Bessemer Group Inc. reduced its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 10.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 984,938 shares of the industrial products company's stock after selling 120,995 shares during the quarter. Bessemer Group Inc. owned approximately 0.25% of Eaton worth $267,737,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Spire Wealth Management increased its stake in Eaton by 6.8% in the 1st quarter. Spire Wealth Management now owns 11,342 shares of the industrial products company's stock valued at $3,083,000 after buying an additional 718 shares during the last quarter. Daymark Wealth Partners LLC raised its holdings in Eaton by 9.2% during the first quarter. Daymark Wealth Partners LLC now owns 21,541 shares of the industrial products company's stock worth $5,855,000 after acquiring an additional 1,810 shares in the last quarter. Horizon Bancorp Inc. IN boosted its position in Eaton by 70.1% during the first quarter. Horizon Bancorp Inc. IN now owns 165 shares of the industrial products company's stock valued at $45,000 after purchasing an additional 68 shares during the last quarter. Cornerstone Wealth Group LLC grew its stake in Eaton by 155.1% in the first quarter. Cornerstone Wealth Group LLC now owns 25,964 shares of the industrial products company's stock valued at $7,058,000 after purchasing an additional 15,788 shares in the last quarter. Finally, Balboa Wealth Partners increased its position in shares of Eaton by 3.9% during the 1st quarter. Balboa Wealth Partners now owns 1,740 shares of the industrial products company's stock worth $473,000 after purchasing an additional 65 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Eaton
In related news, insider Craig Arnold sold 51,054 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $305.43, for a total value of $15,593,423.22. Following the completion of the sale, the insider now owns 489,444 shares in the company, valued at $149,490,880.92. The trade was a 9.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the transaction, the insider now owns 3,382 shares in the company, valued at $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock worth $49,622,894 over the last three months. 0.30% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on ETN shares. Citigroup boosted their target price on shares of Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Barclays upped their target price on shares of Eaton from $306.00 to $323.00 and gave the company an "equal weight" rating in a report on Monday, June 9th. KeyCorp lifted their price target on Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. Jefferies Financial Group dropped their price objective on Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a research note on Wednesday, March 12th. Finally, Morgan Stanley cut their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $368.78.
Check Out Our Latest Stock Report on Eaton
Eaton Stock Performance
ETN traded up $6.43 during trading on Thursday, hitting $348.78. 2,284,424 shares of the company traded hands, compared to its average volume of 2,660,258. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $379.99. The stock's fifty day moving average is $314.71 and its 200 day moving average is $312.97. 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 firm has a market cap of $136.48 billion, a P/E 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 for the quarter, beating the consensus estimate of $2.70 by $0.02. The firm had revenue of $6.38 billion for the quarter, compared to analysts' expectations of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company's revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.40 earnings per share. As a group, equities analysts predict 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. Investors of record on Monday, May 5th were given a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.19%. The ex-dividend date was Monday, May 5th. Eaton's dividend payout ratio (DPR) is 41.98%.
About Eaton
(
Free Report)
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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