Summit Financial Wealth Advisors LLC Has $8.36 Million Position in Eaton Co. plc (NYSE:ETN)

Summit Financial Wealth Advisors LLC reduced its stake in Eaton Co. plc (NYSE:ETN) by 2.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 41,583 shares of the industrial products company’s stock after selling 1,095 shares during the quarter. Eaton makes up 1.9% of Summit Financial Wealth Advisors LLC’s investment portfolio, making the stock its 17th largest holding. Summit Financial Wealth Advisors LLC’s holdings in Eaton were worth $8,362,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Coppell Advisory Solutions Corp. acquired a new position in shares of Eaton during the fourth quarter worth approximately $30,000. Freedom Wealth Alliance LLC acquired a new position in shares of Eaton during the fourth quarter worth approximately $31,000. Steward Financial Group LLC acquired a new position in shares of Eaton during the fourth quarter worth approximately $32,000. Tucker Asset Management LLC acquired a new position in shares of Eaton during the first quarter worth approximately $37,000. Finally, AXS Investments LLC acquired a new position in shares of Eaton during the fourth quarter worth approximately $43,000. 81.02% of the stock is currently owned by institutional investors and hedge funds.

Eaton Trading Down 0.4 %

ETN stock traded down $0.89 during trading on Tuesday, hitting $218.26. The company had a trading volume of 186,987 shares, compared to its average volume of 2,047,515. 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 firm has a 50-day moving average price of $217.52 and a 200-day moving average price of $190.29. Eaton Co. plc has a 12 month low of $129.85 and a 12 month high of $240.44. The stock has a market cap of $87.09 billion, a price-to-earnings ratio of 32.37, a PEG ratio of 2.13 and a beta of 1.11.

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

Eaton Announces Dividend

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

Insider Buying and Selling at Eaton

In other Eaton news, insider Heath B. Monesmith sold 9,831 shares of the company’s stock in a transaction 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 in the company, valued at approximately $12,651,823.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Eaton news, insider Heath B. Monesmith sold 9,831 shares of the company’s stock in a transaction 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 in the company, valued at approximately $12,651,823.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Craig Arnold sold 100,000 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $219.45, for a total transaction of $21,945,000.00. Following the completion of the sale, the insider now owns 516,875 shares of the company’s stock, valued at approximately $113,428,218.75. The disclosure for this sale can be found here. In the last 90 days, insiders sold 116,650 shares of company stock worth $25,686,391. Insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ETN shares. StockNews.com assumed coverage on Eaton in a report on Thursday, August 17th. They set a “buy” rating for the company. Mizuho upped their target price on Eaton from $210.00 to $250.00 and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Argus upped their target price on Eaton from $195.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, August 3rd. HSBC upped their target price on Eaton from $161.00 to $210.00 and gave the company a “hold” rating in a research note on Thursday, August 31st. Finally, Barclays upped 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Eaton currently has a consensus rating of “Hold” and a consensus price target 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.