Phoenix Wealth Advisors Sells 856 Shares of Eaton Co. plc (NYSE:ETN)

Phoenix Wealth Advisors trimmed its holdings in Eaton Co. plc (NYSE:ETN) by 4.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,817 shares of the industrial products company’s stock after selling 856 shares during the quarter. Eaton comprises approximately 3.1% of Phoenix Wealth Advisors’ portfolio, making the stock its 6th biggest position. Phoenix Wealth Advisors’ holdings in Eaton were worth $4,495,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ETN. Tennessee Valley Asset Management Partners acquired a new stake in shares of Eaton in the 4th quarter valued at about $25,000. PCA Investment Advisory Services Inc. purchased a new position in shares of Eaton during the second quarter worth approximately $27,000. Coppell Advisory Solutions Corp. purchased a new position in shares of Eaton during the fourth quarter worth approximately $30,000. Global Trust Asset Management LLC purchased a new stake in Eaton in the 3rd quarter valued at $32,000. Finally, Valued Wealth Advisors LLC acquired a new stake in Eaton during the 4th quarter worth $35,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Price Performance

ETN stock traded up $0.07 during trading on Wednesday, reaching $315.35. 1,547,499 shares of the company were exchanged, compared to its average volume of 2,162,500. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.02 and a current ratio of 1.51. The stock’s 50 day moving average price is $298.74 and its 200 day moving average price is $253.13. Eaton Co. plc has a 52-week low of $161.12 and a 52-week high of $331.47. The company has a market cap of $125.98 billion, a P/E ratio of 39.32, a PEG ratio of 2.62 and a beta of 1.07.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $2.55 EPS for the quarter, topping the consensus estimate of $2.47 by $0.08. Eaton had a return on equity of 20.05% and a net margin of 13.88%. The business had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the previous year, the company earned $2.06 EPS. The company’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, analysts predict that Eaton Co. plc will post 10.25 earnings per share for the current fiscal year.

Eaton Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 11th were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 1.19%. This is a boost from Eaton’s previous quarterly dividend of $0.86. The ex-dividend date of this dividend was Friday, March 8th. Eaton’s dividend payout ratio is presently 46.88%.

Wall Street Analyst Weigh In

A number of research firms have commented on ETN. Citigroup lifted their price objective on shares of Eaton from $270.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Wolfe Research reaffirmed an “underperform” rating and set a $312.00 price objective on shares of Eaton in a research note on Monday, April 8th. The Goldman Sachs Group increased their price target on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Barclays upgraded shares of Eaton from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $250.00 to $300.00 in a research report on Tuesday, April 2nd. Finally, Berenberg Bank raised their target price on shares of Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $295.60.

Insiders Place Their Bets

In other news, insider Olivier Leonetti sold 4,461 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the completion of the transaction, the insider now directly owns 630 shares of the company’s stock, valued at approximately $171,360. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Eaton news, insider Heath B. Monesmith sold 13,027 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $291.40, for a total value of $3,796,067.80. Following the transaction, the insider now directly owns 69,472 shares in the company, valued at approximately $20,244,140.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Olivier Leonetti sold 4,461 shares of Eaton stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $272.00, for a total transaction of $1,213,392.00. Following the sale, the insider now owns 630 shares of the company’s stock, valued at $171,360. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,969 shares of company stock worth $10,904,774. Insiders own 0.33% 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.