Cahaba Wealth Management Inc. Decreases Stake in Eaton Co. plc (NYSE:ETN)

Cahaba Wealth Management Inc. lessened its holdings in Eaton Co. plc (NYSE:ETN) by 5.9% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 917 shares of the industrial products company’s stock after selling 58 shares during the period. Cahaba Wealth Management Inc.’s holdings in Eaton were worth $287,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Lake Street Advisors Group LLC grew its stake in Eaton by 1.5% in the 2nd quarter. Lake Street Advisors Group LLC now owns 22,009 shares of the industrial products company’s stock valued at $6,901,000 after purchasing an additional 332 shares during the period. Advisor OS LLC increased its holdings in Eaton by 11.1% during the second quarter. Advisor OS LLC now owns 1,782 shares of the industrial products company’s stock worth $559,000 after buying an additional 178 shares during the last quarter. Private Advisor Group LLC increased its holdings in Eaton by 5.9% during the second quarter. Private Advisor Group LLC now owns 33,056 shares of the industrial products company’s stock worth $10,365,000 after buying an additional 1,838 shares during the last quarter. New York Life Investment Management LLC boosted its stake in Eaton by 0.6% in the second quarter. New York Life Investment Management LLC now owns 54,995 shares of the industrial products company’s stock valued at $17,244,000 after acquiring an additional 355 shares during the last quarter. Finally, Wellington Shields Capital Management LLC grew its position in shares of Eaton by 1.1% during the 2nd quarter. Wellington Shields Capital Management LLC now owns 6,338 shares of the industrial products company’s stock valued at $1,987,000 after acquiring an additional 68 shares during the period. 82.97% of the stock is owned by institutional investors.

Insider Transactions at Eaton

In related news, insider Taras G. Jr. Szmagala sold 335 shares of Eaton stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total value of $96,721.20. Following the transaction, the insider now owns 9,900 shares in the company, valued at approximately $2,858,328. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Heath B. Monesmith sold 49,040 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total value of $14,762,020.80. Following the transaction, the insider now owns 71,262 shares in the company, valued at $21,451,287.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Taras G. Jr. Szmagala sold 335 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $288.72, for a total transaction of $96,721.20. Following the sale, the insider now owns 9,900 shares of the company’s stock, valued at $2,858,328. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,511 shares of company stock worth $15,809,326. 0.53% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on ETN shares. Jefferies Financial Group upped their price objective on Eaton from $370.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Evercore ISI cut their price target on Eaton from $357.00 to $333.00 and set an “outperform” rating for the company in a research note on Monday, August 19th. Barclays lifted their price objective on Eaton from $318.00 to $319.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Wolfe Research upgraded shares of Eaton from an “underperform” rating to a “peer perform” rating in a research report on Friday. Finally, Wells Fargo & Company lowered their price target on shares of Eaton from $320.00 to $315.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $335.76.

Eaton Stock Performance

Eaton stock opened at $284.93 on Friday. Eaton Co. plc has a fifty-two week low of $191.82 and a fifty-two week high of $345.19. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.56. The stock has a market cap of $113.92 billion, a P/E ratio of 33.64, a price-to-earnings-growth ratio of 2.35 and a beta of 1.01. The firm’s fifty day moving average price is $302.48 and its 200-day moving average price is $310.93.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.12. The firm had revenue of $6.35 billion during the quarter, compared to analyst estimates of $6.35 billion. Eaton had a return on equity of 21.45% and a net margin of 15.12%. On average, equities research analysts expect that Eaton Co. plc will post 10.74 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 1.32%. The ex-dividend date was Monday, August 5th. Eaton’s dividend payout ratio (DPR) is presently 44.39%.

Eaton Company 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.