Eaton Co. plc (NYSE:ETN) Stake Lifted by Fifth Third Bancorp

Fifth Third Bancorp raised its holdings in Eaton Co. plc (NYSE:ETN - Free Report) by 5.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 429,901 shares of the industrial products company's stock after buying an additional 23,702 shares during the quarter. Fifth Third Bancorp owned approximately 0.11% of Eaton worth $116,860,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital A Wealth Management LLC purchased a new stake in Eaton in the 4th quarter valued at about $26,000. Flagship Wealth Advisors LLC purchased a new stake in Eaton in the 4th quarter valued at about $27,000. Noble Wealth Management PBC purchased a new stake in Eaton in the 4th quarter valued at about $30,000. Murphy & Mullick Capital Management Corp purchased a new stake in Eaton in the 4th quarter valued at about $33,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in Eaton in the 4th quarter valued at about $33,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insider Activity

In other news, insider Craig Arnold sold 51,054 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The stock was 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 in the company, valued at approximately $149,490,880.92. The trade was a 9.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction that occurred 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 owns 3,382 shares of the company's stock, 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. In the last ninety days, insiders sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is currently owned by insiders.

Eaton Stock Down 2.1%

Shares of ETN traded down $7.08 during trading on Friday, reaching $323.26. The company's stock had a trading volume of 1,565,268 shares, compared to its average volume of 2,643,441. The company has a fifty day moving average of $304.79 and a two-hundred day moving average of $314.63. Eaton Co. plc has a twelve month low of $231.85 and a twelve month high of $379.99. The company has a market cap of $126.49 billion, a price-to-earnings ratio of 34.03, a P/E/G ratio of 2.64 and a beta of 1.16. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN - Get Free Report) last announced its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The company had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same period in the prior year, the company posted $2.40 EPS. Eaton's quarterly revenue was up 7.3% on a year-over-year basis. On average, sell-side analysts predict that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date was Monday, May 5th. Eaton's payout ratio is 41.98%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Barclays lifted their price objective on Eaton from $306.00 to $323.00 and gave the company an "equal weight" rating in a research note on Monday, June 9th. Royal Bank of Canada lifted their price objective on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research note on Monday, May 5th. 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, Wall Street Zen raised Eaton from a "hold" rating to a "buy" rating in a research note on Sunday, May 18th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $368.78.

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.