1776 Wealth LLC Raises Holdings in Eaton Corporation, PLC (NYSE:ETN)

1776 Wealth LLC lifted its position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 92.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,514 shares of the industrial products company's stock after purchasing an additional 2,656 shares during the quarter. Eaton makes up about 0.7% of 1776 Wealth LLC's investment portfolio, making the stock its 28th largest position. 1776 Wealth LLC's holdings in Eaton were worth $1,499,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in Eaton by 0.7% in the 1st quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company's stock valued at $3,593,000 after buying an additional 96 shares in the last quarter. Bearing Point Capital LLC bought a new stake in shares of Eaton during the fourth quarter worth $2,713,000. Brighton Jones LLC raised its position in shares of Eaton by 4.9% during the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company's stock worth $953,000 after acquiring an additional 164 shares during the last quarter. Kennebec Savings Bank increased its holdings in Eaton by 5.4% in the first quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock valued at $738,000 after purchasing an additional 139 shares during the last quarter. Finally, American National Bank & Trust increased its holdings in Eaton by 5.4% in the first quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock valued at $855,000 after purchasing an additional 162 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Eaton Price Performance

Shares of ETN stock traded up $4.35 on Thursday, reaching $384.59. The company's stock had a trading volume of 790,105 shares, compared to its average volume of 3,075,432. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. Eaton Corporation, PLC has a 12-month low of $231.85 and a 12-month high of $385.80. The company has a market capitalization of $150.49 billion, a P/E ratio of 38.81, a PEG ratio of 2.81 and a beta of 1.17. The stock's 50 day simple moving average is $342.17 and its 200-day simple moving average is $315.63.

Eaton (NYSE:ETN - Get Free Report) last posted its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company had revenue of $6.38 billion for the quarter, compared to analysts' expectations of $6.26 billion. During the same period last year, the firm earned $2.40 earnings per share. Eaton's quarterly revenue was up 7.3% on a year-over-year basis. As a group, equities analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.08%. Eaton's dividend payout ratio is presently 41.98%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ETN. KeyCorp upped their price objective on Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Morgan Stanley decreased their target price on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Citigroup upped their price objective on Eaton from $351.00 to $420.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. JPMorgan Chase & Co. increased their price target on Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Finally, Barclays upped their price objective on shares of Eaton from $323.00 to $340.00 and gave the company an "equal weight" rating in a report on Wednesday, July 9th. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $377.89.

Insiders Place Their Bets

In other news, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the sale, the insider directly owned 3,382 shares in the company, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider owned 490,208 shares of the company's stock, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 156,660 shares of company stock valued at $49,622,894. Company insiders own 0.30% of the company's stock.

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.