Icon Wealth Advisors LLC Sells 697 Shares of Eaton Co. plc (NYSE:ETN)

Icon Wealth Advisors LLC cut its stake in shares of Eaton Co. plc (NYSE:ETN) by 4.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,487 shares of the industrial products company’s stock after selling 697 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Eaton were worth $4,470,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. LRI Investments LLC acquired a new position in shares of Eaton in the 1st quarter worth approximately $66,000. Cetera Investment Advisers grew its stake in Eaton by 684.9% during the first quarter. Cetera Investment Advisers now owns 156,299 shares of the industrial products company’s stock worth $48,872,000 after purchasing an additional 136,387 shares during the period. Cetera Advisors LLC increased its holdings in Eaton by 11.1% in the first quarter. Cetera Advisors LLC now owns 51,794 shares of the industrial products company’s stock worth $16,195,000 after purchasing an additional 5,171 shares in the last quarter. Soltis Investment Advisors LLC lifted its stake in Eaton by 6.6% in the first quarter. Soltis Investment Advisors LLC now owns 1,941 shares of the industrial products company’s stock valued at $607,000 after buying an additional 121 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Eaton by 14.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,230 shares of the industrial products company’s stock worth $392,000 after buying an additional 158 shares during the period. Institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ETN shares. Wells Fargo & Company upped their price objective on shares of Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $374.00 price objective on shares of Eaton in a report on Friday, November 1st. Bank of America upped their target price on shares of Eaton from $350.00 to $410.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. UBS Group began coverage on shares of Eaton in a research note on Wednesday, November 13th. They issued a “buy” rating and a $431.00 target price on the stock. Finally, Sanford C. Bernstein assumed coverage on Eaton in a report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Eaton currently has an average rating of “Moderate Buy” and a consensus target price of $357.83.

Insider Buying and Selling

In related news, insider Ernest W. Marshall, Jr. sold 1,412 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $378.58, for a total transaction of $534,554.96. Following the completion of the sale, the insider now directly owns 31,200 shares of the company’s stock, valued at $11,811,696. This trade represents a 4.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dorothy C. Thompson bought 2,205 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $300.30 per share, for a total transaction of $662,161.50. Following the acquisition, the director now owns 2,205 shares of the company’s stock, valued at approximately $662,161.50. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 66,981 shares of company stock valued at $24,100,317 in the last three months. 0.53% of the stock is owned by corporate insiders.

Eaton Price Performance

Shares of NYSE ETN opened at $371.98 on Friday. Eaton Co. plc has a 12 month low of $224.52 and a 12 month high of $379.99. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.53 and a quick ratio of 1.00. The firm’s 50 day simple moving average is $347.47 and its 200-day simple moving average is $324.22. The stock has a market capitalization of $147.01 billion, a price-to-earnings ratio of 39.57, a PEG ratio of 2.82 and a beta of 1.01.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The firm’s revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.47 EPS. Analysts expect that Eaton Co. plc will post 10.8 EPS for the current year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were given a $0.94 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $3.76 annualized dividend and a yield of 1.01%. Eaton’s dividend payout ratio is presently 40.00%.

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.