7,108 Shares in Eaton Corporation, PLC (NYSE:ETN) Bought by Concord Asset Management LLC VA

Concord Asset Management LLC VA bought a new position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm bought 7,108 shares of the industrial products company's stock, valued at approximately $1,959,000.

A number of other institutional investors also recently modified their holdings of ETN. Norges Bank bought a new position in shares of Eaton in the fourth quarter valued at about $1,495,582,000. GAMMA Investing LLC grew its holdings in Eaton by 27,281.9% during the 1st quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock worth $976,772,000 after acquiring an additional 3,580,198 shares during the period. Capital International Investors bought a new stake in Eaton in the fourth quarter valued at about $523,541,000. Leigh Baldwin & CO. LLC acquired a new stake in shares of Eaton in the 4th quarter valued at approximately $231,552,000. Finally, Janus Henderson Group PLC boosted its position in shares of Eaton by 24.3% during the fourth quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company's stock worth $998,144,000 after purchasing an additional 588,370 shares in the last quarter. Institutional investors own 82.97% of the company's stock.

Insider Activity at Eaton

In other news, insider Craig Arnold sold 103,486 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the transaction, the insider directly owned 490,208 shares of the company's stock, valued at $158,214,632. This represents a 17.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction 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 sale, the insider 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 disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock worth $49,622,894 in the last 90 days. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Morgan Stanley cut their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. JPMorgan Chase & Co. raised their price target on Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Barclays boosted their price objective on shares of Eaton from $323.00 to $340.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Wells Fargo & Company raised their price target on Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. Finally, BNP Paribas began coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective for the company. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $377.89.

Eaton Stock Up 0.3%

NYSE ETN traded up $0.93 during mid-day trading on Wednesday, reaching $363.04. The stock had a trading volume of 1,756,196 shares, compared to its average volume of 2,670,996. The stock has a market cap of $142.06 billion, a PE ratio of 36.63, a price-to-earnings-growth ratio of 2.73 and a beta of 1.17. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year high of $379.99. 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 company has a fifty day moving average price of $336.45 and a 200 day moving average price of $314.15.

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

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.15%. The ex-dividend date was Monday, May 5th. Eaton's dividend 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.