Gateway Wealth Partners LLC Sells 181 Shares of Eaton Co. plc (NYSE:ETN)

Gateway Wealth Partners LLC cut its holdings in shares of Eaton Co. plc (NYSE:ETN) by 18.2% during the second quarter, Holdings Channel reports. The fund owned 816 shares of the industrial products company’s stock after selling 181 shares during the period. Gateway Wealth Partners LLC’s holdings in Eaton were worth $256,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Regal Investment Advisors LLC lifted its holdings in Eaton by 406.9% during the 2nd quarter. Regal Investment Advisors LLC now owns 9,485 shares of the industrial products company’s stock worth $2,974,000 after buying an additional 7,614 shares in the last quarter. Quarry LP acquired a new position in Eaton during the 2nd quarter worth $84,000. Sunbelt Securities Inc. lifted its holdings in Eaton by 6.0% during the 2nd quarter. Sunbelt Securities Inc. now owns 2,347 shares of the industrial products company’s stock worth $736,000 after buying an additional 132 shares in the last quarter. Front Row Advisors LLC lifted its holdings in Eaton by 0.4% during the 2nd quarter. Front Row Advisors LLC now owns 7,842 shares of the industrial products company’s stock worth $2,459,000 after buying an additional 35 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Eaton by 5.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 61,374 shares of the industrial products company’s stock worth $19,244,000 after buying an additional 3,361 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Eaton Price Performance

Shares of NYSE ETN opened at $331.44 on Tuesday. The business’s 50 day moving average price is $301.25 and its two-hundred day moving average price is $314.04. The company has a market cap of $132.51 billion, a PE ratio of 39.13, a price-to-earnings-growth ratio of 2.53 and a beta of 1.01. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.44. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share for the quarter, topping analysts’ consensus estimates of $2.61 by $0.12. The firm had revenue of $6.35 billion for the quarter, compared to the consensus estimate of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. On average, analysts predict that Eaton Co. plc will post 10.75 EPS for the current year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio is presently 44.39%.

Insider Transactions at Eaton

In related news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the completion of the sale, the insider now directly owns 9,900 shares in the company, valued at $2,858,328. The sale was disclosed in a filing with the SEC, which is available at this link. In other Eaton news, insider Michael Yelton sold 3,136 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the sale, the insider now directly owns 3,914 shares in the company, valued at $1,186,411.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $288.72, for a total value of $96,721.20. Following the sale, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The disclosure for this sale can be found here. Insiders sold a total of 52,511 shares of company stock worth $15,809,326 over the last quarter. Company insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

ETN has been the topic of several research reports. Barclays upped their price objective on Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Wolfe Research raised Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Jefferies Financial Group increased their price target on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Wells Fargo & Company cut their price target on Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Finally, Morgan Stanley started coverage on Eaton in a research note on Friday, September 6th. They issued an “overweight” rating and a $370.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $337.41.

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.