Envestnet Portfolio Solutions Inc. lowered its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 8.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 67,918 shares of the industrial products company's stock after selling 6,610 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Eaton were worth $18,462,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of ETN. Brighton Jones LLC lifted its position in shares of Eaton by 1.4% during the 4th quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock valued at $1,109,000 after buying an additional 45 shares during the last quarter. Revolve Wealth Partners LLC raised its stake in Eaton by 17.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock valued at $303,000 after acquiring an additional 136 shares during the period. Bank Pictet & Cie Europe AG purchased a new stake in Eaton during the fourth quarter valued at about $42,839,000. Strategic Financial Concepts LLC bought a new position in Eaton during the fourth quarter worth about $38,000. Finally, D.A. Davidson & CO. increased its stake in shares of Eaton by 7.1% in the fourth quarter. D.A. Davidson & CO. now owns 27,572 shares of the industrial products company's stock worth $9,151,000 after purchasing an additional 1,838 shares in the last quarter. Institutional investors own 82.97% of the company's stock.
Eaton Trading Up 1.0%
Shares of ETN opened at $333.92 on Thursday. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $379.99. The company has a market capitalization of $130.66 billion, a P/E ratio of 33.70, a P/E/G ratio of 2.56 and a beta of 1.16. 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 firm's 50 day simple moving average is $308.45 and its 200 day simple moving average is $314.22.
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 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 analysts' expectations of $6.26 billion. During the same quarter last year, the company posted $2.40 EPS. The business's quarterly revenue was up 7.3% on a year-over-year basis. Sell-side analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.
Eaton Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were issued a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.25%. Eaton's dividend payout ratio is 41.98%.
Insiders Place Their Bets
In other Eaton news, insider Craig Arnold sold 51,054 shares of the business's stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $305.43, for a total value of $15,593,423.22. Following the completion of the sale, the insider now directly owns 489,444 shares of the company's stock, valued at $149,490,880.92. The trade was a 9.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the transaction, the insider now directly owns 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock valued at $49,622,894 over the last quarter. 0.30% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on ETN. Wells Fargo & Company restated an "overweight" rating and set a $355.00 price target on shares of Eaton in a research note on Monday, May 5th. Wall Street Zen raised shares of Eaton from a "hold" rating to a "buy" rating in a report on Sunday, May 18th. JPMorgan Chase & Co. raised their price target on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Citigroup boosted their price objective on Eaton from $323.00 to $351.00 and gave the company a "buy" rating in a research note on Monday, May 5th. Finally, Morgan Stanley dropped their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $368.78.
View Our Latest Report on Eaton
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.
See Also
Want to see what other hedge funds are holding ETN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eaton Corporation, PLC (NYSE:ETN - Free Report).
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.
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
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
