Kingsview Wealth Management LLC Trims Stake in Eaton Corporation, PLC (NYSE:ETN)

Kingsview Wealth Management LLC reduced its position in Eaton Corporation, PLC (NYSE:ETN) by 0.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 22,227 shares of the industrial products company’s stock after selling 197 shares during the period. Kingsview Wealth Management LLC’s holdings in Eaton were worth $6,042,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital A Wealth Management LLC acquired a new stake in Eaton in the 4th quarter valued at $26,000. Creative Financial Designs Inc. ADV boosted its stake in Eaton by 102.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 51 shares in the last quarter. Murphy & Mullick Capital Management Corp acquired a new position in Eaton in the fourth quarter worth approximately $33,000. Vermillion Wealth Management Inc. purchased a new position in Eaton during the 4th quarter worth approximately $33,000. Finally, Abound Wealth Management boosted its stake in shares of Eaton by 73.8% during the 1st quarter. Abound Wealth Management now owns 146 shares of the industrial products company’s stock valued at $40,000 after buying an additional 62 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insiders Place Their Bets

In other news, insider Michael Yelton sold 2,120 shares of the business’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 transaction, the insider directly owned 3,382 shares of the company’s stock, valued at $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Craig Arnold sold 103,486 shares of the business’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 transaction of $33,400,106.50. Following the sale, the insider owned 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 disclosure for this sale can be found here. In the last quarter, insiders sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ETN. Evercore ISI increased their price target on shares of Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a research report on Monday, May 19th. 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 price target on the stock. Wall Street Zen raised shares of Eaton from a “hold” rating to a “buy” rating in a research report on Saturday, July 5th. JPMorgan Chase & Co. boosted their price objective on shares of Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a report on Friday, May 16th. Finally, Morgan Stanley lowered their price objective on shares of Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a research report on Tuesday, May 6th. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $377.89.

Eaton Trading Up 4.8%

Eaton stock opened at $380.49 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The firm has a 50-day moving average of $337.91 and a 200-day moving average of $314.48. The company has a market cap of $148.88 billion, a price-to-earnings ratio of 38.39, a P/E/G ratio of 2.74 and a beta of 1.17. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $387.50.

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, topping analysts’ consensus estimates of $2.70 by $0.02. The firm 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.40 earnings per share. On average, equities analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date was Monday, May 5th. Eaton’s payout ratio is presently 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.