Iowa State Bank Raises Stock Holdings in Eaton Co. plc (NYSE:ETN)

Iowa State Bank increased its position in Eaton Co. plc (NYSE:ETN - Free Report) by 4.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 24,346 shares of the industrial products company's stock after acquiring an additional 988 shares during the quarter. Eaton comprises 1.4% of Iowa State Bank's investment portfolio, making the stock its 22nd largest holding. Iowa State Bank's holdings in Eaton were worth $6,618,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Bearing Point Capital LLC bought a new stake in Eaton in the 4th quarter worth approximately $2,713,000. McAdam LLC bought a new stake in Eaton in the fourth quarter valued at approximately $293,000. U.S. Capital Wealth Advisors LLC raised its holdings in shares of Eaton by 256.8% during the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 57,521 shares of the industrial products company's stock valued at $19,089,000 after acquiring an additional 41,399 shares in the last quarter. Generate Investment Management Ltd purchased a new stake in shares of Eaton in the fourth quarter worth $12,678,000. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of Eaton during the fourth quarter valued at $38,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on ETN. Royal Bank of Canada increased their price objective on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research report on Monday, May 5th. Wall Street Zen raised Eaton from a "hold" rating to a "buy" rating in a research note on Sunday, May 18th. Evercore ISI lifted their target price on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research note on Monday, May 19th. Morgan Stanley reduced their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Finally, Citigroup lifted their price objective on Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $367.83.

Eaton Stock Up 0.1%

NYSE:ETN traded up $0.40 during mid-day trading on Thursday, hitting $327.48. 715,148 shares of the company's stock traded hands, compared to its average volume of 2,648,022. The company has a fifty day moving average of $295.92 and a 200 day moving average of $317.07. Eaton Co. plc has a twelve month low of $231.85 and a twelve month high of $379.99. The company has a market capitalization of $128.14 billion, a P/E ratio of 34.47, a P/E/G ratio of 2.64 and a beta of 1.16. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50.

Eaton (NYSE:ETN - Get Free Report) last announced its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The company had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same period in the prior year, the company posted $2.40 EPS. The firm's quarterly revenue was up 7.3% compared to the same quarter last year. On average, analysts forecast that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's dividend payout ratio is presently 41.98%.

Insider Activity

In other news, insider Craig Arnold sold 51,054 shares of the company's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $305.43, for a total value of $15,593,423.22. Following the sale, the insider now owns 489,444 shares in the company, valued at $149,490,880.92. This represents a 9.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction dated 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 $1,004,014.34. The trade was a 38.53% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 156,660 shares of company stock valued at $49,622,894. Company insiders own 0.30% of the company's stock.

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.