Carnegie Investment Counsel Increases Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Carnegie Investment Counsel lifted its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 8.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 191,565 shares of the industrial products company's stock after buying an additional 14,382 shares during the quarter. Eaton comprises about 1.1% of Carnegie Investment Counsel's portfolio, making the stock its 19th largest holding. Carnegie Investment Counsel's holdings in Eaton were worth $48,361,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. IMA Advisory Services Inc. acquired a new stake in Eaton in the 1st quarter worth about $25,000. Capital A Wealth Management LLC acquired a new stake in Eaton in the 4th quarter worth about $26,000. Creative Financial Designs Inc. ADV raised its stake in Eaton by 102.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock worth $27,000 after purchasing an additional 51 shares in the last quarter. Murphy & Mullick Capital Management Corp acquired a new stake in Eaton in the 4th quarter worth about $33,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in Eaton in the 4th quarter worth about $33,000. Institutional investors and hedge funds own 82.97% of the company's stock.

Insider Buying and Selling

In other news, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction that occurred on 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 transaction, the insider directly owned 3,382 shares in the company, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction that occurred 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 of the company's stock, valued at approximately $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock valued at $49,622,894 over the last 90 days. 0.30% of the stock is owned by company insiders.

Eaton Stock Up 1.9%

Shares of ETN stock traded up $7.39 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. Eaton Corporation, PLC has a 12-month low of $231.85 and a 12-month high of $393.07. The business has a 50 day moving average of $344.57 and a 200 day moving average of $316.02. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The stock has a market cap of $153.50 billion, a price-to-earnings 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 posted its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.02. The firm 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 revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the company earned $2.40 earnings per share. As a group, analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be given a $1.04 dividend. The ex-dividend date is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.06%. Eaton's dividend payout ratio (DPR) is currently 41.98%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ETN shares. JPMorgan Chase & Co. lifted their price objective on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Sanford C. Bernstein reiterated an "outperform" rating and set a $396.00 price objective on shares of Eaton in a research report on Monday, July 14th. Wall Street Zen upgraded shares of Eaton from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. BNP Paribas began coverage on shares of Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. Finally, Royal Bank Of Canada boosted their target price on shares of Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Six 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 currently has an average rating of "Moderate Buy" and a consensus target price of $377.89.

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.