Institute for Wealth Management LLC. Sells 86 Shares of Eaton Co. plc (NYSE:ETN)

Institute for Wealth Management LLC. cut its position in Eaton Co. plc (NYSE:ETN) by 1.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,109 shares of the industrial products company’s stock after selling 86 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Eaton were worth $1,712,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ETN. Tennessee Valley Asset Management Partners acquired a new stake in Eaton during the fourth quarter worth approximately $25,000. PCA Investment Advisory Services Inc. acquired a new stake in Eaton during the second quarter worth approximately $27,000. Coppell Advisory Solutions Corp. acquired a new stake in Eaton during the fourth quarter worth approximately $30,000. Valued Wealth Advisors LLC acquired a new stake in Eaton during the fourth quarter worth approximately $35,000. Finally, Chilton Capital Management LLC acquired a new stake in Eaton during the fourth quarter worth approximately $35,000. 82.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Eaton

In other news, insider Ernest W. Marshall, Jr. sold 19,750 shares of Eaton stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the completion of the transaction, the insider now directly owns 29,712 shares in the company, valued at $8,116,427.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Heath B. Monesmith sold 13,027 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $291.40, for a total transaction of $3,796,067.80. Following the completion of the transaction, the insider now directly owns 69,472 shares in the company, valued at $20,244,140.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Ernest W. Marshall, Jr. sold 19,750 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $273.17, for a total value of $5,395,107.50. Following the transaction, the insider now owns 29,712 shares of the company’s stock, valued at $8,116,427.04. The disclosure for this sale can be found here. Insiders have sold a total of 38,969 shares of company stock worth $10,904,774 over the last ninety days. 0.53% of the stock is currently owned by company insiders.

Eaton Stock Performance

Eaton stock traded down $5.65 during mid-day trading on Friday, reaching $303.29. 1,921,484 shares of the company’s stock were exchanged, compared to its average volume of 1,891,713. The business’s fifty day simple moving average is $300.20 and its 200 day simple moving average is $253.91. The firm has a market capitalization of $121.16 billion, a PE ratio of 38.29, a P/E/G ratio of 2.57 and a beta of 1.07. Eaton Co. plc has a one year low of $161.12 and a one year high of $331.47. The company has a quick ratio of 1.02, a current ratio of 1.51 and a debt-to-equity ratio of 0.43.

Eaton (NYSE:ETN) last issued its earnings results on Thursday, February 1st. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.08. The firm had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.91 billion. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The business’s revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.06 earnings per share. On average, sell-side analysts expect that Eaton Co. plc will post 10.28 earnings per share for the current year.

Eaton Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 11th were paid a $0.94 dividend. The ex-dividend date of this dividend was Friday, March 8th. This is a positive change from Eaton’s previous quarterly dividend of $0.86. This represents a $3.76 annualized dividend and a dividend yield of 1.24%. Eaton’s payout ratio is presently 46.88%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ETN shares. Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $250.00 to $300.00 in a research note on Tuesday, April 2nd. Berenberg Bank raised their price objective on Eaton from $200.00 to $345.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Mizuho raised their price objective on Eaton from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Bank of America raised their price objective on Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Finally, Citigroup raised their price objective on Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $295.60.

Eaton Company 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.