Atria Wealth Solutions Inc. Reduces Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Atria Wealth Solutions Inc. has reduced its stake in Eaton Corporation by 7.8%, holding 13,935 shares worth approximately $3.79 million after selling 1,184 shares in Q1.
• Institutional investors own 82.97% of Eaton's stock, with notable increases in stakes from firms like Brighton Jones LLC and Kennebec Savings Bank in the recent quarter.
• Eaton reported $2.95 EPS for Q2, beating analyst expectations, with revenue of $7.03 billion, marking a 10.7% increase compared to the previous year.

Atria Wealth Solutions Inc. lessened its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 7.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,935 shares of the industrial products company's stock after selling 1,184 shares during the period. Atria Wealth Solutions Inc.'s holdings in Eaton were worth $3,788,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in Eaton by 0.7% in the first quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company's stock valued at $3,593,000 after acquiring an additional 96 shares in the last quarter. Bearing Point Capital LLC acquired a new position in Eaton in the fourth quarter valued at $2,713,000. Brighton Jones LLC boosted its stake in Eaton by 4.9% in the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company's stock valued at $953,000 after acquiring an additional 164 shares in the last quarter. Kennebec Savings Bank boosted its stake in Eaton by 5.4% in the first quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock valued at $738,000 after acquiring an additional 139 shares in the last quarter. Finally, American National Bank & Trust boosted its stake in Eaton by 5.4% in the first quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock valued at $855,000 after acquiring an additional 162 shares in the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Eaton Trading Up 0.3%

Shares of Eaton stock opened at $359.27 on Friday. Eaton Corporation, PLC has a 12-month low of $231.85 and a 12-month high of $399.56. The company has a current ratio of 1.24, a quick ratio of 0.84 and a debt-to-equity ratio of 0.47. The stock has a market cap of $140.58 billion, a PE ratio of 36.14, a price-to-earnings-growth ratio of 2.70 and a beta of 1.18. The company has a 50-day moving average of $354.13 and a two-hundred day moving average of $318.34.

Eaton (NYSE:ETN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.92 by $0.03. Eaton had a net margin of 15.11% and a return on equity of 23.91%. The company had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.93 billion. During the same period last year, the company posted $2.73 earnings per share. The firm's quarterly revenue was up 10.7% compared to the same quarter last year. On average, research analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton's dividend payout ratio (DPR) is 41.85%.

Insider Buying and Selling at Eaton

In other news, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the transaction, the insider directly owned 490,208 shares of the company's stock, valued at $158,214,632. This trade represents a 17.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ETN. BNP Paribas Exane began coverage on shares of Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price for the company. JPMorgan Chase & Co. increased their target price on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. The Goldman Sachs Group increased their target price on shares of Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. BNP Paribas began coverage on shares of Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price for the company. Finally, Citigroup increased their target price on shares of Eaton from $420.00 to $425.00 and gave the stock a "buy" rating in a research note on Wednesday. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $383.63.

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.

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