L & S Advisors Inc Sells 3,797 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• L & S Advisors Inc reduced its stake in Eaton Corporation by 13.4%, selling 3,797 shares, bringing its total holdings to 24,560 shares valued at approximately $6.68 million.
• Eaton's quarterly earnings report showed an EPS of $2.72, surpassing analysts' estimates of $2.70, with a revenue of $6.38 billion, a 7.3% increase year-over-year.
• The company declared a quarterly dividend of $1.04 per share, with an ex-dividend date of August 7th, contributing to a 1.1% dividend yield.

L & S Advisors Inc lessened its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 13.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 24,560 shares of the industrial products company's stock after selling 3,797 shares during the period. L & S Advisors Inc's holdings in Eaton were worth $6,676,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. IMA Advisory Services Inc. acquired a new position in shares of Eaton during the first quarter worth approximately $25,000. Capital A Wealth Management LLC acquired a new position in shares of Eaton during the fourth quarter worth approximately $26,000. Creative Financial Designs Inc. ADV boosted its position in shares of Eaton by 102.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock worth $27,000 after buying an additional 51 shares during the period. Vermillion Wealth Management Inc. acquired a new position in shares of Eaton during the fourth quarter worth approximately $33,000. Finally, Abound Wealth Management boosted its position in shares of Eaton by 73.8% during the first quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock worth $40,000 after buying an additional 62 shares during the period. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Stock Down 7.1%

Shares of ETN traded down $27.25 during mid-day trading on Tuesday, hitting $357.51. 2,714,669 shares of the company's stock were exchanged, compared to its average volume of 3,046,961. The firm has a fifty day moving average of $352.19 and a two-hundred day moving average of $317.69. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $399.56. The stock has a market cap of $139.89 billion, a price-to-earnings ratio of 36.10, a P/E/G ratio of 2.88 and a beta of 1.18. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $2.95 EPS for the quarter, topping the consensus estimate of $2.92 by $0.03. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the prior year, the business posted $2.73 EPS. Eaton's quarterly revenue was up 10.7% on a year-over-year basis. On average, sell-side analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton's dividend payout ratio is currently 41.98%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ETN shares. BNP Paribas initiated coverage on Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective for the company. KeyCorp upped their price target on shares of Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. JPMorgan Chase & Co. upped their price target 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. Wells Fargo & Company upped their price target on shares of Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Finally, Morgan Stanley cut their target price on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $377.89.

Insider Activity

In related news, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction 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 sale, the insider directly owned 490,208 shares of the company's stock, valued at approximately $158,214,632. This represents a 17.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company's stock.

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.