Edgestream Partners L.P. Sells 1,980 Shares of Eaton Corporation, PLC (NYSE:ETN)

Edgestream Partners L.P. reduced its position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 65.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,039 shares of the industrial products company's stock after selling 1,980 shares during the quarter. Edgestream Partners L.P.'s holdings in Eaton were worth $282,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Bleakley Financial Group LLC boosted its holdings in shares of Eaton by 2.0% during the 1st quarter. Bleakley Financial Group LLC now owns 13,202 shares of the industrial products company's stock valued at $3,589,000 after acquiring an additional 265 shares during the last quarter. Key Financial Inc boosted its holdings in shares of Eaton by 4.5% in the first quarter. Key Financial Inc now owns 1,694 shares of the industrial products company's stock worth $460,000 after buying an additional 73 shares during the last quarter. MQS Management LLC purchased a new position in shares of Eaton in the first quarter worth approximately $349,000. Marks Group Wealth Management Inc boosted its holdings in shares of Eaton by 8.1% in the first quarter. Marks Group Wealth Management Inc now owns 30,599 shares of the industrial products company's stock worth $8,318,000 after buying an additional 2,286 shares during the last quarter. Finally, CWM LLC boosted its holdings in shares of Eaton by 6.6% in the first quarter. CWM LLC now owns 19,568 shares of the industrial products company's stock worth $5,319,000 after buying an additional 1,207 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insider Buying and Selling at Eaton

In related news, 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 value of $33,400,106.50. Following the sale, the insider 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the business'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 owned 3,382 shares in the company, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock worth $49,622,894 in the last 90 days. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ETN has been the topic of a number of research reports. Royal Bank Of Canada raised their price objective on shares of Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Wells Fargo & Company raised their price objective on shares of Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. JPMorgan Chase & Co. raised their price objective on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. BNP Paribas Exane assumed coverage on shares of Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective on the stock. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating and set a $396.00 price target on shares of Eaton in a report on Monday, July 14th. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Eaton has an average rating of "Moderate Buy" and an average target price of $377.89.

Eaton Price Performance

Shares of ETN stock traded up $4.86 during mid-day trading on Thursday, hitting $385.10. The company had a trading volume of 1,658,805 shares, compared to its average volume of 2,048,134. Eaton Corporation, PLC has a 52-week low of $231.85 and a 52-week high of $386.17. The stock's 50 day moving average price is $343.32 and its 200-day moving average price is $315.89. 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 company has a market capitalization of $150.69 billion, a P/E ratio of 38.86, a P/E/G ratio of 2.87 and a beta of 1.17.

Eaton (NYSE:ETN - Get Free Report) last released its earnings results on Friday, May 2nd. The industrial products company reported $2.72 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 firm had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the previous year, the firm earned $2.40 earnings per share. The company's quarterly revenue was up 7.3% compared to the same quarter last year. Equities research analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, August 7th will be issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend is Thursday, August 7th. Eaton's dividend payout ratio (DPR) is presently 41.98%.

About Eaton

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.