Mayport LLC Buys Shares of 1,055 Eaton Corporation, PLC (NYSE:ETN)

Mayport LLC purchased a new position in Eaton Corporation, PLC (NYSE:ETN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,055 shares of the industrial products company's stock, valued at approximately $287,000.

Several other institutional investors also recently bought and sold shares of the business. Bearing Point Capital LLC purchased a new position in shares of Eaton in the 4th quarter valued at $2,713,000. Brighton Jones LLC boosted its position in Eaton by 4.9% during the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company's stock valued at $953,000 after purchasing an additional 164 shares in the last quarter. Kennebec Savings Bank grew its stake in Eaton by 5.4% in the first quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company's stock valued at $738,000 after purchasing an additional 139 shares during the last quarter. American National Bank & Trust raised its holdings in Eaton by 5.4% in the first quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock worth $855,000 after purchasing an additional 162 shares in the last quarter. Finally, Castle Rock Wealth Management LLC lifted its position in shares of Eaton by 7.0% during the fourth quarter. Castle Rock Wealth Management LLC now owns 8,330 shares of the industrial products company's stock valued at $2,575,000 after buying an additional 543 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Craig Arnold sold 51,054 shares of Eaton stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $305.43, for a total transaction of $15,593,423.22. Following the completion of the transaction, the insider now directly owns 489,444 shares of the company's stock, valued at $149,490,880.92. The trade was a 9.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $629,364.40. Following the sale, the insider now directly owns 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. 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 quarter. 0.30% of the stock is currently owned by company insiders.

Eaton Trading Down 1.1%

Shares of NYSE:ETN opened at $331.34 on Friday. 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 Corporation, PLC has a 52-week low of $231.85 and a 52-week high of $379.99. The stock has a market cap of $129.65 billion, a price-to-earnings ratio of 33.43, a PEG ratio of 2.60 and a beta of 1.16. The business has a 50-day moving average price of $310.79 and a 200-day moving average price of $313.66.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the prior year, the company earned $2.40 EPS. Eaton's quarterly revenue was up 7.3% on a year-over-year basis. Equities analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were paid a dividend of $1.04 per share. The ex-dividend date was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.26%. Eaton's payout ratio is currently 41.98%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ETN. JPMorgan Chase & Co. lifted their price objective on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. KeyCorp lifted their price target on shares of 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 objective on Eaton from $306.00 to $323.00 and gave the company an "equal weight" rating in a report on Monday, June 9th. Royal Bank Of Canada boosted their target price on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. Finally, BNP Paribas assumed coverage on Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. Five investment 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, the company has a consensus rating of "Moderate Buy" and an average target price of $368.78.

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.

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