Eaton Co. plc (NYSE:ETN) Shares Bought by Sax Wealth Advisors LLC

Sax Wealth Advisors LLC lifted its holdings in shares of Eaton Co. plc (NYSE:ETN) by 39.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,710 shares of the industrial products company’s stock after buying an additional 481 shares during the quarter. Sax Wealth Advisors LLC’s holdings in Eaton were worth $536,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Eaton by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock worth $8,812,966,000 after acquiring an additional 259,615 shares during the period. Norges Bank purchased a new stake in Eaton in the 4th quarter valued at approximately $1,087,983,000. Coatue Management LLC increased its position in Eaton by 5.2% during the 4th quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock worth $960,016,000 after purchasing an additional 195,809 shares during the period. Raymond James & Associates raised its stake in shares of Eaton by 1.7% during the 1st quarter. Raymond James & Associates now owns 3,804,171 shares of the industrial products company’s stock worth $1,189,488,000 after buying an additional 64,446 shares in the last quarter. Finally, Capital World Investors lifted its holdings in shares of Eaton by 323.8% in the 1st quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock valued at $998,255,000 after buying an additional 2,439,270 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Eaton stock traded up $4.16 during midday trading on Friday, reaching $291.64. 2,190,467 shares of the company were exchanged, compared to its average volume of 2,186,878. The firm’s 50-day simple moving average is $312.50 and its 200-day simple moving average is $306.87. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The company has a market capitalization of $116.60 billion, a price-to-earnings ratio of 34.43, a P/E/G ratio of 2.47 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.05 and a current ratio of 1.56.

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 issued a dividend of $0.94 per share. The ex-dividend date is Monday, August 5th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.29%. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on ETN shares. JPMorgan Chase & Co. increased their price objective on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Mizuho reiterated a “buy” rating and issued a $355.00 price objective (up previously from $340.00) on shares of Eaton in a research note on Wednesday, May 1st. Jefferies Financial Group boosted their price objective on shares of Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Wells Fargo & Company reduced their price target on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Finally, Raymond James started coverage on Eaton in a report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Eaton currently has an average rating of “Moderate Buy” and an average price target of $326.53.

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.