TRUE Private Wealth Advisors Sells 135 Shares of Eaton Co. plc (NYSE:ETN)

TRUE Private Wealth Advisors lessened its holdings in shares of Eaton Co. plc (NYSE:ETN) by 9.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,260 shares of the industrial products company’s stock after selling 135 shares during the period. TRUE Private Wealth Advisors’ holdings in Eaton were worth $395,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ETN. Norges Bank purchased a new position in Eaton in the 4th quarter worth approximately $1,087,983,000. Capital World Investors boosted its position in Eaton by 323.8% in the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after purchasing an additional 2,439,270 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Eaton by 2,857.4% in the 1st quarter. Jennison Associates LLC now owns 1,262,479 shares of the industrial products company’s stock worth $394,752,000 after purchasing an additional 1,219,790 shares during the period. Balyasny Asset Management L.P. raised its position in Eaton by 2,006.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 964,728 shares of the industrial products company’s stock worth $232,326,000 after acquiring an additional 918,936 shares during the period. Finally, Artisan Partners Limited Partnership grew its position in shares of Eaton by 207.5% during the 4th quarter. Artisan Partners Limited Partnership now owns 970,426 shares of the industrial products company’s stock valued at $233,698,000 after acquiring an additional 654,855 shares during the period. 82.97% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Taras G. Jr. Szmagala sold 335 shares of the stock in a transaction on Monday, August 12th. The stock was 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 directly owns 9,900 shares in the company, valued at approximately $2,858,328. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.53% of the company’s stock.

Eaton Stock Performance

ETN stock traded up $2.91 during midday trading on Wednesday, reaching $298.30. The stock had a trading volume of 1,974,785 shares, compared to its average volume of 2,182,645. The firm has a fifty day simple moving average of $311.36 and a two-hundred day simple moving average of $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 $119.26 billion, a PE ratio of 35.12, a P/E/G ratio of 2.47 and a beta of 1.02. Eaton Co. plc has a 52-week low of $191.82 and a 52-week high of $345.19.

Eaton Dividend Announcement

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 paid a $0.94 dividend. The ex-dividend date is Monday, August 5th. This represents a $3.76 annualized dividend and a dividend yield of 1.26%. Eaton’s dividend payout ratio (DPR) is 44.39%.

Wall Street Analyst Weigh In

Several research firms have weighed in on ETN. Mizuho restated 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. Barclays raised their price target on Eaton from $318.00 to $319.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Jefferies Financial Group raised their target price on shares of Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Argus increased their price objective on shares of Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Finally, HSBC upped their target price on shares of Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Eaton currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.53.

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.