Generate Investment Management Ltd Cuts Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Generate Investment Management Ltd cut its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 19.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,720 shares of the industrial products company's stock after selling 7,482 shares during the period. Generate Investment Management Ltd's holdings in Eaton were worth $8,351,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Capital A Wealth Management LLC purchased a new stake in Eaton in the fourth quarter valued at about $26,000. Flagship Wealth Advisors LLC acquired a new stake in Eaton in the 4th quarter worth approximately $27,000. Noble Wealth Management PBC purchased a new stake in Eaton during the 4th quarter worth approximately $30,000. Murphy & Mullick Capital Management Corp acquired a new position in Eaton during the 4th quarter valued at approximately $33,000. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Eaton in the fourth quarter worth $33,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. BNP Paribas Exane started coverage on Eaton in a research report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price on the stock. Jefferies Financial Group decreased their target price on Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. KeyCorp increased their price target on shares of Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. BNP Paribas started coverage on shares of Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective for the company. Finally, Wells Fargo & Company reiterated an "overweight" rating and issued a $355.00 price objective on shares of Eaton in a research note on Monday, May 5th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, Eaton presently has a consensus rating of "Moderate Buy" and a consensus target price of $368.78.

Insider Buying and Selling at Eaton

In other news, insider Craig Arnold sold 51,054 shares of Eaton stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $305.43, for a total transaction of $15,593,423.22. Following the sale, the insider now owns 489,444 shares of the company's stock, valued at approximately $149,490,880.92. The trade was a 9.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Yelton sold 2,120 shares of the 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 of the company's stock, valued at $1,004,014.34. The trade was 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 worth $49,622,894 in the last three months. 0.30% of the stock is owned by corporate insiders.

Eaton Price Performance

Eaton stock traded up $6.43 during trading on Thursday, reaching $348.78. The company had a trading volume of 2,284,424 shares, compared to its average volume of 2,660,258. The firm has a market capitalization of $136.48 billion, a PE ratio of 35.20, a price-to-earnings-growth ratio of 2.65 and a beta of 1.16. The firm's 50-day simple moving average is $314.71 and its 200 day simple moving average is $312.97. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. 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 issued its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. The firm had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. Eaton's quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the company posted $2.40 EPS. As a group, equities research analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were given a dividend of $1.04 per share. The ex-dividend date was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.19%. Eaton's payout ratio is 41.98%.

About Eaton

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.