Burney Co. Acquires 757 Shares of Eaton Corporation, PLC (NYSE:ETN)

Burney Co. increased its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 11.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,548 shares of the industrial products company's stock after acquiring an additional 757 shares during the quarter. Burney Co.'s holdings in Eaton were worth $2,052,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Wakefield Asset Management LLLP bought a new position in Eaton during the first quarter worth about $899,000. IMA Advisory Services Inc. bought a new position in Eaton in the 1st quarter valued at about $25,000. Boyd Watterson Asset Management LLC OH increased its holdings in Eaton by 7.0% in the 1st quarter. Boyd Watterson Asset Management LLC OH now owns 25,453 shares of the industrial products company's stock valued at $6,919,000 after buying an additional 1,674 shares during the period. WESPAC Advisors SoCal LLC increased its holdings in Eaton by 30.3% in the 1st quarter. WESPAC Advisors SoCal LLC now owns 29,484 shares of the industrial products company's stock valued at $8,015,000 after buying an additional 6,859 shares during the period. Finally, Forbes J M & Co. LLP increased its holdings in Eaton by 2.8% in the 1st quarter. Forbes J M & Co. LLP now owns 39,513 shares of the industrial products company's stock valued at $10,741,000 after buying an additional 1,085 shares during the period. 82.97% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the sale, the insider owned 490,208 shares in the company, valued at approximately $158,214,632. The trade was a 17.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction 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 sale, the insider owned 3,382 shares in the company, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 156,660 shares of company stock worth $49,622,894. Insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

ETN has been the topic of several recent analyst reports. Wall Street Zen raised shares of Eaton from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Morgan Stanley decreased their price target on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Citigroup lifted their price target on shares of Eaton from $351.00 to $420.00 and gave the company a "buy" rating in a report on Monday, July 14th. JPMorgan Chase & Co. lifted their price target on shares of Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Finally, KeyCorp lifted their price target on shares of Eaton from $355.00 to $410.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, Eaton has an average rating of "Moderate Buy" and an average price target of $377.89.

Eaton Trading Up 1.9%

Shares of NYSE ETN traded up $7.39 during mid-day trading on Friday, hitting $392.29. The stock had a trading volume of 2,106,513 shares, compared to its average volume of 2,016,849. 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 1 year low of $231.85 and a 1 year high of $393.07. The business has a 50 day moving average price of $344.57 and a two-hundred day moving average price of $316.02. The firm has a market cap of $153.50 billion, a P/E ratio of 39.59, a price-to-earnings-growth ratio of 2.96 and a beta of 1.17.

Eaton (NYSE:ETN - Get Free Report) last issued its earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.70 by $0.02. The company had revenue of $6.38 billion for 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 firm's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.40 earnings per share. On average, equities analysts anticipate 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 will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date is Thursday, August 7th. Eaton's payout ratio 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.