Allworth Financial LP Purchases 2,984 Shares of Eaton Corporation, PLC (NYSE:ETN)

Allworth Financial LP lifted its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 4.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 65,077 shares of the industrial products company's stock after purchasing an additional 2,984 shares during the quarter. Allworth Financial LP's holdings in Eaton were worth $18,678,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in ETN. Vanguard Group Inc. boosted its holdings in shares of Eaton by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company's stock valued at $12,351,506,000 after buying an additional 99,291 shares during the last quarter. FMR LLC lifted its stake in Eaton by 1.2% in the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company's stock valued at $5,051,807,000 after acquiring an additional 182,455 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Eaton by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company's stock valued at $2,714,677,000 after acquiring an additional 129,071 shares during the period. Nuveen Asset Management LLC increased its stake in shares of Eaton by 4.3% during the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock worth $1,550,226,000 after purchasing an additional 192,482 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Eaton by 8.8% in the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock valued at $1,518,207,000 after purchasing an additional 368,241 shares during the period. Institutional investors and hedge funds own 82.97% of the company's stock.

Eaton Price Performance

Shares of NYSE ETN traded down $2.00 during trading hours on Thursday, hitting $357.78. 2,809,502 shares of the stock were exchanged, compared to its average volume of 2,671,382. The company's fifty day simple moving average is $330.40 and its two-hundred day simple moving average is $313.40. The company has a market cap of $140.00 billion, a PE ratio of 36.10, a price-to-earnings-growth ratio of 2.71 and a beta of 1.17. 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 1-year low of $231.85 and a 1-year high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $6.26 billion. During the same quarter last year, the company posted $2.40 EPS. The company's revenue for the quarter was up 7.3% compared to the same quarter last year. On average, sell-side analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's payout ratio is presently 41.98%.

Insider Activity at Eaton

In other Eaton news, insider Craig Arnold sold 103,486 shares of the stock in a transaction that occurred 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 transaction, the insider owned 490,208 shares in the company, valued at approximately $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction 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 completion of the sale, the insider directly owned 3,382 shares of the company's stock, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 156,660 shares of company stock valued at $49,622,894. Company insiders own 0.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on ETN. Morgan Stanley reduced their price objective on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. Jefferies Financial Group decreased their price target on shares of Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a research note on Wednesday, March 12th. JPMorgan Chase & Co. raised their price objective on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. BNP Paribas assumed coverage on Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. Finally, Royal Bank Of Canada lifted their price target on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $370.63.

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.