Allworth Financial LP Grows Stake in Eaton Corporation, PLC (NYSE:ETN)

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

A number of other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Eaton by 0.3% during 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 purchasing an additional 99,291 shares in the last quarter. FMR LLC grew its position in shares of Eaton by 1.2% during the 4th quarter. FMR LLC now owns 15,222,248 shares of the industrial products company's stock valued at $5,051,807,000 after purchasing an additional 182,455 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Eaton by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company's stock worth $2,714,677,000 after acquiring an additional 129,071 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings 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 acquiring an additional 192,482 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Eaton by 8.8% during the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock worth $1,518,207,000 after acquiring an additional 368,241 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ETN has been the subject of a number of research analyst reports. Royal Bank Of Canada lifted their price objective on shares of Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. JPMorgan Chase & Co. boosted their price target on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Morgan Stanley lowered their price target on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Jefferies Financial Group lowered their price target on shares of Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a research note on Wednesday, March 12th. Finally, Citigroup boosted their price target on shares of Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Six investment 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 presently has an average rating of "Moderate Buy" and a consensus price target of $370.63.

Insider Transactions at Eaton

In other news, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were 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 filing with the SEC, which is accessible through this link. Also, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the transaction, the insider owned 3,382 shares in the company, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 156,660 shares of company stock worth $49,622,894. Corporate insiders own 0.30% of the company's stock.

Eaton Price Performance

Shares of NYSE ETN opened at $359.82 on Thursday. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year high of $379.99. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The company's 50-day moving average is $330.40 and its 200 day moving average is $313.40. The stock has a market capitalization of $140.80 billion, a P/E ratio of 36.31, a P/E/G ratio of 2.69 and a beta of 1.17.

Eaton (NYSE:ETN - Get Free Report) last announced 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. 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%. Eaton's quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.40 earnings per share. On average, sell-side analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

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

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.

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