263,863 Shares in Eaton Corporation, PLC (NYSE:ETN) Bought by Artemis Investment Management LLP

Artemis Investment Management LLP bought a new stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 263,863 shares of the industrial products company's stock, valued at approximately $71,726,000. Eaton makes up about 1.1% of Artemis Investment Management LLP's portfolio, making the stock its 26th largest position. Artemis Investment Management LLP owned about 0.07% of Eaton as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norden Group LLC lifted its holdings in Eaton by 3.4% during the 4th quarter. Norden Group LLC now owns 978 shares of the industrial products company's stock worth $325,000 after buying an additional 32 shares during the last quarter. Nwam LLC lifted its stake in Eaton by 0.6% during the fourth quarter. Nwam LLC now owns 5,314 shares of the industrial products company's stock worth $1,764,000 after purchasing an additional 34 shares during the last quarter. Founders Financial Alliance LLC boosted its holdings in shares of Eaton by 0.7% in the 4th quarter. Founders Financial Alliance LLC now owns 5,415 shares of the industrial products company's stock valued at $1,797,000 after buying an additional 35 shares during the period. Sound View Wealth Advisors Group LLC grew its position in shares of Eaton by 1.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 3,587 shares of the industrial products company's stock valued at $1,190,000 after buying an additional 38 shares during the last quarter. Finally, Lantern Wealth Advisors LLC lifted its holdings in Eaton by 1.0% in the fourth quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company's stock worth $1,340,000 after acquiring an additional 38 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Eaton news, 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 transaction, the insider now owns 490,208 shares in the company, valued at $158,214,632. This represents a 17.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the transaction, the insider now directly owns 3,382 shares of the company's stock, valued at $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock worth $49,622,894 in the last quarter. Insiders own 0.30% of the company's stock.

Eaton Stock Performance

Shares of ETN stock opened at $348.78 on Friday. The company has a market capitalization of $136.48 billion, a price-to-earnings ratio of 35.20, a PEG ratio of 2.65 and a beta of 1.16. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $379.99. The company has a 50-day simple moving average of $316.32 and a 200 day simple moving average of $312.86.

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

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.19%. The ex-dividend date was Monday, May 5th. Eaton's payout ratio is presently 41.98%.

Wall Street Analyst Weigh In

ETN has been the topic of a number of recent research reports. Jefferies Financial Group cut their target price on Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a research note on Wednesday, March 12th. Wall Street Zen upgraded shares of Eaton from a "hold" rating to a "buy" rating in a research report on Sunday, May 18th. Barclays lifted their target price on Eaton from $306.00 to $323.00 and gave the company an "equal weight" rating in a research note on Monday, June 9th. Morgan Stanley lowered their price target on Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Finally, Citigroup lifted their price objective on shares of Eaton from $323.00 to $351.00 and gave the company a "buy" rating in a research note on Monday, May 5th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $368.78.

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.

Want to see what other hedge funds are holding ETN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eaton Corporation, PLC (NYSE:ETN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.