OneAscent Financial Services LLC Acquires New Shares in Eaton Co. plc (NYSE:ETN)

OneAscent Financial Services LLC bought a new stake in shares of Eaton Co. plc (NYSE:ETN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,070 shares of the industrial products company’s stock, valued at approximately $215,000.

Other institutional investors have also recently made changes to their positions in the company. Cooper Financial Group lifted its stake in shares of Eaton by 8.8% in the 2nd quarter. Cooper Financial Group now owns 8,517 shares of the industrial products company’s stock worth $1,713,000 after purchasing an additional 691 shares during the period. Abacus Planning Group Inc. purchased a new position in shares of Eaton during the 2nd quarter worth $217,000. Greenfield Savings Bank grew its position in shares of Eaton by 6.7% during the 2nd quarter. Greenfield Savings Bank now owns 3,198 shares of the industrial products company’s stock valued at $643,000 after acquiring an additional 200 shares during the period. Armstrong Advisory Group Inc. increased its stake in shares of Eaton by 189.4% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 246 shares of the industrial products company’s stock worth $49,000 after purchasing an additional 161 shares in the last quarter. Finally, Neville Rodie & Shaw Inc. raised its holdings in Eaton by 2.1% in the 2nd quarter. Neville Rodie & Shaw Inc. now owns 23,789 shares of the industrial products company’s stock worth $4,784,000 after purchasing an additional 484 shares during the period. Hedge funds and other institutional investors own 81.02% of the company’s stock.

Eaton Stock Down 2.0 %

NYSE ETN opened at $217.63 on Friday. Eaton Co. plc has a 52 week low of $129.85 and a 52 week high of $240.44. The company has a quick ratio of 0.99, a current ratio of 1.53 and a debt-to-equity ratio of 0.49. The company has a fifty day moving average of $217.14 and a two-hundred day moving average of $189.77. The firm has a market capitalization of $86.83 billion, a price-to-earnings ratio of 32.15, a PEG ratio of 2.17 and a beta of 1.11.

Eaton (NYSE:ETN) last posted its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $2.21 EPS for the quarter, topping the consensus estimate of $2.11 by $0.10. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.76 billion. Eaton had a net margin of 12.29% and a return on equity of 19.06%. The firm’s revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.87 EPS. On average, analysts predict that Eaton Co. plc will post 8.81 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Monday, August 7th were issued a dividend of $0.86 per share. The ex-dividend date of this dividend was Friday, August 4th. This represents a $3.44 annualized dividend and a yield of 1.58%. Eaton’s payout ratio is currently 50.81%.

Insider Buying and Selling at Eaton

In related news, insider Heath B. Monesmith sold 9,831 shares of the stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $221.12, for a total transaction of $2,173,830.72. Following the completion of the sale, the insider now owns 57,217 shares of the company’s stock, valued at $12,651,823.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Taras G. Jr. Szmagala sold 1,869 shares of the company’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $226.68, for a total value of $423,664.92. Following the transaction, the insider now directly owns 7,431 shares of the company’s stock, valued at approximately $1,684,459.08. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Heath B. Monesmith sold 9,831 shares of Eaton stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $221.12, for a total value of $2,173,830.72. Following the sale, the insider now directly owns 57,217 shares of the company’s stock, valued at approximately $12,651,823.04. The disclosure for this sale can be found here. Insiders sold a total of 116,650 shares of company stock valued at $25,686,391 in the last ninety days. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ETN shares. Argus upped their price target on Eaton from $195.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, August 3rd. Wolfe Research downgraded Eaton from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, July 11th. Barclays lifted their target price on Eaton from $170.00 to $198.00 and gave the company an “underweight” rating in a research note on Wednesday, August 2nd. Wells Fargo & Company upped their price target on Eaton from $180.00 to $195.00 in a research note on Monday, July 10th. Finally, StockNews.com initiated coverage on shares of Eaton in a report on Thursday, August 17th. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $211.93.

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.