Eaton Corporation, PLC (NYSE:ETN) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 23.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 113,219 shares of the industrial products company's stock after selling 34,689 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Eaton were worth $31,328,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ETN. Capital A Wealth Management LLC bought a new stake in shares of Eaton during the fourth quarter valued at approximately $26,000. Flagship Wealth Advisors LLC bought a new position in shares of Eaton in the 4th quarter valued at about $27,000. Noble Wealth Management PBC purchased a new position in Eaton in the fourth quarter worth about $30,000. Murphy & Mullick Capital Management Corp bought a new stake in Eaton during the fourth quarter worth approximately $33,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in Eaton during the fourth quarter valued at approximately $33,000. Institutional investors own 82.97% of the company's stock.

Eaton Stock Performance

Shares of NYSE ETN traded up $3.79 during midday trading on Friday, reaching $361.98. The company had a trading volume of 1,088,135 shares, compared to its average volume of 2,664,244. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year high of $379.99. The business's 50-day simple moving average is $324.90 and its 200 day simple moving average is $312.84. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The stock has a market cap of $141.64 billion, a P/E ratio of 36.53, a P/E/G ratio of 2.73 and a beta of 1.17.

Eaton (NYSE:ETN - Get Free Report) last issued its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.70 by $0.02. The company had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The firm's quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the business posted $2.40 EPS. On average, analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were given a $1.04 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 annualized dividend and a dividend yield of 1.15%. Eaton's dividend payout ratio (DPR) is presently 41.98%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Royal Bank Of Canada lifted their target price on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Wall Street Zen raised shares of Eaton from a "hold" rating to a "buy" rating in a research note on Sunday, May 18th. Barclays raised their price target on shares of Eaton from $306.00 to $323.00 and gave the stock an "equal weight" rating in a research note on Monday, June 9th. Citigroup upped their target price on Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a report on Monday, May 5th. Finally, Wells Fargo & Company increased their target price on shares of Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a report on Tuesday. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $369.06.

Insider Buying and Selling

In other news, insider Craig Arnold sold 103,486 shares of the 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 completion of the transaction, the insider directly owned 490,208 shares in the company, valued at approximately $158,214,632. This represents a 17.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the firm'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 sale, the insider directly owned 3,382 shares of the company's stock, valued at $1,004,014.34. The trade was 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 ninety days. Corporate 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.