Spire Wealth Management increased its stake in shares of Eaton Co. plc (NYSE:ETN – Free Report) by 3.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,549 shares of the industrial products company’s stock after purchasing an additional 201 shares during the period. Spire Wealth Management’s holdings in Eaton were worth $1,116,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Marquette Asset Management LLC acquired a new stake in Eaton during the 2nd quarter worth $28,000. Glass Jacobson Investment Advisors llc acquired a new stake in shares of Eaton during the second quarter worth about $29,000. Coppell Advisory Solutions Corp. bought a new position in shares of Eaton during the 4th quarter valued at about $30,000. Tucker Asset Management LLC acquired a new position in shares of Eaton in the 1st quarter valued at approximately $37,000. Finally, NewSquare Capital LLC bought a new stake in Eaton during the 2nd quarter worth approximately $39,000. Institutional investors and hedge funds own 81.02% of the company’s stock.
Eaton Price Performance
Eaton stock opened at $225.53 on Thursday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.45 and a quick ratio of 0.96. Eaton Co. plc has a one year low of $150.86 and a one year high of $240.44. The firm has a market cap of $90.05 billion, a PE ratio of 30.19, a price-to-earnings-growth ratio of 2.15 and a beta of 1.07. The stock’s fifty day moving average price is $213.43 and its two-hundred day moving average price is $203.74.
Eaton Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 24th. Stockholders of record on Monday, November 6th will be issued a dividend of $0.86 per share. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $3.44 dividend on an annualized basis and a dividend yield of 1.53%. Eaton’s dividend payout ratio (DPR) is currently 46.05%.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on the stock. HSBC upped their price target on shares of Eaton from $161.00 to $210.00 and gave the company a “hold” rating in a report on Thursday, August 31st. JPMorgan Chase & Co. upgraded Eaton from a “neutral” rating to an “overweight” rating and set a $230.00 price target on the stock in a report on Friday, October 6th. StockNews.com initiated coverage on Eaton in a research report on Thursday, October 5th. They issued a “buy” rating on the stock. Mizuho upped their price target on Eaton from $210.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Finally, Wells Fargo & Company reduced their target price on shares of Eaton from $228.00 to $210.00 in a report on Monday, October 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $219.23.
Insider Buying and Selling
In other news, insider Taras G. Jr. Szmagala sold 1,869 shares of the stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $226.68, for a total value of $423,664.92. Following the completion of the transaction, the insider now owns 7,431 shares of the company’s stock, valued at $1,684,459.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Eaton news, insider Taras G. Jr. Szmagala sold 1,869 shares of the company’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $226.68, for a total value of $423,664.92. Following the completion of the transaction, the insider now owns 7,431 shares of the company’s stock, valued at approximately $1,684,459.08. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Thomas B. Okray sold 4,950 shares of the stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $231.09, for a total value of $1,143,895.50. Following the completion of the transaction, the insider now owns 7,367 shares of the company’s stock, valued at $1,702,440.03. The disclosure for this sale can be found here. 0.53% of the stock is owned by corporate insiders.
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.
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