Harmony Asset Management LLC Purchases New Position in Eaton Corporation, PLC (NYSE:ETN)

Harmony Asset Management LLC acquired a new stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,361 shares of the industrial products company's stock, valued at approximately $642,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ETN. Brighton Jones LLC raised its position in Eaton by 1.4% during the fourth quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock valued at $1,109,000 after purchasing an additional 45 shares during the period. Revolve Wealth Partners LLC raised its position in Eaton by 17.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock valued at $303,000 after purchasing an additional 136 shares during the period. Bank Pictet & Cie Europe AG purchased a new stake in Eaton during the fourth quarter valued at approximately $42,839,000. Proficio Capital Partners LLC raised its position in Eaton by 27.6% during the fourth quarter. Proficio Capital Partners LLC now owns 2,207 shares of the industrial products company's stock valued at $732,000 after purchasing an additional 478 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Eaton by 11.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,055 shares of the industrial products company's stock worth $682,000 after buying an additional 216 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ETN has been the topic of several recent analyst reports. KeyCorp increased their price target on Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a report on Monday, May 5th. Barclays increased their price target on Eaton from $323.00 to $340.00 and gave the stock an "equal weight" rating in a report on Wednesday. Wall Street Zen upgraded Eaton from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Wells Fargo & Company increased their price target on Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Finally, Royal Bank Of Canada increased their price target on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Eaton presently has an average rating of "Moderate Buy" and an average price target of $370.63.

Insiders Place Their Bets

In related news, insider Craig Arnold sold 103,486 shares of the firm'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 completion of the transaction, the insider owned 490,208 shares in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael Yelton sold 2,120 shares of Eaton 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 owned 3,382 shares of the company's stock, valued at $1,004,014.34. The trade was a 38.53% decrease in their position. 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 in the last 90 days. 0.30% of the stock is currently owned by company insiders.

Eaton Stock Up 0.8%

Eaton stock opened at $360.67 on Friday. 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 stock has a market capitalization of $141.13 billion, a price-to-earnings ratio of 36.39, a PEG ratio of 2.70 and a beta of 1.17. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $379.99. The business has a fifty day moving average price of $332.74 and a 200-day moving average price of $313.67.

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, topping analysts' consensus estimates of $2.70 by $0.02. The firm had revenue of $6.38 billion during the quarter, compared to analysts' expectations of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The business's quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.40 EPS. Equities research analysts forecast 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. Investors of record on Monday, May 5th were paid a $1.04 dividend. The ex-dividend date was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.15%. Eaton's dividend payout ratio (DPR) 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.

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