Cornerstone Wealth Group LLC Has $7.06 Million Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Cornerstone Wealth Group LLC boosted its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 155.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,964 shares of the industrial products company's stock after acquiring an additional 15,788 shares during the period. Cornerstone Wealth Group LLC's holdings in Eaton were worth $7,058,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ETN. Norden Group LLC grew its position in shares of Eaton by 3.4% during the 4th quarter. Norden Group LLC now owns 978 shares of the industrial products company's stock worth $325,000 after buying an additional 32 shares during the period. Nwam LLC boosted its stake in Eaton by 0.6% in the fourth quarter. Nwam LLC now owns 5,314 shares of the industrial products company's stock valued at $1,764,000 after acquiring an additional 34 shares during the last quarter. Founders Financial Alliance LLC grew its holdings in Eaton by 0.7% during the 4th quarter. Founders Financial Alliance LLC now owns 5,415 shares of the industrial products company's stock worth $1,797,000 after acquiring an additional 35 shares during the period. Sound View Wealth Advisors Group LLC raised its position in shares of Eaton by 1.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 3,587 shares of the industrial products company's stock valued at $1,190,000 after acquiring an additional 38 shares during the last quarter. Finally, Lantern Wealth Advisors LLC boosted its position in shares of Eaton by 1.0% in the 4th quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company's stock worth $1,340,000 after purchasing an additional 38 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Down 0.2%

ETN stock traded down $0.54 during midday trading on Wednesday, hitting $342.72. The company's stock had a trading volume of 1,929,515 shares, compared to its average volume of 2,654,219. The company's fifty day moving average price is $313.24 and its 200 day moving average price is $312.76. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $379.99. The stock has a market capitalization of $134.11 billion, a P/E ratio of 34.58, a PEG ratio of 2.58 and a beta of 1.16.

Eaton (NYSE:ETN - Get Free Report) last released its 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 business had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the previous year, the business earned $2.40 earnings per share. Eaton's quarterly revenue was up 7.3% on a year-over-year basis. As a group, equities research analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.21%. The ex-dividend date was Monday, May 5th. Eaton's payout ratio is presently 41.98%.

Insider Activity at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the firm'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 completion of the sale, the insider now directly owns 3,382 shares of the company's stock, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction that occurred 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 transaction, the insider now directly owns 490,208 shares in the company, valued at $158,214,632. The trade was 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 sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Wall Street Zen upgraded Eaton from a "hold" rating to a "buy" rating in a report on Sunday, May 18th. BNP Paribas began coverage on Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price target for the company. 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 report on Monday, May 19th. JPMorgan Chase & Co. increased their target price on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $355.00 price objective on shares of Eaton in a report on Monday, May 5th. Five equities 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 company has a consensus rating of "Moderate Buy" and an average price target of $368.78.

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.