Heartwood Wealth Advisors LLC Trims Stake in Eaton Corporation, PLC (NYSE:ETN)

Heartwood Wealth Advisors LLC lowered its holdings in shares of Eaton Corporation, PLC (NYSE:ETN) by 4.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,054 shares of the industrial products company’s stock after selling 46 shares during the period. Heartwood Wealth Advisors LLC’s holdings in Eaton were worth $287,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Eaton by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company’s stock worth $12,351,506,000 after acquiring an additional 99,291 shares in the last quarter. FMR LLC boosted its stake in Eaton by 1.2% during the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company’s stock worth $5,051,807,000 after acquiring an additional 182,455 shares in the last quarter. Geode Capital Management LLC boosted its stake in Eaton by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock worth $2,714,677,000 after acquiring an additional 129,071 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in Eaton by 4.3% during the fourth quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company’s stock worth $1,550,226,000 after acquiring an additional 192,482 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Eaton by 8.8% during the fourth quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock worth $1,518,207,000 after acquiring an additional 368,241 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Eaton Trading Up 1.0%

Shares of Eaton stock opened at $333.92 on Thursday. The company’s fifty day simple moving average is $308.45 and its 200-day simple moving average is $314.22. The stock has a market capitalization of $130.66 billion, a PE ratio of 33.70, a P/E/G ratio of 2.56 and a beta of 1.16. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $379.99. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84.

Eaton (NYSE:ETN) last issued its quarterly earnings results 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 business had revenue of $6.38 billion for the quarter, compared to analysts’ expectations of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The company’s revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.40 EPS. As a group, equities analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

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

Analysts Set New Price Targets

ETN has been the topic of several analyst reports. BNP Paribas Exane initiated 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. JPMorgan Chase & Co. upped their target price on shares of Eaton from $300.00 to $360.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Citigroup upped 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 initiated 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. Finally, Jefferies Financial Group dropped their target price on shares of Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a research note on Wednesday, March 12th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $368.78.

Insider Activity

In other news, insider Michael Yelton sold 2,120 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Craig Arnold sold 51,054 shares of the firm’s stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $305.43, for a total transaction of $15,593,423.22. Following the sale, the insider now owns 489,444 shares in the company, valued at $149,490,880.92. The trade was a 9.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock worth $49,622,894 in the last three months. Company insiders own 0.30% of the company’s stock.

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.