New York State Teachers Retirement System cut its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 5.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 300,694 shares of the industrial products company's stock after selling 15,855 shares during the quarter. New York State Teachers Retirement System owned about 0.08% of Eaton worth $81,738,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Amalgamated Bank grew its holdings in Eaton by 0.3% in the first quarter. Amalgamated Bank now owns 80,966 shares of the industrial products company's stock valued at $22,009,000 after purchasing an additional 257 shares during the period. Mmbg Investment Advisors CO. boosted its holdings in Eaton by 35.3% in the first quarter. Mmbg Investment Advisors CO. now owns 16,830 shares of the industrial products company's stock valued at $4,575,000 after acquiring an additional 4,390 shares during the last quarter. Avidian Wealth Enterprises LLC boosted its holdings in Eaton by 1.7% in the first quarter. Avidian Wealth Enterprises LLC now owns 4,159 shares of the industrial products company's stock valued at $1,131,000 after acquiring an additional 70 shares during the last quarter. Hills Bank & Trust Co grew its position in Eaton by 359.9% during the first quarter. Hills Bank & Trust Co now owns 9,427 shares of the industrial products company's stock valued at $2,563,000 after acquiring an additional 7,377 shares during the period. Finally, Aljian Capital Management LLC increased its stake in Eaton by 30.7% during the first quarter. Aljian Capital Management LLC now owns 4,317 shares of the industrial products company's stock worth $1,173,000 after acquiring an additional 1,015 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.
Eaton Price Performance
Shares of Eaton stock traded up $3.79 during trading on Thursday, hitting $361.98. The stock had a trading volume of 1,088,135 shares, compared to its average volume of 2,658,104. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The business has a fifty day moving average of $323.41 and a two-hundred day moving average of $312.79. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $379.99. The firm has a market cap of $141.64 billion, a P/E ratio of 36.53, a PEG ratio of 2.68 and a beta of 1.17.
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 (EPS) for the quarter, topping 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 for the quarter, compared to analysts' expectations of $6.26 billion. During the same quarter in the previous year, the company posted $2.40 EPS. The business's revenue was up 7.3% compared to the same quarter last year. On average, sell-side analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal 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 given a dividend of $1.04 per share. The ex-dividend date was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.15%. Eaton's dividend payout ratio (DPR) is presently 41.98%.
Wall Street Analysts Forecast Growth
A number of analysts recently issued reports on ETN shares. JPMorgan Chase & Co. increased their target price on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Wall Street Zen raised shares of Eaton from a "hold" rating to a "buy" rating in a research report on Sunday, May 18th. Royal Bank Of Canada lifted their target price on shares of Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a report on Monday, May 5th. Wells Fargo & Company increased their price objective on shares of Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research report on Tuesday. Finally, Evercore ISI lifted their target price on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $369.06.
Read Our Latest Stock Report on ETN
Insider Buying and Selling at Eaton
In other news, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction on 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 sale, the insider directly owned 3,382 shares of the company's stock, valued at $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the sale, the insider directly owned 490,208 shares in the company, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 156,660 shares of company stock valued at $49,622,894. Corporate insiders own 0.30% of the company's stock.
About Eaton
(
Free Report)
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.
Featured Articles
Before you consider Eaton, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Eaton wasn't on the list.
While Eaton currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
