AXS Investments LLC Reduces Stock Position in Eaton Co. plc (NYSE:ETN)

AXS Investments LLC trimmed its holdings in shares of Eaton Co. plc (NYSE:ETN) by 28.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 195 shares of the industrial products company’s stock after selling 76 shares during the quarter. AXS Investments LLC’s holdings in Eaton were worth $39,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Journey Advisory Group LLC raised its stake in shares of Eaton by 2.8% during the first 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 in the last quarter. LMG Wealth Partners LLC lifted its holdings in shares of Eaton by 3.4% in the 2nd quarter. LMG Wealth Partners LLC now owns 9,080 shares of the industrial products company’s stock worth $1,826,000 after buying an additional 300 shares during the period. Stratos Wealth Partners LTD. increased its stake in shares of Eaton by 8.3% during the second quarter. Stratos Wealth Partners LTD. now owns 20,976 shares of the industrial products company’s stock valued at $4,218,000 after buying an additional 1,600 shares during the period. Soltis Investment Advisors LLC raised its holdings in shares of Eaton by 12.9% in the second quarter. Soltis Investment Advisors LLC now owns 1,721 shares of the industrial products company’s stock valued at $346,000 after acquiring an additional 197 shares in the last quarter. Finally, J.Safra Asset Management Corp lifted its stake in Eaton by 6.2% in the second quarter. J.Safra Asset Management Corp now owns 1,517 shares of the industrial products company’s stock worth $305,000 after acquiring an additional 89 shares during the period. 81.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on ETN shares. HSBC raised their target price on shares of Eaton from $161.00 to $210.00 and gave the company a “hold” rating in a research report on Thursday, August 31st. Morgan Stanley upped their target price on Eaton from $235.00 to $238.00 and gave the stock an “overweight” rating in a report on Monday, September 25th. Barclays increased their target price on Eaton from $185.00 to $187.00 and gave the company an “underweight” rating in a research report on Wednesday, November 1st. Mizuho boosted their price target on Eaton from $210.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Finally, Wells Fargo & Company dropped their price objective on Eaton from $228.00 to $210.00 in a research report on Monday, October 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $219.23.

Eaton Stock Performance

ETN opened at $227.80 on Monday. The company has a market cap of $90.96 billion, a P/E ratio of 30.50, a price-to-earnings-growth ratio of 2.18 and a beta of 1.07. The company has a quick ratio of 0.96, a current ratio of 1.45 and a debt-to-equity ratio of 0.44. The firm’s 50-day moving average price is $213.10 and its 200-day moving average price is $204.76. Eaton Co. plc has a 52-week low of $150.86 and a 52-week high of $240.44.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Tuesday, October 31st. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.34 by $0.13. The business had revenue of $5.88 billion for the quarter, compared to analyst estimates of $5.89 billion. Eaton had a net margin of 13.24% and a return on equity of 19.49%. Eaton’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.02 EPS. As a group, equities analysts anticipate that Eaton Co. plc will post 9.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Monday, November 6th will be paid a dividend of $0.86 per share. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $3.44 annualized dividend and a yield of 1.51%. Eaton’s payout ratio is presently 46.05%.

Insider Activity

In related news, insider Thomas B. Okray sold 4,950 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $231.09, for a total value of $1,143,895.50. Following the sale, the insider now owns 7,367 shares in the company, valued at $1,702,440.03. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Eaton news, insider Taras G. Jr. Szmagala sold 1,869 shares of Eaton stock in a transaction dated 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 transaction, the insider now owns 7,431 shares in the company, valued at approximately $1,684,459.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas B. Okray sold 4,950 shares of Eaton stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $231.09, for a total value of $1,143,895.50. Following the transaction, the insider now owns 7,367 shares of the company’s stock, valued at $1,702,440.03. The disclosure for this sale can be found here. Corporate insiders own 0.53% 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.