Asset Management One Co. Ltd. Cuts Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Asset Management One Co. Ltd. decreased its position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 2.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 178,382 shares of the industrial products company's stock after selling 4,308 shares during the period. Asset Management One Co. Ltd.'s holdings in Eaton were worth $48,490,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its position in shares of Eaton by 1.4% in the 4th quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock worth $1,109,000 after purchasing an additional 45 shares in the last quarter. Revolve Wealth Partners LLC boosted its position in shares of Eaton by 17.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock worth $303,000 after purchasing an additional 136 shares in the last quarter. Bank Pictet & Cie Europe AG bought a new stake in shares of Eaton in the 4th quarter worth approximately $42,839,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Eaton in the 4th quarter worth approximately $2,147,000. Finally, Rothschild Investment LLC boosted its position in shares of Eaton by 42.4% in the 4th quarter. Rothschild Investment LLC now owns 3,200 shares of the industrial products company's stock worth $1,062,000 after purchasing an additional 953 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insider Buying and Selling

In related news, insider Michael Yelton sold 2,120 shares of the firm'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 transaction, the insider now directly owns 3,382 shares of the company's stock, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Craig Arnold sold 103,486 shares of the firm'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 directly owns 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 disclosure for this sale can be found here. In the last three months, insiders have sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is owned by company insiders.

Eaton Stock Performance

ETN traded up $6.43 during mid-day trading on Thursday, reaching $348.78. 2,284,424 shares of the company traded hands, compared to its average volume of 2,657,029. The stock has a market capitalization of $136.48 billion, a P/E ratio of 35.20, a P/E/G ratio of 2.66 and a beta of 1.16. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. The company's fifty day moving average price is $314.71 and its 200-day moving average price is $312.97. Eaton Corporation, PLC has a 52-week low of $231.85 and a 52-week high of $379.99.

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

Eaton Announces Dividend

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. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.19%. Eaton's dividend payout ratio is currently 41.98%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wells Fargo & Company reissued an "overweight" rating and issued a $355.00 price target on shares of Eaton in a research report on Monday, May 5th. Evercore ISI upped their price objective on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research report on Monday, May 19th. Jefferies Financial Group lowered their price objective on Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a research report on Wednesday, March 12th. BNP Paribas began coverage on Eaton in a research report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective on the stock. Finally, Royal Bank Of Canada upped their price objective on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research report on Monday, May 5th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $368.78.

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.