Wealthspire Advisors LLC Cuts Holdings in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• Wealthspire Advisors LLC reduced its stake in Eaton Corporation by 15.7%, selling 1,366 shares, and now holds 7,358 shares valued at approximately $2 million.
• Eaton's stock recently traded at $363.07, with a market cap of $141.34 billion and a P/E ratio of 36.53.
• The company announced a quarterly dividend of $1.04 per share, with a yield of 1.1%, to be paid on August 22nd.

Wealthspire Advisors LLC lowered its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 15.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 7,358 shares of the industrial products company's stock after selling 1,366 shares during the period. Wealthspire Advisors LLC's holdings in Eaton were worth $2,000,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ETN. Annis Gardner Whiting Capital Advisors LLC raised its position in shares of Eaton by 27.8% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 1,863 shares of the industrial products company's stock valued at $506,000 after buying an additional 405 shares in the last quarter. West Michigan Advisors LLC raised its position in shares of Eaton by 0.7% during the 1st quarter. West Michigan Advisors LLC now owns 12,108 shares of the industrial products company's stock valued at $3,291,000 after buying an additional 80 shares in the last quarter. iA Global Asset Management Inc. purchased a new stake in shares of Eaton during the 1st quarter valued at about $554,000. Cary Street Partners Investment Advisory LLC raised its position in shares of Eaton by 9.1% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 2,478 shares of the industrial products company's stock valued at $674,000 after buying an additional 207 shares in the last quarter. Finally, Levin Capital Strategies L.P. raised its position in shares of Eaton by 20.0% during the 1st quarter. Levin Capital Strategies L.P. now owns 18,182 shares of the industrial products company's stock valued at $4,942,000 after buying an additional 3,032 shares in the last quarter. Institutional investors own 82.97% of the company's stock.

Eaton Stock Down 1.1%

ETN traded down $3.86 during trading on Monday, hitting $358.98. The stock had a trading volume of 546,204 shares, compared to its average volume of 3,063,871. The company has a market capitalization of $139.75 billion, a PE ratio of 36.13, a PEG ratio of 2.68 and a beta of 1.18. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $399.56. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.76 and a current ratio of 1.24. The stock has a 50 day simple moving average of $354.99 and a two-hundred day simple moving average of $317.65.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings data 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 15.11% and a return on equity of 23.91%. The business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the previous year, the firm posted $2.73 earnings per share. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, research analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently announced 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 (DPR) is 41.85%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ETN. Sanford C. Bernstein restated an "outperform" rating and set a $396.00 target price on shares of Eaton in a research report on Monday, July 14th. The Goldman Sachs Group increased their price objective on shares of Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Citigroup increased 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. 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 report on Monday, May 5th. Finally, Wall Street Zen downgraded shares of Eaton from a "buy" rating to a "hold" rating in a research note on Saturday, August 2nd. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently 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.