Drake & Associates LLC Increases Position in Eaton Corporation, PLC (NYSE:ETN)

Drake & Associates LLC boosted its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 36.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,156 shares of the industrial products company's stock after acquiring an additional 1,371 shares during the period. Drake & Associates LLC's holdings in Eaton were worth $1,402,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ETN. Capital A Wealth Management LLC acquired a new position in Eaton in the 4th quarter valued at about $26,000. Flagship Wealth Advisors LLC acquired a new position in Eaton in the 4th quarter valued at about $27,000. Murphy & Mullick Capital Management Corp acquired a new position in shares of Eaton in the 4th quarter worth approximately $33,000. Vermillion Wealth Management Inc. acquired a new position in shares of Eaton in the 4th quarter worth approximately $33,000. Finally, Creative Financial Designs Inc. ADV lifted its holdings in shares of 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 acquiring an additional 51 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Eaton Stock Up 1.1%

Shares of NYSE ETN opened at $361.98 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $379.99. The firm has a 50-day moving average price of $326.36 and a 200 day moving average price of $312.79. The stock has a market capitalization of $141.64 billion, a price-to-earnings ratio of 36.53, a price-to-earnings-growth ratio of 2.73 and a beta of 1.17.

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

Eaton Announces Dividend

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

Insider Transactions at Eaton

In related news, 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 directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction that occurred on 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 sale, the insider owned 3,382 shares of the company's stock, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 156,660 shares of company stock valued at $49,622,894. Insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on ETN. Jefferies Financial Group reduced their target price on shares of Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a report on Wednesday, March 12th. Royal Bank Of Canada increased their price objective on shares of Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research report on Monday, May 5th. Wells Fargo & Company increased their target price on shares of Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. BNP Paribas assumed coverage on shares of Eaton in a research report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price on the stock. 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 investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $369.06.

Eaton Company 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.

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