Daymark Wealth Partners LLC Grows Holdings in Eaton Corporation, PLC (NYSE:ETN)

Daymark Wealth Partners LLC grew its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 9.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,541 shares of the industrial products company's stock after acquiring an additional 1,810 shares during the period. Daymark Wealth Partners LLC's holdings in Eaton were worth $5,855,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Norges Bank purchased a new position in Eaton during the 4th quarter valued at about $1,495,582,000. GAMMA Investing LLC boosted its stake in shares of Eaton by 27,281.9% during the first quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock valued at $976,772,000 after purchasing an additional 3,580,198 shares in the last quarter. Capital International Investors purchased a new position in Eaton during the fourth quarter valued at approximately $523,541,000. Proficio Capital Partners LLC raised its stake in Eaton by 42,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company's stock worth $243,036,000 after buying an additional 730,594 shares in the last quarter. Finally, Leigh Baldwin & CO. LLC bought a new position in Eaton in the fourth quarter worth approximately $231,552,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Eaton news, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the transaction, the insider now owns 3,382 shares in the company, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the transaction, the insider now directly owns 490,208 shares of the company's stock, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock valued at $49,622,894 in the last ninety days. Insiders own 0.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Wells Fargo & Company reiterated an "overweight" rating and issued a $355.00 price target on shares of Eaton in a report on Monday, May 5th. Evercore ISI raised their price objective on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research report on Monday, May 19th. Jefferies Financial Group cut their target price on Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a research note on Wednesday, March 12th. KeyCorp increased their price target on shares of Eaton from $325.00 to $355.00 and gave the company an "overweight" rating in a research report on Monday, May 5th. Finally, Wall Street Zen raised shares of Eaton from a "hold" rating to a "buy" rating in a research report on Sunday, May 18th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, Eaton has an average rating of "Moderate Buy" and an average price target of $368.78.

Eaton Stock Performance

Shares of NYSE ETN traded up $6.43 during midday trading on Thursday, reaching $348.78. The company had a trading volume of 2,284,424 shares, compared to its average volume of 2,660,258. 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 $314.71 and its 200 day simple moving average is $312.97. 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 $136.48 billion, a P/E ratio of 35.20, a P/E/G ratio of 2.66 and a beta of 1.16.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The business 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 earned $2.40 earnings per share. The company's revenue was up 7.3% on a year-over-year basis. On average, analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.19%. The ex-dividend date was Monday, May 5th. Eaton's payout ratio is 41.98%.

Eaton Company 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.