Eaton Corporation, PLC (NYSE:ETN) Shares Sold by Kennondale Capital Management LLC

Kennondale Capital Management LLC lessened its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 50.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,336 shares of the industrial products company's stock after selling 3,340 shares during the quarter. Kennondale Capital Management LLC's holdings in Eaton were worth $907,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Eaton in the fourth quarter valued at about $1,495,582,000. GAMMA Investing LLC increased its position in shares of Eaton by 27,281.9% in the first quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock valued at $976,772,000 after acquiring an additional 3,580,198 shares during the period. Capital International Investors purchased a new position in shares of Eaton in the fourth quarter valued at about $523,541,000. Leigh Baldwin & CO. LLC purchased a new position in shares of Eaton in the fourth quarter valued at about $231,552,000. Finally, Janus Henderson Group PLC increased its position in shares of Eaton by 24.3% in the fourth quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company's stock valued at $998,144,000 after acquiring an additional 588,370 shares during the period. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insider Activity at Eaton

In related news, insider Michael Yelton sold 2,120 shares of the 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 sale, the insider directly owned 3,382 shares of the company's stock, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the sale, the insider directly owned 490,208 shares in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is owned by company insiders.

Analyst Ratings Changes

ETN has been the topic of a number of research reports. Barclays lifted their target price on shares of Eaton from $323.00 to $340.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. BNP Paribas Exane initiated coverage on shares of Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. Evercore ISI lifted their target price on shares of Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research note on Monday, May 19th. Wells Fargo & Company boosted their price objective on shares of Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $377.89.

Eaton Stock Up 1.3%

NYSE ETN traded up $4.86 during trading on Thursday, reaching $385.10. 1,155,379 shares of the company's stock traded hands, compared to its average volume of 3,077,591. 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 firm has a market cap of $150.69 billion, a price-to-earnings ratio of 38.86, a price-to-earnings-growth ratio of 2.81 and a beta of 1.17. The company's 50 day simple moving average is $342.17 and its two-hundred day simple moving average is $315.63. Eaton Corporation, PLC has a 12-month low of $231.85 and a 12-month high of $386.17.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.70 by $0.02. The firm 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%. The company's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.40 EPS. As a group, sell-side analysts forecast that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, August 7th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.08%. Eaton's dividend payout ratio (DPR) is 41.98%.

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.