Strait & Sound Wealth Management LLC Sells 86 Shares of Eaton Co. plc (NYSE:ETN)

Strait & Sound Wealth Management LLC cut its holdings in Eaton Co. plc (NYSE:ETN) by 7.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,123 shares of the industrial products company’s stock after selling 86 shares during the period. Strait & Sound Wealth Management LLC’s holdings in Eaton were worth $373,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of ETN. Flagship Wealth Advisors LLC bought a new stake in Eaton during the fourth quarter valued at about $27,000. Noble Wealth Management PBC bought a new stake in Eaton during the fourth quarter valued at about $30,000. Murphy & Mullick Capital Management Corp bought a new stake in Eaton during the fourth quarter valued at about $33,000. Activest Wealth Management boosted its holdings in Eaton by 621.4% during the fourth quarter. Activest Wealth Management now owns 101 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 87 shares during the period. Finally, Knuff & Co LLC bought a new stake in Eaton during the fourth quarter valued at about $37,000. 82.97% of the stock is currently owned by institutional investors.

Insider Transactions at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider now owns 490,208 shares of the company’s stock, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael Yelton sold 2,120 shares of the firm’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the sale, the insider now directly owns 3,382 shares of the company’s stock, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 156,660 shares of company stock valued at $49,622,894. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ETN. Citigroup upped their price target on shares of Eaton from $323.00 to $351.00 and gave the company a “buy” rating in a report on Monday, May 5th. Royal Bank of Canada increased their target price 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. Melius cut shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price for the company. in a research note on Tuesday, January 28th. JPMorgan Chase & Co. increased their target price on shares of Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Finally, Jefferies Financial Group reduced their target price on shares of Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research note on Wednesday, March 12th. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, Eaton presently has an average rating of “Moderate Buy” and an average price target of $367.83.

Eaton Stock Performance

NYSE ETN opened at $320.86 on Friday. The firm has a market cap of $125.55 billion, a price-to-earnings ratio of 33.77, a PEG ratio of 2.64 and a beta of 1.14. The company has a 50 day moving average of $290.07 and a 200-day moving average of $319.44. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a 1-year low of $231.85 and a 1-year high of $379.99.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.02. The company had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The company’s revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the business posted $2.40 earnings per share. On average, equities analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Monday, May 5th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.30%. The ex-dividend date of this dividend is Monday, May 5th. Eaton’s payout ratio is 41.98%.

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.