Naples Global Advisors LLC Sells 96 Shares of Eaton Co. plc (NYSE:ETN)

Naples Global Advisors LLC cut its holdings in Eaton Co. plc (NYSE:ETN) by 3.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,336 shares of the industrial products company’s stock after selling 96 shares during the period. Naples Global Advisors LLC’s holdings in Eaton were worth $635,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Norden Group LLC increased its holdings in Eaton by 3.4% in the fourth quarter. Norden Group LLC now owns 978 shares of the industrial products company’s stock valued at $325,000 after buying an additional 32 shares in the last quarter. TFC Financial Management Inc. increased its holdings in Eaton by 4.7% in the fourth quarter. TFC Financial Management Inc. now owns 752 shares of the industrial products company’s stock valued at $250,000 after buying an additional 34 shares in the last quarter. Nwam LLC increased its holdings in Eaton by 0.6% in the fourth quarter. Nwam LLC now owns 5,314 shares of the industrial products company’s stock valued at $1,764,000 after buying an additional 34 shares in the last quarter. Founders Financial Alliance LLC increased its holdings in Eaton by 0.7% in the fourth quarter. Founders Financial Alliance LLC now owns 5,415 shares of the industrial products company’s stock valued at $1,797,000 after buying an additional 35 shares in the last quarter. Finally, Sound View Wealth Advisors Group LLC increased its stake in shares of Eaton by 1.1% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 3,587 shares of the industrial products company’s stock worth $1,190,000 after purchasing an additional 38 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Insider Transactions at Eaton

In other news, insider Craig Arnold sold 51,054 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $305.43, for a total value of $15,593,423.22. Following the transaction, the insider now directly owns 489,444 shares in the company, valued at approximately $149,490,880.92. This represents a 9.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the transaction, the insider now owns 3,382 shares in the company, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. 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. Barclays cut their target price on shares of Eaton from $315.00 to $306.00 and set an “equal weight” rating for the company in a research note on Friday, April 4th. Citigroup boosted their target price on shares of Eaton from $323.00 to $351.00 and gave the stock a “buy” rating in a research note on Monday, May 5th. BNP Paribas assumed coverage on shares of Eaton in a research note on Thursday, May 15th. They set an “outperform” rating and a $380.00 target price for the company. Finally, BNP Paribas Exane assumed coverage on shares of Eaton in a research note on Thursday, May 15th. They set an “outperform” rating and a $380.00 target price for the company. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $367.83.

Eaton Stock Performance

NYSE:ETN opened at $331.71 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The firm has a market capitalization of $129.80 billion, a price-to-earnings ratio of 34.92, a PEG ratio of 2.64 and a beta of 1.16. The company’s 50-day moving average is $298.11 and its two-hundred day moving average is $316.64. 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 earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.70 by $0.02. The company had revenue of $6.38 billion for 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%. Eaton’s revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.40 EPS. Analysts forecast that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued a $1.04 dividend. The ex-dividend date was Monday, May 5th. This represents a $4.16 annualized dividend and a dividend yield of 1.25%. Eaton’s dividend payout ratio is currently 41.98%.

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.