AE Wealth Management LLC Has $4.71 Million Stock Holdings in Eaton Co. plc (NYSE:ETN)

Posted by Defense World Staff on Sep 21st, 2023

AE Wealth Management LLC raised its position in Eaton Co. plc (NYSE:ETN – Free Report) by 21.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,394 shares of the industrial products company’s stock after buying an additional 4,056 shares during the quarter. AE Wealth Management LLC’s holdings in Eaton were worth $4,705,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Journey Advisory Group LLC lifted its position in shares of Eaton by 2.8% during the 1st quarter. Journey Advisory Group LLC now owns 4,807 shares of the industrial products company’s stock valued at $824,000 after acquiring an additional 133 shares during the period. MQS Management LLC bought a new stake in shares of Eaton during the 1st quarter valued at $384,000. Shelton Capital Management lifted its position in shares of Eaton by 40.5% during the 1st quarter. Shelton Capital Management now owns 3,553 shares of the industrial products company’s stock valued at $609,000 after acquiring an additional 1,024 shares during the period. Marshall Financial Group LLC lifted its position in shares of Eaton by 12.8% during the 1st quarter. Marshall Financial Group LLC now owns 2,967 shares of the industrial products company’s stock valued at $508,000 after acquiring an additional 337 shares during the period. Finally, Means Investment CO. Inc. lifted its position in shares of Eaton by 2.4% during the 1st quarter. Means Investment CO. Inc. now owns 3,639 shares of the industrial products company’s stock valued at $623,000 after acquiring an additional 84 shares during the period. 81.02% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Craig Arnold sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $219.45, for a total transaction of $21,945,000.00. Following the completion of the sale, the insider now owns 516,875 shares of the company’s stock, valued at $113,428,218.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Taras G. Jr. Szmagala sold 1,869 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $226.68, for a total transaction of $423,664.92. Following the completion of the sale, the insider now owns 7,431 shares of the company’s stock, valued at $1,684,459.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Craig Arnold sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $219.45, for a total value of $21,945,000.00. Following the sale, the insider now directly owns 516,875 shares of the company’s stock, valued at approximately $113,428,218.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 116,650 shares of company stock valued at $25,686,391. Company insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

ETN has been the subject of several recent analyst reports. Citigroup upped their price objective on Eaton from $190.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, July 18th. Morgan Stanley upped their price objective on Eaton from $215.00 to $235.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 2nd. Barclays upped their price objective on Eaton from $170.00 to $198.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 2nd. HSBC upped their price objective on Eaton from $161.00 to $210.00 and gave the stock a “hold” rating in a research report on Thursday, August 31st. Finally, Wolfe Research downgraded Eaton from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $211.93.

View Our Latest Report on ETN

Eaton Trading Down 0.7 %

Shares of ETN stock opened at $214.65 on Thursday. The stock has a market cap of $85.65 billion, a price-to-earnings ratio of 31.71, a PEG ratio of 2.14 and a beta of 1.11. The stock has a 50-day moving average of $218.36 and a 200-day moving average of $191.04. The company has a current ratio of 1.53, a quick ratio of 0.99 and a debt-to-equity ratio of 0.49. Eaton Co. plc has a 1-year low of $129.85 and a 1-year high of $240.44.

Eaton (NYSE:ETN – Get Free Report) last issued its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $2.21 earnings per share for the quarter, beating the consensus estimate of $2.11 by $0.10. The company had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.76 billion. Eaton had a return on equity of 19.06% and a net margin of 12.29%. The business’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.87 earnings per share. On average, equities research analysts forecast that Eaton Co. plc will post 8.81 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Monday, August 7th were paid a $0.86 dividend. The ex-dividend date was Friday, August 4th. This represents a $3.44 annualized dividend and a dividend yield of 1.60%. Eaton’s payout ratio is 50.81%.

Eaton Company Profile

(Free Report)

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.