HB Wealth Management LLC Acquires 4,962 Shares of Eaton Corporation, PLC (NYSE:ETN)

Key Points

• HB Wealth Management LLC increased its stake in Eaton Corporation by 30.0%, holding a total of 21,486 shares worth $5.84 million after purchasing additional shares in the last quarter.
• Analysts have expressed positive outlooks on Eaton, with Citigroup raising its target price from $351 to $420, while a consensus rating reflects a strong "Moderate Buy".
• Eaton recently announced a quarterly dividend of $1.04 per share, yielding approximately 1.06%, with an ex-dividend date set for August 7th.

HB Wealth Management LLC raised its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 30.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,486 shares of the industrial products company's stock after buying an additional 4,962 shares during the period. HB Wealth Management LLC's holdings in Eaton were worth $5,841,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of ETN. Brighton Jones LLC raised its holdings in shares of Eaton by 1.4% during the fourth quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock worth $1,109,000 after acquiring an additional 45 shares during the period. Revolve Wealth Partners LLC raised its position in Eaton by 17.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock valued at $303,000 after buying an additional 136 shares during the last quarter. Bank Pictet & Cie Europe AG acquired a new stake in Eaton in the 4th quarter valued at approximately $42,839,000. New Age Alpha Advisors LLC acquired a new stake in shares of Eaton in the fourth quarter valued at approximately $4,148,000. Finally, RiverFront Investment Group LLC raised its holdings in shares of Eaton by 44.4% in the fourth quarter. RiverFront Investment Group LLC now owns 1,463 shares of the industrial products company's stock valued at $486,000 after purchasing an additional 450 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company's stock.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ETN. BNP Paribas assumed coverage on shares of Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective on the stock. Wall Street Zen upgraded shares of Eaton from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. KeyCorp increased their target price on shares of Eaton from $355.00 to $410.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Barclays increased their price target on Eaton from $323.00 to $340.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 9th. Finally, Evercore ISI increased their target price on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a report on Monday, May 19th. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, Eaton currently has an average rating of "Moderate Buy" and an average price target of $377.89.

Eaton Stock Performance

ETN stock traded down $0.25 during mid-day trading on Wednesday, hitting $389.76. The company had a trading volume of 1,051,163 shares, compared to its average volume of 3,046,110. The firm has a market cap of $152.51 billion, a PE ratio of 39.31, a price-to-earnings-growth ratio of 2.96 and a beta of 1.17. 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 12 month low of $231.85 and a 12 month high of $399.56. The stock's fifty day moving average price is $347.09 and its two-hundred day moving average price is $316.69.

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 for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. The business had revenue of $6.38 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the firm posted $2.40 earnings per share. On average, analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend is Thursday, August 7th. 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.