/G ratio of 2.58 and a beta of 1.02. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $347.35.

Eaton (NYSE:ETN) last announced its quarterly earnings data 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 business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.35 billion. As a group, sell-side analysts anticipate that Eaton Co. plc will post 10.75 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 5th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio is currently 44.39%.

Analysts Set New Price Targets

Several analysts have recently weighed in on ETN shares. Evercore ISI lowered their price objective on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Royal Bank of Canada reduced their price target on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Jefferies Financial Group lifted their price target on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Citigroup started coverage on shares of Eaton in a research report on Monday, September 16th. They issued a “buy” rating and a $348.00 price target for the company. Finally, Wolfe Research raised shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $339.47.

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.