Cullen Investment Group LTD. Buys 1,066 Shares of Eaton Co. plc (NYSE:ETN)

Cullen Investment Group LTD. grew its stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 1.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,792 shares of the industrial products company's stock after acquiring an additional 1,066 shares during the quarter. Eaton comprises approximately 3.0% of Cullen Investment Group LTD.'s investment portfolio, making the stock its 6th largest holding. Cullen Investment Group LTD.'s holdings in Eaton were worth $19,515,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Neville Rodie & Shaw Inc. increased its holdings in Eaton by 6.7% in the 1st quarter. Neville Rodie & Shaw Inc. now owns 40,944 shares of the industrial products company's stock worth $11,130,000 after buying an additional 2,558 shares during the period. MassMutual Private Wealth & Trust FSB increased its holdings in Eaton by 32.3% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 39,359 shares of the industrial products company's stock worth $10,699,000 after buying an additional 9,615 shares during the period. Mascagni Wealth Management Inc. acquired a new position in Eaton in the 4th quarter worth approximately $140,000. 111 Capital acquired a new position in Eaton in the 4th quarter worth approximately $2,351,000. Finally, Thoma Capital Management LLC acquired a new stake in shares of Eaton during the 4th quarter worth approximately $816,000. Institutional investors and hedge funds own 82.97% of the company's stock.

Insider Buying and Selling at Eaton

In other Eaton news, 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 completion of the sale, the insider now owns 3,382 shares in the company, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the business'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 completion of the sale, the insider now owns 490,208 shares of the company's stock, valued at approximately $158,214,632. This represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock valued at $49,622,894 in the last three months. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ETN. BNP Paribas Exane assumed coverage on shares of Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective on the stock. Wall Street Zen upgraded Eaton from a "hold" rating to a "buy" rating in a report on Sunday, May 18th. BNP Paribas started coverage on Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Finally, Morgan Stanley decreased their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, Eaton currently has an average rating of "Moderate Buy" and an average target price of $367.83.

Eaton Trading Down 1.4%

Shares of NYSE ETN traded down $4.46 during trading on Friday, hitting $320.35. 3,787,956 shares of the company were exchanged, compared to its average volume of 2,670,431. The company has a fifty day moving average price of $293.29 and a 200-day moving average price of $317.53. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The firm has a market capitalization of $125.35 billion, a PE ratio of 33.72, a P/E/G ratio of 2.64 and a beta of 1.14. Eaton Co. plc has a 12-month low of $231.85 and a 12-month high of $379.99.

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

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were given a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's dividend payout ratio is currently 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.