Eaton Corporation, PLC (NYSE:ETN) Shares Sold by Leeward Financial Partners LLC

Key Points

• Leeward Financial Partners LLC reduced its stake in Eaton Corporation by 52.7%, holding 8,714 shares valued at approximately $2.37 million after selling 9,720 shares.
• Analysts have given Eaton Corporation an average rating of "Moderate Buy" with a target price of $377.89, highlighting a range of price increases from research firms, including Wells Fargo and Goldman Sachs.
• Eaton recently reported $2.95 earnings per share, surpassing expectations, with a revenue of $7.03 billion, marking a year-over-year increase of 10.7%.

Leeward Financial Partners LLC reduced its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 52.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,714 shares of the industrial products company's stock after selling 9,720 shares during the quarter. Leeward Financial Partners LLC's holdings in Eaton were worth $2,369,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ETN. Checchi Capital Advisers LLC increased its position in Eaton by 0.7% during the 1st quarter. Checchi Capital Advisers LLC now owns 5,071 shares of the industrial products company's stock valued at $1,378,000 after purchasing an additional 37 shares during the period. Lantern Wealth Advisors LLC increased its stake in shares of Eaton by 1.0% during the fourth quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company's stock valued at $1,340,000 after purchasing an additional 38 shares in the last quarter. AGH Wealth Advisors LLC lifted its holdings in shares of Eaton by 2.6% during the first quarter. AGH Wealth Advisors LLC now owns 1,517 shares of the industrial products company's stock valued at $412,000 after purchasing an additional 38 shares during the last quarter. Revolve Wealth Partners LLC raised its stake in Eaton by 4.2% during the first quarter. Revolve Wealth Partners LLC now owns 951 shares of the industrial products company's stock valued at $259,000 after buying an additional 38 shares during the last quarter. Finally, Tritonpoint Wealth LLC boosted its holdings in Eaton by 3.9% in the first quarter. Tritonpoint Wealth LLC now owns 1,038 shares of the industrial products company's stock worth $282,000 after acquiring an additional 39 shares in the last quarter. Institutional investors own 82.97% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on ETN. BNP Paribas Exane started coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price on the stock. Royal Bank Of Canada increased their price objective on shares of Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. The Goldman Sachs Group upped their target price on shares of Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. KeyCorp increased their price objective on shares of Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Finally, Wells Fargo & Company lifted their target price on Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Eaton presently has an average rating of "Moderate Buy" and an average price target of $383.63.

Insider Buying and Selling

In other news, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total value 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 approximately $158,214,632. The trade was a 17.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.30% of the stock is owned by company insiders.

Eaton Trading Up 0.8%

Shares of NYSE ETN traded up $2.91 during midday trading on Friday, hitting $363.07. The company's stock had a trading volume of 2,139,096 shares, compared to its average volume of 2,661,468. 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 firm has a market cap of $141.34 billion, a P/E ratio of 36.53, a price-to-earnings-growth ratio of 2.66 and a beta of 1.18. The business's 50 day moving average is $354.13 and its two-hundred day moving average is $318.34.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.03. The company had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.93 billion. Eaton had a net margin of 15.11% and a return on equity of 23.91%. The firm's quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.73 EPS. As a group, equities research analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be paid a $1.04 dividend. The ex-dividend date of this dividend is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a yield of 1.1%. Eaton's payout ratio is 41.85%.

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.