Correct Capital Wealth Management Sells 1,524 Shares of Eaton Corporation, PLC (NYSE:ETN)

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

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

Insider Buying and Selling at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the transaction, the insider directly owned 3,382 shares of the company's stock, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Craig Arnold sold 103,486 shares of the firm's 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 directly owned 490,208 shares of the company's stock, 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. Insiders sold a total of 156,660 shares of company stock worth $49,622,894 over the last 90 days. Company insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on ETN. Evercore ISI increased their target price on shares of Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. The Goldman Sachs Group increased their price target on shares of Eaton from $345.00 to $382.00 and gave the stock a "buy" rating in a research note on Tuesday. Barclays increased their price target on shares of Eaton from $323.00 to $340.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Jefferies Financial Group dropped their price target on shares of Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a research note on Wednesday, March 12th. Finally, KeyCorp increased their price target on shares of Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. Six equities 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, the company currently has an average rating of "Moderate Buy" and an average price target of $370.63.

Eaton Stock Performance

NYSE ETN traded down $2.00 during midday trading on Thursday, hitting $357.78. The company had a trading volume of 2,809,502 shares, compared to its average volume of 2,671,382. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. The stock has a market cap of $140.00 billion, a price-to-earnings ratio of 36.10, a P/E/G ratio of 2.71 and a beta of 1.17. The firm has a fifty day simple moving average of $330.40 and a two-hundred day simple moving average of $313.40. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.02. The company had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The business's quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the business posted $2.40 EPS. Equities analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business 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 annualized dividend and a yield of 1.16%. Eaton's dividend payout ratio is 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.