BNC Wealth Management LLC Sells 5,766 Shares of Eaton Co. plc (NYSE:ETN)

BNC Wealth Management LLC cut its holdings in Eaton Co. plc (NYSE:ETN - Free Report) by 32.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,193 shares of the industrial products company's stock after selling 5,766 shares during the quarter. Eaton accounts for approximately 1.2% of BNC Wealth Management LLC's holdings, making the stock its 29th largest position. BNC Wealth Management LLC's holdings in Eaton were worth $3,314,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ETN. Capital A Wealth Management LLC purchased a new stake in Eaton during the 4th quarter valued at $26,000. Flagship Wealth Advisors LLC purchased a new stake in Eaton during the 4th quarter valued at $27,000. Noble Wealth Management PBC purchased a new stake in Eaton during the 4th quarter valued at $30,000. Murphy & Mullick Capital Management Corp purchased a new stake in Eaton during the 4th quarter valued at $33,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in Eaton during the 4th quarter valued at $33,000. 82.97% of the stock is owned by institutional investors.

Eaton Price Performance

ETN stock traded down $7.08 during trading on Friday, reaching $323.26. The company's stock had a trading volume of 1,565,268 shares, compared to its average volume of 2,643,441. Eaton Co. plc has a 1 year low of $231.85 and a 1 year high of $379.99. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $126.49 billion, a P/E ratio of 34.03, a price-to-earnings-growth ratio of 2.64 and a beta of 1.16. The company's fifty day moving average is $304.79 and its 200-day moving average is $314.63.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.70 by $0.02. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The business had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the prior year, the firm earned $2.40 EPS. The business's revenue was up 7.3% on a year-over-year basis. On average, research analysts expect that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.29%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's dividend payout ratio (DPR) is presently 41.98%.

Insider Buying and Selling at Eaton

In related news, insider Michael Yelton sold 2,120 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the transaction, the insider now owns 3,382 shares of the company's stock, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Craig Arnold sold 51,054 shares of the stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $305.43, for a total transaction of $15,593,423.22. Following the completion of the transaction, the insider now directly owns 489,444 shares of the company's stock, valued at approximately $149,490,880.92. The trade was a 9.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock valued at $49,622,894 in the last 90 days. Insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ETN. Citigroup boosted their target price on shares of Eaton from $323.00 to $351.00 and gave the company a "buy" rating in a research note on Monday, May 5th. Wall Street Zen upgraded Eaton from a "hold" rating to a "buy" rating in a research note on Sunday, May 18th. Barclays upped their price objective on Eaton from $306.00 to $323.00 and gave the stock an "equal weight" rating in a research note on Monday, June 9th. BNP Paribas initiated coverage on Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective for the company. Finally, KeyCorp upped their price objective on Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat, Eaton currently has a consensus rating of "Moderate Buy" and an average price target of $368.78.

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.