Eaton Co. plc (NYSE:ETN) Shares Acquired by Congress Asset Management Co.

Congress Asset Management Co. grew its holdings in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 0.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 527,006 shares of the industrial products company's stock after purchasing an additional 2,584 shares during the period. Eaton makes up about 1.1% of Congress Asset Management Co.'s portfolio, making the stock its 22nd biggest holding. Congress Asset Management Co. owned about 0.13% of Eaton worth $143,256,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ETN. Bearing Point Capital LLC purchased a new position in Eaton in the 4th quarter worth $2,713,000. Generate Investment Management Ltd purchased a new position in Eaton in the 4th quarter worth $12,678,000. Strategic Financial Concepts LLC purchased a new position in Eaton in the 4th quarter worth $38,000. American National Bank & Trust raised its stake in Eaton by 5.4% in the 1st quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock worth $855,000 after acquiring an additional 162 shares during the last quarter. Finally, Wingate Wealth Advisors Inc. purchased a new position in Eaton in the 4th quarter worth $161,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ETN. Royal Bank of Canada raised their target price on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. KeyCorp increased their price target on Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Morgan Stanley cut their price target on Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Evercore ISI increased their price target on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. Finally, BNP Paribas started coverage on Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price target on the stock. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $367.83.

Insider Activity at Eaton

In other Eaton news, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction that occurred 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 transaction, the insider now directly owns 490,208 shares of the company's stock, valued at $158,214,632. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the transaction, the insider now owns 3,382 shares in the company, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is owned by corporate insiders.

Eaton Price Performance

Shares of NYSE:ETN traded up $5.23 during trading on Friday, reaching $331.71. 2,206,422 shares of the company's stock traded hands, compared to its average volume of 2,648,581. Eaton Co. plc has a fifty-two week low of $231.85 and a fifty-two week high of $379.99. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The firm has a market cap of $129.80 billion, a PE ratio of 34.92, a P/E/G ratio of 2.64 and a beta of 1.16. The company has a 50-day simple moving average of $298.11 and a 200-day simple moving average of $316.64.

Eaton (NYSE:ETN - Get Free Report) last posted its earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The firm had revenue of $6.38 billion for the quarter, compared to analysts' expectations of $6.26 billion. During the same period last year, the firm earned $2.40 EPS. The company's quarterly revenue was up 7.3% on a year-over-year basis. As a group, analysts predict that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date was Monday, May 5th. Eaton's dividend payout ratio is presently 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.