Independent Advisor Alliance Sells 2,301 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Independent Advisor Alliance reduced its holdings in Eaton Corporation by 6.5%, selling 2,301 shares, leaving them with 33,213 shares valued at approximately $9 million.
• Analysts have raised their target prices for Eaton with JPMorgan setting it at $360 and Morgan Stanley at $425, while maintaining a positive outlook with most ratings of "buy" or "overweight."
• Eaton reported a strong quarterly performance with $2.95 EPS and $7.03 billion in revenue, exceeding analyst expectations, and also announced a quarterly dividend of $1.04 per share.

Independent Advisor Alliance lowered its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 6.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 33,213 shares of the industrial products company's stock after selling 2,301 shares during the period. Independent Advisor Alliance's holdings in Eaton were worth $9,028,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of ETN. Brighton Jones LLC boosted its holdings in Eaton by 1.4% in the 4th quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock valued at $1,109,000 after purchasing an additional 45 shares during the period. Revolve Wealth Partners LLC increased its position in shares of Eaton by 17.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock worth $303,000 after buying an additional 136 shares during the period. Bank Pictet & Cie Europe AG acquired a new stake in shares of Eaton during the fourth quarter worth $42,839,000. CenterBook Partners LP acquired a new stake in Eaton in the fourth quarter worth $424,000. Finally, Townsquare Capital LLC grew its holdings in Eaton by 18.0% in the fourth quarter. Townsquare Capital LLC now owns 5,997 shares of the industrial products company's stock worth $1,990,000 after purchasing an additional 916 shares during the period. Institutional investors and hedge funds own 82.97% of the company's stock.

Insider Transactions at Eaton

In other Eaton news, insider Olivier Leonetti sold 16,018 shares of Eaton stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $358.39, for a total transaction of $5,740,691.02. Following the completion of the sale, the insider directly owned 630 shares in the company, valued at $225,785.70. The trade was a 96.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ETN. Royal Bank Of Canada raised their price objective on shares of Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research note on Monday, May 5th. Wall Street Zen lowered shares of Eaton from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. BNP Paribas Exane assumed coverage on shares of Eaton in a research report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective on the stock. Citigroup lifted their price objective on shares of Eaton from $420.00 to $425.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Finally, Raymond James Financial set a $415.00 price objective on shares of Eaton and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $383.63.

Eaton Price Performance

NYSE:ETN traded down $2.52 during mid-day trading on Thursday, hitting $354.98. 1,895,071 shares of the stock traded hands, compared to its average volume of 3,065,979. The business's 50-day moving average price is $357.16 and its 200 day moving average price is $318.17. The company has a market cap of $138.19 billion, a PE ratio of 35.71, a price-to-earnings-growth ratio of 2.68 and a beta of 1.18. Eaton Corporation, PLC has a 12-month low of $231.85 and a 12-month high of $399.56. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.47.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $2.95 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%. Eaton's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.73 earnings per share. On average, analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, August 7th. This represents a $4.16 annualized dividend and a yield of 1.2%. Eaton's payout ratio is presently 41.85%.

Eaton Company 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.