Berry Wealth Group LP Sells 3,481 Shares of Eaton Corporation, PLC (NYSE:ETN)

Berry Wealth Group LP lessened its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 15.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 19,222 shares of the industrial products company's stock after selling 3,481 shares during the quarter. Eaton makes up approximately 4.1% of Berry Wealth Group LP's holdings, making the stock its 6th biggest holding. Berry Wealth Group LP's holdings in Eaton were worth $5,225,000 at the end of the most recent quarter.

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

Eaton Stock Performance

Shares of ETN opened at $333.29 on Tuesday. The stock has a market capitalization of $130.42 billion, a price-to-earnings ratio of 33.63, a PEG ratio of 2.57 and a beta of 1.16. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $379.99. The firm has a fifty day simple moving average of $311.91 and a 200 day simple moving average of $312.55. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41.

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

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.25%. The ex-dividend date was Monday, May 5th. Eaton's payout ratio is presently 41.98%.

Insider Activity at Eaton

In related news, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the sale, the insider now directly owns 3,382 shares in the company, 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 SEC, which is accessible through the SEC website. Also, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction that occurred 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 transaction, the insider now directly owns 490,208 shares in the company, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ETN shares. BNP Paribas assumed coverage on shares of Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price target on the stock. JPMorgan Chase & Co. lifted their target price on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Morgan Stanley decreased their target price on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Barclays raised their price target on Eaton from $306.00 to $323.00 and gave the stock an "equal weight" rating in a research report on Monday, June 9th. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $355.00 price objective on shares of Eaton in a report on Monday, May 5th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to MarketBeat.com, Eaton currently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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