Alpha Cubed Investments LLC Purchases 2,856 Shares of Eaton Corporation, PLC (NYSE:ETN)

Alpha Cubed Investments LLC grew its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 3.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 85,188 shares of the industrial products company's stock after purchasing an additional 2,856 shares during the period. Alpha Cubed Investments LLC's holdings in Eaton were worth $23,157,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ETN. Norges Bank purchased a new stake in shares of Eaton in the fourth quarter worth approximately $1,495,582,000. GAMMA Investing LLC lifted its position in shares of Eaton by 27,281.9% in the first quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock worth $976,772,000 after purchasing an additional 3,580,198 shares in the last quarter. Capital International Investors purchased a new stake in Eaton in the 4th quarter worth approximately $523,541,000. Leigh Baldwin & CO. LLC purchased a new stake in Eaton in the 4th quarter worth approximately $231,552,000. Finally, Janus Henderson Group PLC lifted its position in Eaton by 24.3% in the 4th quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company's stock worth $998,144,000 after buying an additional 588,370 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Eaton Stock Performance

ETN traded down $2.00 during trading on Thursday, hitting $357.78. The stock had a trading volume of 2,809,502 shares, compared to its average volume of 2,669,039. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The company has a 50 day simple moving average of $330.40 and a 200-day simple moving average of $313.40. The firm has a market cap of $140.00 billion, a PE ratio of 36.10, a P/E/G ratio of 2.69 and a beta of 1.17. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings data 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 net margin of 15.55% and a return on equity of 23.41%. The company had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the previous year, the firm posted $2.40 EPS. The business's revenue was up 7.3% compared to the same quarter last year. Analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's dividend payout ratio is presently 41.98%.

Insider Transactions at Eaton

In other Eaton 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction 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 completion of the sale, the insider owned 490,208 shares in the company, 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. In the last three months, insiders sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ETN has been the subject of several recent research reports. Wall Street Zen upgraded Eaton from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Evercore ISI raised their price target on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. Barclays raised their price target on Eaton from $323.00 to $340.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Citigroup raised their price objective on shares of Eaton from $323.00 to $351.00 and gave the company a "buy" rating in a research report on Monday, May 5th. Finally, The Goldman Sachs Group raised their price objective on shares of Eaton from $345.00 to $382.00 and gave the company a "buy" rating in a research report on Tuesday. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Eaton 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.