Rhumbline Advisers Has $190.32 Million Stock Position in Eaton Co. plc (NYSE:ETN)

Rhumbline Advisers trimmed its holdings in Eaton Co. plc (NYSE:ETN - Free Report) by 0.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 700,138 shares of the industrial products company's stock after selling 1,926 shares during the period. Rhumbline Advisers owned 0.18% of Eaton worth $190,318,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ETN. Capital A Wealth Management LLC acquired a new stake in Eaton during the 4th quarter worth approximately $26,000. Flagship Wealth Advisors LLC acquired a new stake in Eaton during the 4th quarter worth approximately $27,000. Noble Wealth Management PBC acquired a new stake in Eaton during the 4th quarter worth approximately $30,000. Murphy & Mullick Capital Management Corp acquired a new stake in Eaton during the 4th quarter worth approximately $33,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in Eaton during the 4th quarter worth approximately $33,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ETN has been the subject of several analyst reports. Barclays dropped their price objective on Eaton from $315.00 to $306.00 and set an "equal weight" rating for the company in a report on Friday, April 4th. BNP Paribas Exane initiated coverage on Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective for the company. Citigroup lifted their price objective on Eaton from $323.00 to $351.00 and gave the company a "buy" rating in a report on Monday, May 5th. JPMorgan Chase & Co. lifted 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, Jefferies Financial Group dropped their price objective on Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. Based on data from MarketBeat, Eaton currently has an average rating of "Moderate Buy" and a consensus price target of $367.83.

Eaton Price Performance

ETN stock traded up $0.35 during midday trading on Thursday, reaching $327.43. 532,365 shares of the stock were exchanged, compared to its average volume of 2,647,159. The stock has a market capitalization of $128.12 billion, a PE ratio of 34.47, a P/E/G ratio of 2.64 and a beta of 1.16. 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 current ratio of 1.50 and a quick ratio of 0.96. The company has a fifty day moving average price of $295.92 and a 200 day moving average price of $317.07.

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 for the quarter, topping analysts' consensus estimates of $2.70 by $0.02. The business had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. Eaton had a return on equity of 22.62% and a net margin of 15.25%. Eaton's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.40 EPS. As a group, analysts expect that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

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

Insiders Place Their Bets

In other news, insider Michael Yelton sold 2,120 shares of the business'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 transaction, the insider now directly owns 3,382 shares of the company's stock, valued at $1,004,014.34. The trade was a 38.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Craig Arnold sold 51,054 shares of the business's stock in a transaction dated 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 transaction, the insider now directly 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 disclosure for this sale can be found here. In the last three months, insiders have sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is currently owned by company insiders.

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.