Concurrent Investment Advisors LLC Reduces Stake in Eaton Corporation, PLC (NYSE:ETN)

Concurrent Investment Advisors LLC cut its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 9.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,367 shares of the industrial products company's stock after selling 1,884 shares during the period. Concurrent Investment Advisors LLC's holdings in Eaton were worth $4,721,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Founders Financial Alliance LLC raised its holdings in shares of Eaton by 0.7% during the 4th quarter. Founders Financial Alliance LLC now owns 5,415 shares of the industrial products company's stock valued at $1,797,000 after purchasing an additional 35 shares in the last quarter. Checchi Capital Advisers LLC increased its stake in Eaton by 0.7% in the first quarter. Checchi Capital Advisers LLC now owns 5,071 shares of the industrial products company's stock valued at $1,378,000 after acquiring an additional 37 shares during the period. Sound View Wealth Advisors Group LLC increased its stake in Eaton by 1.1% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 3,587 shares of the industrial products company's stock valued at $1,190,000 after acquiring an additional 38 shares during the period. Lantern Wealth Advisors LLC increased its stake in Eaton by 1.0% in the fourth quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company's stock valued at $1,340,000 after acquiring an additional 38 shares during the period. Finally, AGH Wealth Advisors LLC boosted its position in Eaton by 2.6% in the first quarter. AGH Wealth Advisors LLC now owns 1,517 shares of the industrial products company's stock valued at $412,000 after buying an additional 38 shares in the last quarter. 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 the company's stock in a transaction 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 owned 3,382 shares in the company, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the company'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 completion of the sale, the insider owned 490,208 shares of the company's stock, valued at approximately $158,214,632. The trade was 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 worth $49,622,894 in the last quarter. Company insiders own 0.30% of the company's stock.

Eaton Price Performance

ETN stock traded up $2.84 during mid-day trading on Wednesday, hitting $359.82. The stock had a trading volume of 869,923 shares, compared to its average volume of 2,661,713. The firm has a market capitalization of $140.80 billion, a P/E ratio of 36.31, a P/E/G ratio of 2.70 and a beta of 1.17. 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 firm has a fifty day simple moving average of $329.10 and a 200 day simple moving average of $313.08. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last posted its earnings results 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 firm had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The company's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.40 EPS. As a group, research analysts forecast that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 annualized dividend and a dividend yield of 1.16%. Eaton's dividend payout ratio is currently 41.98%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ETN shares. Citigroup boosted their target price on shares of Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Evercore ISI upped their target price on shares of Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research note on Monday, May 19th. JPMorgan Chase & Co. upped their price target on shares of Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Barclays increased their target price on shares of Eaton from $323.00 to $340.00 and gave the stock an "equal weight" rating in a report on Wednesday. Finally, Morgan Stanley reduced their target price on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $370.63.

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.