Eaton Corporation, PLC (NYSE:ETN) Shares Bought by Essex Savings Bank

Essex Savings Bank lifted its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 31.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,178 shares of the industrial products company's stock after acquiring an additional 1,250 shares during the period. Essex Savings Bank's holdings in Eaton were worth $1,407,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Pegasus Asset Management Inc. boosted its stake in Eaton by 1.0% in the 1st quarter. Pegasus Asset Management Inc. now owns 31,046 shares of the industrial products company's stock worth $8,439,000 after buying an additional 309 shares during the last quarter. MN Wealth Advisors LLC acquired a new stake in Eaton in the 1st quarter worth about $317,000. Wells Trecaso Financial Group LLC boosted its stake in Eaton by 0.3% in the 1st quarter. Wells Trecaso Financial Group LLC now owns 51,182 shares of the industrial products company's stock worth $13,913,000 after buying an additional 168 shares during the last quarter. Cornerstone Wealth Management LLC boosted its stake in Eaton by 2.9% in the 1st quarter. Cornerstone Wealth Management LLC now owns 2,170 shares of the industrial products company's stock worth $590,000 after buying an additional 62 shares during the last quarter. Finally, Shepherd Financial Partners LLC boosted its stake in Eaton by 2.6% in the 1st quarter. Shepherd Financial Partners LLC now owns 1,785 shares of the industrial products company's stock worth $485,000 after buying an additional 46 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ETN shares. BNP Paribas started coverage on Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective on the stock. Evercore ISI lifted their price objective on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research note on Monday, May 19th. Morgan Stanley reduced their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $355.00 price objective on shares of Eaton in a research note on Monday, May 5th. Finally, Jefferies Financial Group reduced their price objective on Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a research note on Wednesday, March 12th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $368.78.

Eaton Stock Up 1.0%

ETN stock traded up $3.41 during midday trading on Thursday, hitting $333.92. 2,968,945 shares of the company's stock were exchanged, compared to its average volume of 2,647,973. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. Eaton Corporation, PLC has a 12-month low of $231.85 and a 12-month high of $379.99. The firm has a 50 day moving average price of $308.45 and a 200-day moving average price of $314.22. The stock has a market capitalization of $130.66 billion, a price-to-earnings ratio of 33.70, a price-to-earnings-growth ratio of 2.60 and a beta of 1.16.

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 (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 for the quarter, compared to the consensus estimate of $6.26 billion. During the same period in the previous year, the business earned $2.40 EPS. Eaton's revenue for the quarter was up 7.3% compared to the same quarter last year. On average, analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders 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 annualized dividend and a yield of 1.25%. Eaton's dividend payout ratio is presently 41.98%.

Insiders Place Their Bets

In other news, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction that occurred 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 completion of the transaction, the insider now owns 3,382 shares in the company, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction that occurred 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 now owns 490,208 shares of the company's stock, valued at approximately $158,214,632. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock worth $49,622,894 in the last three months. 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.