Hartline Investment Corp Invests $696,000 in Eaton Corporation, PLC (NYSE:ETN)

Hartline Investment Corp bought a new stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,562 shares of the industrial products company's stock, valued at approximately $696,000.

Several other institutional investors also recently bought and sold shares of ETN. Norges Bank purchased a new position in Eaton during the fourth quarter valued at $1,495,582,000. GAMMA Investing LLC grew 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 worth $976,772,000 after buying an additional 3,580,198 shares in the last quarter. Capital International Investors purchased a new position in shares of Eaton in the 4th quarter worth $523,541,000. Leigh Baldwin & CO. LLC purchased a new position in shares of Eaton in the 4th quarter worth $231,552,000. Finally, Janus Henderson Group PLC grew its stake in shares of Eaton by 24.3% in the 4th quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company's stock worth $998,144,000 after buying an additional 588,370 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Eaton

In other news, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider owned 490,208 shares in the company, valued at approximately $158,214,632. The trade was a 17.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the sale, the insider owned 3,382 shares of the company's stock, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 156,660 shares of company stock valued at $49,622,894 in the last quarter. 0.30% of the stock is currently owned by company insiders.

Eaton Trading Up 1.1%

ETN traded up $3.79 on Friday, reaching $361.98. 1,088,135 shares of the company traded hands, compared to its average volume of 2,664,244. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $379.99. The firm has a fifty day simple moving average of $326.36 and a two-hundred day simple moving average of $312.94. The company has a market cap of $141.64 billion, a P/E ratio of 36.53, a price-to-earnings-growth ratio of 2.73 and a beta of 1.17. 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, beating analysts' consensus estimates of $2.70 by $0.02. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The company had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same quarter last year, the business posted $2.40 EPS. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. As a group, equities research analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current 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 issued a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.15%. Eaton's payout ratio is 41.98%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ETN. BNP Paribas began coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective for the company. Citigroup lifted their price objective on shares of Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. BNP Paribas Exane began coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective for the company. Morgan Stanley dropped their price objective on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Finally, Royal Bank Of Canada raised their target price on shares of Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $369.06.

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.