Lineweaver Wealth Advisors LLC Takes Position in Eaton Corporation, PLC (NYSE:ETN)

Lineweaver Wealth Advisors LLC bought a new position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,044 shares of the industrial products company's stock, valued at approximately $556,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Eaton by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company's stock worth $12,351,506,000 after buying an additional 99,291 shares in the last quarter. FMR LLC boosted its holdings in Eaton by 1.2% during the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company's stock valued at $5,051,807,000 after purchasing an additional 182,455 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Eaton by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company's stock valued at $2,714,677,000 after purchasing an additional 129,071 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in Eaton by 4.3% during the fourth quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock valued at $1,550,226,000 after purchasing an additional 192,482 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in Eaton by 8.8% during the fourth quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock valued at $1,518,207,000 after purchasing an additional 368,241 shares in the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Trading Down 0.5%

NYSE:ETN traded down $1.83 during trading hours on Friday, hitting $378.89. 2,941,019 shares of the stock were exchanged, compared to its average volume of 2,666,753. The company's 50 day moving average is $339.29 and its two-hundred day moving average is $314.81. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $384.51. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $148.26 billion, a P/E ratio of 38.23, a price-to-earnings-growth ratio of 2.87 and a beta of 1.17.

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 (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The firm had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the prior year, the business earned $2.40 EPS. The business's revenue for the quarter was up 7.3% compared to the same quarter last year. On average, sell-side analysts anticipate 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 was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's dividend payout ratio is 41.98%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ETN shares. Evercore ISI lifted their price objective on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a report on Monday, May 19th. Morgan Stanley decreased their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Barclays lifted their price objective on Eaton from $323.00 to $340.00 and gave the company an "equal weight" rating in a report on Wednesday, July 9th. The Goldman Sachs Group lifted their price objective on Eaton from $345.00 to $382.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Finally, Royal Bank Of Canada lifted their price objective on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a report on Monday, May 5th. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $377.89.

Insider Buying and Selling at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the stock in a transaction 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 transaction, the insider owned 3,382 shares of the company's stock, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the stock in a transaction on 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 transaction, the insider directly owned 490,208 shares in the company, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 156,660 shares of company stock worth $49,622,894. Company insiders own 0.30% of the company's stock.

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.