Correct Capital Wealth Management Cuts Position in Eaton Corporation, PLC (NYSE:ETN)

Correct Capital Wealth Management decreased its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 31.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,366 shares of the industrial products company's stock after selling 1,524 shares during the period. Correct Capital Wealth Management's holdings in Eaton were worth $915,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently bought and sold shares of the company. Checchi Capital Advisers LLC increased its holdings in Eaton by 0.7% in the 1st quarter. Checchi Capital Advisers LLC now owns 5,071 shares of the industrial products company's stock worth $1,378,000 after acquiring an additional 37 shares in the last quarter. Lantern Wealth Advisors LLC grew its position in shares of Eaton by 1.0% during the fourth 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 in the last quarter. AGH Wealth Advisors LLC boosted its stake in Eaton by 2.6% in the 1st quarter. AGH Wealth Advisors LLC now owns 1,517 shares of the industrial products company's stock worth $412,000 after purchasing an additional 38 shares during the period. Revolve Wealth Partners LLC boosted its stake in Eaton by 4.2% in the 1st quarter. Revolve Wealth Partners LLC now owns 951 shares of the industrial products company's stock worth $259,000 after purchasing an additional 38 shares during the period. Finally, Tritonpoint Wealth LLC boosted its stake in Eaton by 3.9% in the 1st quarter. Tritonpoint Wealth LLC now owns 1,038 shares of the industrial products company's stock worth $282,000 after purchasing an additional 39 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Michael Yelton sold 2,120 shares of the firm'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 transaction, the insider owned 3,382 shares in the company, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Craig Arnold sold 103,486 shares of the stock in a transaction dated 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 owned 490,208 shares in the company, valued at approximately $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. Insiders sold a total of 156,660 shares of company stock worth $49,622,894 in the last ninety days. 0.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on ETN shares. BNP Paribas Exane began coverage on shares of Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price on the stock. Evercore ISI raised their price objective on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research report on Monday, May 19th. The Goldman Sachs Group raised their price objective on Eaton from $345.00 to $382.00 and gave the company a "buy" rating in a research report on Tuesday. Royal Bank Of Canada increased their price target on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research note on Monday, May 5th. Finally, Citigroup upped their price objective on Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $370.63.

Eaton Trading Up 0.7%

Shares of Eaton stock traded up $2.60 during trading on Friday, hitting $360.24. The stock had a trading volume of 929,226 shares, compared to its average volume of 3,135,948. The firm's fifty day simple moving average is $331.52 and its 200-day simple moving average is $313.54. The stock has a market cap of $140.96 billion, a PE ratio of 36.35, a PEG ratio of 2.71 and a beta of 1.17. 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 12 month low of $231.85 and a 12 month high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last released 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 23.41% and a net margin of 15.55%. The firm had revenue of $6.38 billion for the quarter, compared to analysts' expectations of $6.26 billion. During the same quarter in the prior year, the firm posted $2.40 earnings per share. The company's quarterly revenue was up 7.3% on a year-over-year basis. As a group, sell-side analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal 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 annualized dividend and a yield of 1.15%. The ex-dividend date was Monday, May 5th. Eaton's dividend payout ratio is presently 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.