Concord Wealth Partners Grows Stock Holdings in Eaton Corporation, PLC (NYSE:ETN)

Concord Wealth Partners boosted its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 1,728.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,163 shares of the industrial products company's stock after acquiring an additional 5,826 shares during the quarter. Concord Wealth Partners' holdings in Eaton were worth $1,675,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital A Wealth Management LLC purchased a new position in shares of Eaton during the 4th quarter valued at approximately $26,000. Flagship Wealth Advisors LLC purchased a new position in shares of Eaton during the 4th quarter valued at approximately $27,000. Murphy & Mullick Capital Management Corp purchased a new position in shares of Eaton during the 4th quarter valued at approximately $33,000. Vermillion Wealth Management Inc. purchased a new position in shares of Eaton during the 4th quarter valued at approximately $33,000. Finally, Creative Financial Designs Inc. ADV boosted its stake in shares of Eaton by 102.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock valued at $27,000 after buying an additional 51 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insiders Place Their Bets

In other Eaton 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 value of $33,400,106.50. Following the sale, the insider owned 490,208 shares in the company, valued at $158,214,632. The trade was a 17.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the sale, the insider owned 3,382 shares in the company, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by corporate insiders.

Eaton Trading Down 0.5%

Shares of Eaton stock traded down $1.83 during trading on Friday, reaching $378.89. 2,941,019 shares of the stock were exchanged, compared to its average volume of 2,666,753. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year high of $384.51. The firm has a market cap of $148.26 billion, a price-to-earnings ratio of 38.23, a price-to-earnings-growth ratio of 2.87 and a beta of 1.17. The stock's fifty day moving average is $339.29 and its 200 day moving average is $314.81. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41.

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. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The company had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter last year, the firm earned $2.40 earnings per share. The firm's quarterly revenue was up 7.3% compared to the same quarter last year. As a group, equities research analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's dividend payout ratio (DPR) is 41.98%.

Analyst Ratings Changes

Several equities analysts recently issued reports on ETN shares. Sanford C. Bernstein restated an "outperform" rating and set a $396.00 price objective on shares of Eaton in a research note on Monday, July 14th. Citigroup increased their target price on Eaton from $351.00 to $420.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Barclays increased their target price on Eaton from $323.00 to $340.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 9th. Royal Bank Of Canada increased their target price on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research report on Monday, May 5th. Finally, The Goldman Sachs Group increased their target price on Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. 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 presently has a consensus rating of "Moderate Buy" and an average 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.