Eaton Co. plc (NYSE:ETN) Shares Bought by GPS Wealth Strategies Group LLC

GPS Wealth Strategies Group LLC lifted its holdings in shares of Eaton Co. plc (NYSE:ETN) by 5.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,614 shares of the industrial products company’s stock after acquiring an additional 131 shares during the quarter. GPS Wealth Strategies Group LLC’s holdings in Eaton were worth $820,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have 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 fourth quarter valued at about $25,000. LifeSteps Financial Inc. purchased a new position in Eaton in the 1st quarter worth approximately $25,000. Atwood & Palmer Inc. grew its position 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 acquiring an additional 50 shares in the last quarter. Clear Investment Research LLC purchased a new stake in shares of Eaton during the fourth quarter valued at approximately $29,000. Finally, Redmont Wealth Advisors LLC acquired a new position in shares of Eaton during the first quarter worth $33,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ETN. JPMorgan Chase & Co. lifted their price target on shares of Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 1st. Raymond James initiated coverage on Eaton in a research report on Friday, June 28th. They set an “outperform” rating and a $375.00 target price on the stock. Argus increased their price target on Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Barclays lifted their price objective on Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Finally, Mizuho reiterated a “buy” rating and set a $355.00 target price (up from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $326.53.

Eaton Stock Performance

Shares of Eaton stock traded up $2.79 during trading hours on Wednesday, reaching $298.18. The company’s stock had a trading volume of 1,974,955 shares, compared to its average volume of 2,184,504. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19. The company’s 50 day simple moving average is $311.36 and its 200 day simple moving average is $307.98. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.56. The stock has a market cap of $119.21 billion, a P/E ratio of 35.22, a price-to-earnings-growth ratio of 2.47 and a beta of 1.02.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 5th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date is Monday, August 5th. Eaton’s payout ratio is 44.39%.

Insider Buying and Selling

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the completion of the transaction, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company 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.