Exchange Traded Concepts LLC Raises Stock Holdings in Eaton Corporation, PLC (NYSE:ETN)

Exchange Traded Concepts LLC lifted its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 45.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,342 shares of the industrial products company's stock after purchasing an additional 5,138 shares during the quarter. Exchange Traded Concepts LLC's holdings in Eaton were worth $4,442,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in Eaton in the 4th quarter valued at about $1,495,582,000. GAMMA Investing LLC boosted its stake in shares of Eaton by 27,281.9% in the 1st quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock valued at $976,772,000 after buying an additional 3,580,198 shares during the period. Capital International Investors purchased a new position in shares of Eaton in the 4th quarter valued at about $523,541,000. Proficio Capital Partners LLC lifted its stake in Eaton by 42,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company's stock worth $243,036,000 after purchasing an additional 730,594 shares during the last quarter. Finally, Leigh Baldwin & CO. LLC purchased a new stake in Eaton during the fourth quarter worth approximately $231,552,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Price Performance

ETN stock traded up $3.41 on Thursday, reaching $333.92. 2,968,945 shares of the company's stock were exchanged, compared to its average volume of 2,647,973. The stock has a fifty day moving average of $309.71 and a 200-day moving average of $313.95. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $379.99. The firm has a market cap of $130.66 billion, a PE ratio of 33.70, a P/E/G ratio of 2.60 and a beta of 1.16. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping analysts' consensus estimates of $2.70 by $0.02. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The firm had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the prior year, the company posted $2.40 earnings per share. Eaton's quarterly revenue was up 7.3% on a year-over-year basis. As a group, equities analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.25%. The ex-dividend date was Monday, May 5th. Eaton's dividend payout ratio (DPR) is 41.98%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ETN shares. Royal Bank Of Canada boosted their target price on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. Jefferies Financial Group dropped their target price on Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a report on Wednesday, March 12th. Barclays upped their price target on Eaton from $306.00 to $323.00 and gave the stock an "equal weight" rating in a research note on Monday, June 9th. 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. Finally, Citigroup upped their price target on Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $368.78.

Insider Buying and Selling at Eaton

In other Eaton news, insider Craig Arnold sold 103,486 shares of the company'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 sale, the insider now owns 490,208 shares of the company's stock, valued at approximately $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction 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 completion of the sale, 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 156,660 shares of company stock valued at $49,622,894. Insiders own 0.30% of the company's stock.

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.