Eagle Strategies LLC Takes $953,000 Position in Eaton Corporation, PLC (NYSE:ETN)

Eagle Strategies LLC bought a new stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 3,505 shares of the industrial products company's stock, valued at approximately $953,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC raised its holdings in Eaton by 1.4% during the fourth quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock worth $1,109,000 after purchasing an additional 45 shares in the last quarter. Revolve Wealth Partners LLC raised its holdings in Eaton by 17.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock worth $303,000 after purchasing an additional 136 shares in the last quarter. Bank Pictet & Cie Europe AG purchased a new position in Eaton during the fourth quarter worth about $42,839,000. Callan Capital LLC raised its holdings in Eaton by 26.9% during the fourth quarter. Callan Capital LLC now owns 1,552 shares of the industrial products company's stock worth $515,000 after purchasing an additional 329 shares in the last quarter. Finally, Wealthspire Advisors LLC raised its holdings in Eaton by 3.1% during the fourth quarter. Wealthspire Advisors LLC now owns 8,724 shares of the industrial products company's stock worth $2,895,000 after purchasing an additional 261 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Down 1.1%

Shares of NYSE ETN opened at $331.34 on Monday. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year high of $379.99. The firm's 50 day moving average price is $310.79 and its 200 day moving average price is $312.81. The firm has a market cap of $129.65 billion, a P/E ratio of 33.43, a price-to-earnings-growth ratio of 2.57 and a beta of 1.16. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating analysts' consensus estimates 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%. Eaton's revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter last year, the business earned $2.40 EPS. As a group, sell-side analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current 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 issued a $1.04 dividend. The ex-dividend date was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.26%. Eaton's dividend payout ratio (DPR) is presently 41.98%.

Analysts Set New Price Targets

A number of brokerages have issued reports on ETN. Barclays increased their target price on shares of Eaton from $306.00 to $323.00 and gave the company an "equal weight" rating in a report on Monday, June 9th. Royal Bank Of Canada increased their target price on shares of Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a report on Monday, May 5th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $355.00 target price on shares of Eaton in a report on Monday, May 5th. KeyCorp increased their target price on shares of Eaton from $325.00 to $355.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Finally, Wall Street Zen raised shares of Eaton from a "hold" rating to a "buy" rating in a report on Sunday, May 18th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $368.78.

Insider Activity

In related news, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction 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 transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the transaction, the insider now owns 490,208 shares in the company, valued at $158,214,632. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 156,660 shares of company stock valued at $49,622,894. Company insiders own 0.30% of the company's stock.

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.

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