DE Burlo Group Inc. Decreases Stock Holdings in Eaton Corporation, PLC (NYSE:ETN)

Key Points

• DE Burlo Group Inc. significantly reduced its stake in Eaton Corporation, PLC by 59.7%, now holding 20,340 shares valued at approximately $5.53 million.
• Eaton announced a quarterly dividend of $1.04 per share, with an annualized yield of 1.06% and a dividend payout ratio of 41.98%.
• The stock price of Eaton recently opened at $392.29, with a 12-month high of $393.07 and a low of $231.85, demonstrating significant price movement over the year.

DE Burlo Group Inc. trimmed its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 59.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,340 shares of the industrial products company's stock after selling 30,100 shares during the period. DE Burlo Group Inc.'s holdings in Eaton were worth $5,529,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ETN. GAMMA Investing LLC boosted its holdings in shares of Eaton by 0.7% in the first quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company's stock valued at $3,593,000 after acquiring an additional 96 shares in the last quarter. Bearing Point Capital LLC purchased a new stake in shares of Eaton in the fourth quarter valued at about $2,713,000. Brighton Jones LLC boosted its holdings in shares of Eaton by 4.9% in the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company's stock valued at $953,000 after acquiring an additional 164 shares in the last quarter. Kennebec Savings Bank boosted its holdings in shares of Eaton by 5.4% in the first quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock valued at $738,000 after acquiring an additional 139 shares in the last quarter. Finally, American National Bank & Trust boosted its holdings in shares of Eaton by 5.4% in the first quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock valued at $855,000 after acquiring an additional 162 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Trading Up 0.3%

Shares of NYSE:ETN traded up $1.07 during trading on Wednesday, reaching $391.08. The stock had a trading volume of 1,138,203 shares, compared to its average volume of 3,046,978. The business has a fifty day moving average price of $347.09 and a 200-day moving average price of $316.69. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. The stock has a market cap of $153.03 billion, a P/E ratio of 39.45, a PEG ratio of 2.96 and a beta of 1.17. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $399.56.

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

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be issued a $1.04 dividend. The ex-dividend date is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a yield of 1.06%. Eaton's payout ratio is 41.98%.

Insider Buying and Selling

In related news, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction that occurred on 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 sale, the insider directly owned 490,208 shares in the company, valued at approximately $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction that occurred 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 completion of the sale, the insider owned 3,382 shares of the company's stock, valued at approximately $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. Over the last 90 days, insiders sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Morgan Stanley lowered 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. BNP Paribas Exane initiated coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective for the company. Sanford C. Bernstein reiterated an "outperform" rating and issued a $396.00 price objective on shares of Eaton in a research note on Monday, July 14th. JPMorgan Chase & Co. raised their price objective on shares of Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Finally, BNP Paribas assumed coverage on shares of Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $377.89.

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.