Teacher Retirement System of Texas Boosts Holdings in Eaton Corporation, PLC (NYSE:ETN)

Teacher Retirement System of Texas grew its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 7.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 134,574 shares of the industrial products company's stock after acquiring an additional 9,198 shares during the period. Teacher Retirement System of Texas' holdings in Eaton were worth $36,581,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ETN. GAMMA Investing LLC increased its holdings in Eaton by 0.7% in the 1st quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company's stock worth $3,593,000 after acquiring an additional 96 shares in the last quarter. Bearing Point Capital LLC acquired a new stake in shares of Eaton in the fourth quarter valued at about $2,713,000. Brighton Jones LLC increased its stake in shares of Eaton by 4.9% during the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company's stock worth $953,000 after purchasing an additional 164 shares in the last quarter. Kennebec Savings Bank raised its position in shares of Eaton by 5.4% during the 1st quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock worth $738,000 after purchasing an additional 139 shares during the last quarter. Finally, American National Bank & Trust lifted its stake in Eaton by 5.4% in the 1st quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock valued at $855,000 after buying an additional 162 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, 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 value of $629,364.40. Following the sale, the insider directly 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the stock in a transaction that occurred 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 transaction, the insider directly owned 490,208 shares of the company's stock, valued at $158,214,632. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is currently owned by insiders.

Eaton Trading Up 1.1%

Shares of NYSE ETN traded up $3.79 during midday trading on Friday, reaching $361.98. 1,088,135 shares of the stock were exchanged, compared to its average volume of 2,668,688. The stock has a market capitalization of $141.64 billion, a P/E ratio of 36.53, a PEG ratio of 2.73 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. The company has a 50 day simple moving average of $326.36 and a 200 day simple moving average of $312.79. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month 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 (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company had revenue of $6.38 billion during the quarter, compared to analysts' expectations of $6.26 billion. During the same quarter last year, the firm earned $2.40 earnings per share. The firm's quarterly revenue was up 7.3% compared to the same quarter last year. As a group, equities analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Shareholders 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 dividend on an annualized basis and a yield of 1.15%. Eaton's payout ratio is currently 41.98%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Evercore ISI increased their target price on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a report on Monday, May 19th. KeyCorp increased their price objective on Eaton from $325.00 to $355.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Royal Bank Of Canada lifted their target price on shares of Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. BNP Paribas Exane initiated coverage on shares of Eaton in a research report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price for the company. Finally, Morgan Stanley decreased their price target on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Eaton currently has a consensus rating of "Moderate Buy" and a consensus target price of $369.06.

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.