Eaton Co. plc (NYSE:ETN) Shares Sold by Thrive Wealth Management LLC

Thrive Wealth Management LLC reduced its position in Eaton Co. plc (NYSE:ETN) by 29.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 772 shares of the industrial products company’s stock after selling 321 shares during the period. Thrive Wealth Management LLC’s holdings in Eaton were worth $242,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. LifeSteps Financial Inc. acquired a new stake in shares of Eaton during the 1st quarter valued at about $25,000. Atwood & Palmer Inc. grew its holdings in Eaton by 142.9% in the first quarter. Atwood & Palmer Inc. now owns 85 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 50 shares during the period. Tennessee Valley Asset Management Partners purchased a new stake in shares of Eaton in the fourth quarter valued at approximately $25,000. Redmont Wealth Advisors LLC acquired a new position in shares of Eaton during the 1st quarter worth approximately $33,000. Finally, Clear Investment Research LLC purchased a new position in shares of Eaton during the 4th quarter valued at approximately $29,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Trading Up 1.4 %

Shares of ETN stock traded up $4.16 on Friday, hitting $291.64. 2,190,467 shares of the stock traded hands, compared to its average volume of 2,186,878. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The stock has a market capitalization of $116.60 billion, a PE ratio of 34.43, a PEG ratio of 2.47 and a beta of 1.02. The firm’s 50-day moving average price is $312.50 and its two-hundred day moving average price is $306.87. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.56.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 5th will be issued a dividend of $0.94 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.29%. Eaton’s dividend payout ratio is currently 44.39%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Jefferies Financial Group upped their price target on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Raymond James initiated coverage on Eaton in a report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on Eaton from $279.00 to $325.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Finally, Mizuho reaffirmed a “buy” rating and issued a $355.00 price target (up from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $326.53.

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.