Eaton Corporation, PLC (NYSE:ETN) Holdings Raised by Modera Wealth Management LLC

Key Points

• Modera Wealth Management LLC increased its holdings in Eaton Corporation by 29.6%, owning 3,514 shares worth approximately $955,000, reflecting ongoing interest from hedge funds.
• Eaton reported $2.72 earnings per share for the last quarter, surpassing estimates and marking a 7.3% revenue increase year-over-year.
• The company announced a quarterly dividend of $1.04 per share, with a 1.1% yield, and a payout ratio of 41.98%.

Modera Wealth Management LLC increased its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 29.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,514 shares of the industrial products company's stock after buying an additional 803 shares during the period. Modera Wealth Management LLC's holdings in Eaton were worth $955,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Checchi Capital Advisers LLC lifted its holdings in Eaton by 0.7% in the 1st quarter. Checchi Capital Advisers LLC now owns 5,071 shares of the industrial products company's stock valued at $1,378,000 after purchasing an additional 37 shares in the last quarter. Lantern Wealth Advisors LLC lifted its holdings in Eaton by 1.0% in the 4th quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company's stock valued at $1,340,000 after purchasing an additional 38 shares in the last quarter. AGH Wealth Advisors LLC lifted its holdings in Eaton by 2.6% in the 1st quarter. AGH Wealth Advisors LLC now owns 1,517 shares of the industrial products company's stock valued at $412,000 after purchasing an additional 38 shares in the last quarter. Revolve Wealth Partners LLC lifted its holdings in Eaton by 4.2% in the 1st quarter. Revolve Wealth Partners LLC now owns 951 shares of the industrial products company's stock valued at $259,000 after purchasing an additional 38 shares in the last quarter. Finally, Tritonpoint Wealth LLC lifted its holdings in Eaton by 3.9% in the 1st quarter. Tritonpoint Wealth LLC now owns 1,038 shares of the industrial products company's stock valued at $282,000 after purchasing an additional 39 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Trading Down 0.8%

ETN traded down $3.20 on Friday, reaching $381.52. 2,416,764 shares of the company's stock were exchanged, compared to its average volume of 2,049,141. 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 Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $399.56. The company's 50 day moving average is $350.92 and its 200-day moving average is $317.79. The company has a market cap of $149.29 billion, a price-to-earnings ratio of 38.50, a PEG ratio of 2.88 and a beta of 1.18.

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, 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 company had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter last year, the company earned $2.40 earnings per share. Eaton's revenue for the quarter was up 7.3% on a year-over-year basis. Equities analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be paid a dividend of $1.04 per share. The ex-dividend date is Thursday, August 7th. This represents a $4.16 annualized dividend and a yield of 1.1%. Eaton's dividend payout ratio (DPR) is 41.98%.

Wall Street Analysts Forecast Growth

ETN has been the topic of a number of recent research reports. Morgan Stanley reduced their target price on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Wells Fargo & Company upped their price objective on shares of Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. The Goldman Sachs Group upped their price objective on shares of Eaton from $345.00 to $382.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $396.00 price objective on shares of Eaton in a research note on Monday, July 14th. Finally, BNP Paribas Exane assumed coverage on shares of Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $377.89.

Insider Buying and Selling at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the transaction, the insider directly owned 490,208 shares in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction on 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 owned 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock worth $49,622,894 over the last 90 days. 0.30% of the stock is currently owned by company insiders.

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.