Envestnet Asset Management Inc. Buys 43,719 Shares of Eaton Corporation, PLC (NYSE:ETN)

Envestnet Asset Management Inc. raised its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 5.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 813,626 shares of the industrial products company's stock after purchasing an additional 43,719 shares during the quarter. Envestnet Asset Management Inc. owned 0.21% of Eaton worth $221,168,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC raised its position in Eaton by 0.7% during the 1st quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company's stock valued at $3,593,000 after purchasing an additional 96 shares during the last quarter. Bearing Point Capital LLC bought a new position in Eaton during the 4th quarter valued at approximately $2,713,000. Brighton Jones LLC raised its position in Eaton by 4.9% during the 1st quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company's stock valued at $953,000 after purchasing an additional 164 shares during the last quarter. Kennebec Savings Bank raised its position in Eaton by 5.4% during the 1st quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock valued at $738,000 after purchasing an additional 139 shares during the last quarter. Finally, American National Bank & Trust raised its position in Eaton by 5.4% during the 1st quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock valued at $855,000 after purchasing an additional 162 shares during the last quarter. Institutional investors own 82.97% of the company's stock.

Eaton Price Performance

NYSE ETN opened at $357.17 on Wednesday. The business's fifty day moving average price is $329.10 and its 200-day moving average price is $313.08. The stock has a market capitalization of $139.76 billion, a price-to-earnings ratio of 36.04, a PEG ratio of 2.70 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.70 by $0.02. The firm had revenue of $6.38 billion for the quarter, compared to analysts' expectations of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company's revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.40 EPS. On average, equities analysts predict 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. Investors of record on Monday, May 5th were issued a $1.04 dividend. The ex-dividend date was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.16%. Eaton's dividend payout ratio is currently 41.98%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ETN. Citigroup upped their target price on Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a report on Monday, May 5th. BNP Paribas began coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. Morgan Stanley reduced their target price on Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Wells Fargo & Company upped their price target on Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Finally, Evercore ISI upped their price target on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, Eaton presently has a consensus rating of "Moderate Buy" and a consensus target price of $369.74.

Insiders Place Their Bets

In related news, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the transaction, the insider directly owned 3,382 shares of the company's stock, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the transaction, the insider directly owned 490,208 shares in the company, valued at approximately $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.