Wellington Management Group LLP Sells 1,336 Shares of Eaton Co. plc (NYSE:ETN)

Wellington Management Group LLP lessened its holdings in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 4.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 26,721 shares of the industrial products company's stock after selling 1,336 shares during the quarter. Wellington Management Group LLP's holdings in Eaton were worth $8,868,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Bearing Point Capital LLC acquired a new stake in Eaton during the 4th quarter worth $2,713,000. McAdam LLC bought a new position in Eaton during the 4th quarter worth about $293,000. Generate Investment Management Ltd bought a new position in Eaton during the 4th quarter worth about $12,678,000. Strategic Financial Concepts LLC bought a new position in Eaton during the 4th quarter worth about $38,000. Finally, Wingate Wealth Advisors Inc. bought a new position in Eaton during the 4th quarter worth about $161,000. Institutional investors and hedge funds own 82.97% of the company's stock.

Analyst Upgrades and Downgrades

ETN has been the subject of a number of research reports. Jefferies Financial Group lowered their target price on Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. Wells Fargo & Company reiterated an "overweight" rating and set a $355.00 target price on shares of Eaton in a report on Monday, May 5th. JPMorgan Chase & Co. increased their target price on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. BNP Paribas Exane started coverage on Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective for the company. Finally, Royal Bank of Canada raised their price objective on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a report on Monday, May 5th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $367.83.

Eaton Stock Performance

Eaton stock traded up $1.47 during midday trading on Wednesday, reaching $327.31. 1,669,476 shares of the company's stock were exchanged, compared to its average volume of 2,661,434. Eaton Co. plc has a 52 week low of $231.85 and a 52 week high of $379.99. 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 cap of $128.08 billion, a price-to-earnings ratio of 34.45, a P/E/G ratio of 2.64 and a beta of 1.16. The stock's 50-day simple moving average is $294.86 and its 200 day simple moving average is $317.00.

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 the consensus estimate 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 net margin of 15.25% and a return on equity of 22.62%. The business's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period last year, the business posted $2.40 earnings per share. On average, analysts expect that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were given a dividend of $1.04 per share. The ex-dividend date was Monday, May 5th. This represents a $4.16 annualized dividend and a yield of 1.27%. Eaton's dividend payout ratio (DPR) is presently 41.98%.

Insiders Place Their Bets

In other news, insider Craig Arnold sold 51,054 shares of Eaton stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $305.43, for a total value of $15,593,423.22. Following the completion of the sale, the insider now directly owns 489,444 shares in the company, valued at approximately $149,490,880.92. The trade was a 9.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 transaction, the insider now owns 3,382 shares of the company's stock, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock worth $49,622,894 over the last three months. 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.