Monte Financial Group LLC Sells 247 Shares of Eaton Co. plc (NYSE:ETN)

Monte Financial Group LLC lowered its position in Eaton Co. plc (NYSE:ETN) by 1.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,187 shares of the industrial products company’s stock after selling 247 shares during the period. Eaton accounts for 2.1% of Monte Financial Group LLC’s portfolio, making the stock its 26th largest holding. Monte Financial Group LLC’s holdings in Eaton were worth $5,034,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Sound Income Strategies LLC grew its holdings in shares of Eaton by 29.4% during the first quarter. Sound Income Strategies LLC now owns 506 shares of the industrial products company’s stock worth $158,000 after purchasing an additional 115 shares during the last quarter. Sunbelt Securities Inc. increased its position in Eaton by 6.5% in the 1st quarter. Sunbelt Securities Inc. now owns 2,215 shares of the industrial products company’s stock valued at $693,000 after acquiring an additional 135 shares in the last quarter. Brookstone Capital Management raised its stake in shares of Eaton by 15.5% in the first quarter. Brookstone Capital Management now owns 1,375 shares of the industrial products company’s stock worth $430,000 after acquiring an additional 185 shares during the last quarter. Sovereign Financial Group Inc. acquired a new position in shares of Eaton during the first quarter worth approximately $263,000. Finally, Aspiriant LLC grew its stake in shares of Eaton by 19.7% during the first quarter. Aspiriant LLC now owns 1,294 shares of the industrial products company’s stock valued at $405,000 after purchasing an additional 213 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Mizuho upped their price objective on Eaton from $355.00 to $365.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Raymond James decreased their price target on Eaton from $375.00 to $365.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Royal Bank of Canada cut their target price on shares of Eaton from $376.00 to $371.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Evercore ISI lowered their price target on shares of Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research report on Monday, August 19th. Finally, Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a report on Friday, September 6th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $340.06.

Eaton Trading Up 0.4 %

NYSE ETN opened at $345.00 on Thursday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.56 and a quick ratio of 1.07. The stock’s 50-day moving average is $317.08 and its 200-day moving average is $317.12. Eaton Co. plc has a one year low of $193.77 and a one year high of $349.74. The firm has a market cap of $137.93 billion, a P/E ratio of 40.73, a P/E/G ratio of 2.58 and a beta of 1.02.

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, beating analysts’ consensus estimates of $2.61 by $0.12. Eaton had a net margin of 15.12% and a return on equity of 21.45%. The firm had revenue of $6.35 billion for the quarter, compared to analyst estimates of $6.35 billion. Sell-side analysts anticipate that Eaton Co. plc will post 10.75 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 4th will be paid a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend is Monday, November 4th. Eaton’s dividend payout ratio is 44.39%.

Insider Activity

In other news, Director Dorothy C. Thompson acquired 2,205 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the completion of the acquisition, the director now owns 2,205 shares in the company, valued at $662,161.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Dorothy C. Thompson purchased 2,205 shares of Eaton stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average price of $300.30 per share, with a total value of $662,161.50. Following the transaction, the director now directly owns 2,205 shares in the company, valued at $662,161.50. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction that occurred on Thursday, August 29th. The shares were 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 owns 3,914 shares in the company, valued at $1,186,411.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,511 shares of company stock worth $15,809,326 over the last three months. Corporate insiders own 0.53% of the company’s stock.

Eaton 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.