Bank of New York Mellon Corp Sells 107,837 Shares of Eaton Corporation, PLC (NYSE:ETN)

Bank of New York Mellon Corp decreased its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 3.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,022,377 shares of the industrial products company's stock after selling 107,837 shares during the period. Bank of New York Mellon Corp owned approximately 0.77% of Eaton worth $821,573,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Founders Financial Alliance LLC raised its holdings in Eaton by 0.7% during the 4th quarter. Founders Financial Alliance LLC now owns 5,415 shares of the industrial products company's stock worth $1,797,000 after purchasing an additional 35 shares during the last quarter. Checchi Capital Advisers LLC raised its holdings in Eaton by 0.7% during the 1st quarter. Checchi Capital Advisers LLC now owns 5,071 shares of the industrial products company's stock worth $1,378,000 after purchasing an additional 37 shares during the last quarter. Sound View Wealth Advisors Group LLC raised its holdings in 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 worth $1,190,000 after purchasing an additional 38 shares during the last quarter. Lantern Wealth Advisors LLC raised its holdings in Eaton by 1.0% during the 4th quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company's stock worth $1,340,000 after purchasing an additional 38 shares during the last quarter. Finally, AGH Wealth Advisors LLC raised its holdings in Eaton by 2.6% during the 1st quarter. AGH Wealth Advisors LLC now owns 1,517 shares of the industrial products company's stock worth $412,000 after purchasing an additional 38 shares during the last quarter. Institutional investors own 82.97% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on ETN. KeyCorp boosted their target price on Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. JPMorgan Chase & Co. boosted their target price on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. BNP Paribas initiated coverage on Eaton in a research report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective for the company. Evercore ISI boosted 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. Finally, Jefferies Financial Group decreased their price objective on Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a research report on Wednesday, March 12th. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $370.63.

Insider Activity

In other news, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the sale, the insider directly owned 490,208 shares of the company's stock, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 3,382 shares in the company, valued at approximately $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 sold 156,660 shares of company stock worth $49,622,894 over the last ninety days. 0.30% of the stock is currently owned by insiders.

Eaton Price Performance

Shares of NYSE ETN traded up $2.84 during mid-day trading on Wednesday, reaching $359.82. The company had a trading volume of 869,923 shares, compared to its average volume of 2,661,713. 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 one year low of $231.85 and a one year high of $379.99. The firm has a market cap of $140.80 billion, a price-to-earnings ratio of 36.31, a PEG ratio of 2.70 and a beta of 1.17. The business's 50-day simple moving average is $329.10 and its 200 day simple moving average is $313.08.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $6.26 billion. During the same quarter last year, the business earned $2.40 earnings per share. Eaton's revenue was up 7.3% on a year-over-year basis. On average, research analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were paid a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.16%. The ex-dividend date 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.