Conning Inc. Sells 2,818 Shares of Eaton Corporation, PLC (NYSE:ETN)

Conning Inc. lessened its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 55.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,239 shares of the industrial products company's stock after selling 2,818 shares during the period. Conning Inc.'s holdings in Eaton were worth $609,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. GAMMA Investing LLC raised its stake in Eaton by 0.7% during the 1st quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company's stock valued at $3,593,000 after purchasing an additional 96 shares during the period. Bearing Point Capital LLC purchased a new stake in Eaton in the 4th quarter worth about $2,713,000. Brighton Jones LLC boosted its position in Eaton by 4.9% during the 1st quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company's stock worth $953,000 after acquiring an additional 164 shares during the period. Kennebec Savings Bank grew its stake in Eaton by 5.4% during the 1st quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock valued at $738,000 after acquiring an additional 139 shares in the last quarter. Finally, American National Bank & Trust increased its holdings in shares of Eaton by 5.4% in the 1st quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock valued at $855,000 after purchasing an additional 162 shares during the period. Institutional investors and hedge funds own 82.97% of the company's stock.

Eaton Stock Performance

Shares of NYSE:ETN traded up $3.79 on Friday, hitting $361.98. 1,088,135 shares of the company were exchanged, compared to its average volume of 2,664,244. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $379.99. The firm has a market capitalization of $141.64 billion, a price-to-earnings ratio of 36.53, a PEG ratio of 2.73 and a beta of 1.17. The company's 50 day moving average price is $326.36 and its two-hundred day moving average price is $312.94. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $6.38 billion for the quarter, compared to analysts' expectations of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. Eaton's quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.40 earnings per share. Research analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were given a $1.04 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.15%. Eaton's dividend payout ratio (DPR) is presently 41.98%.

Analyst Ratings Changes

A number of brokerages recently commented on ETN. Evercore ISI boosted their price objective on shares of Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research report on Monday, May 19th. Wells Fargo & Company upped their price target on shares of Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a research note on Tuesday. JPMorgan Chase & Co. increased their price objective on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. BNP Paribas Exane initiated coverage on Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price on the stock. Finally, Wall Street Zen raised Eaton from a "hold" rating to a "buy" rating in a research report on Saturday. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Eaton has a consensus rating of "Moderate Buy" and an average target price of $369.06.

Insider Activity at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the stock in a transaction 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 owned 3,382 shares of the company's stock, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the sale, the insider directly owned 490,208 shares of the company's stock, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 156,660 shares of company stock valued at $49,622,894. Company insiders own 0.30% of the company's stock.

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.