Bartlett & CO. Wealth Management LLC Sells 2,691 Shares of Eaton Corporation, PLC (NYSE:ETN)

Bartlett & CO. Wealth Management LLC reduced its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 7.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,609 shares of the industrial products company's stock after selling 2,691 shares during the period. Bartlett & CO. Wealth Management LLC's holdings in Eaton were worth $9,680,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Capital A Wealth Management LLC purchased a new position in Eaton during the 4th quarter valued at about $26,000. Flagship Wealth Advisors LLC bought a new position in shares of Eaton in the fourth quarter valued at approximately $27,000. Noble Wealth Management PBC purchased a new position in Eaton during the fourth quarter valued at approximately $30,000. Murphy & Mullick Capital Management Corp bought a new stake in Eaton during the 4th quarter worth approximately $33,000. Finally, Vermillion Wealth Management Inc. bought a new position in Eaton in the 4th quarter valued at $33,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 490,208 shares of the company's stock, valued at $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction dated 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 sale, the insider now owns 3,382 shares of the company's stock, valued at $1,004,014.34. This trade represents a 38.53% 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 worth $49,622,894. 0.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ETN shares. JPMorgan Chase & Co. lifted their price objective on Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. BNP Paribas started coverage on Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price target on the stock. Royal Bank Of Canada boosted their price objective on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Wall Street Zen raised shares of Eaton from a "hold" rating to a "buy" rating in a research note on Sunday, May 18th. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $355.00 target price on shares of Eaton in a research report on Monday, May 5th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, Eaton presently has an average rating of "Moderate Buy" and a consensus price target of $368.78.

Eaton Stock Performance

NYSE:ETN opened at $348.78 on Friday. 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 fifty-two week low of $231.85 and a fifty-two week high of $379.99. The business has a 50 day moving average price of $316.32 and a 200-day moving average price of $312.86. The firm has a market cap of $136.48 billion, a PE ratio of 35.20, a price-to-earnings-growth ratio of 2.65 and a beta of 1.16.

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, topping analysts' consensus estimates of $2.70 by $0.02. The business had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The company's revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.40 EPS. Equities research analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

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 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's dividend payout ratio (DPR) is currently 41.98%.

About Eaton

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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