Cerity Partners LLC Increases Holdings in Eaton Corporation, PLC (NYSE:ETN)

Cerity Partners LLC boosted its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 35.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 150,855 shares of the industrial products company's stock after purchasing an additional 39,593 shares during the period. Cerity Partners LLC's holdings in Eaton were worth $41,007,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ETN. Checchi Capital Advisers LLC boosted its holdings in shares of Eaton by 0.7% in the first quarter. Checchi Capital Advisers LLC now owns 5,071 shares of the industrial products company's stock valued at $1,378,000 after purchasing an additional 37 shares during the period. Lantern Wealth Advisors LLC boosted its holdings in shares of Eaton by 1.0% in the fourth quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company's stock valued at $1,340,000 after purchasing an additional 38 shares during the period. AGH Wealth Advisors LLC lifted its holdings in Eaton by 2.6% during the first quarter. AGH Wealth Advisors LLC now owns 1,517 shares of the industrial products company's stock worth $412,000 after buying an additional 38 shares during the period. Revolve Wealth Partners LLC lifted its holdings in Eaton by 4.2% during the first quarter. Revolve Wealth Partners LLC now owns 951 shares of the industrial products company's stock worth $259,000 after buying an additional 38 shares during the period. Finally, Tritonpoint Wealth LLC lifted its holdings in Eaton by 3.9% during the first quarter. Tritonpoint Wealth LLC now owns 1,038 shares of the industrial products company's stock worth $282,000 after buying an additional 39 shares during the period. Hedge funds and other institutional investors own 82.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Evercore ISI upped their target price on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a report on Monday, May 19th. BNP Paribas Exane assumed coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price for the company. KeyCorp upped their target price on Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. Wells Fargo & Company upped their target price on Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Finally, Citigroup upped their target price on Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $370.63.

Insider Activity

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 transaction, the insider directly owned 3,382 shares of the company's stock, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction dated 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 completion of the transaction, the insider directly owned 490,208 shares in the company, valued at $158,214,632. This represents a 17.43% decrease in their ownership of the stock. 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. Corporate insiders own 0.30% of the company's stock.

Eaton Price Performance

NYSE:ETN opened at $360.67 on Friday. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $379.99. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. The firm has a market cap of $141.13 billion, a price-to-earnings ratio of 36.39, a PEG ratio of 2.70 and a beta of 1.17. The firm's fifty day moving average is $332.74 and its two-hundred day moving average is $313.67.

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 (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.02. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The business had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same period in the prior year, the company posted $2.40 EPS. The company's revenue for the quarter was up 7.3% on a year-over-year basis. Research analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's payout ratio is currently 41.98%.

Eaton 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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