MN Wealth Advisors LLC Purchases New Shares in Eaton Corporation, PLC (NYSE:ETN)

MN Wealth Advisors LLC acquired a new position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,167 shares of the industrial products company's stock, valued at approximately $317,000.

Several other large investors have also made changes to their positions in the business. Norges Bank bought a new stake in shares of Eaton in the 4th quarter valued at approximately $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 valued at $976,772,000 after purchasing an additional 3,580,198 shares during the period. Capital International Investors bought a new stake in shares of Eaton in the 4th quarter valued at approximately $523,541,000. Proficio Capital Partners LLC grew its stake in shares of Eaton by 42,255.3% in the 4th quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company's stock valued at $243,036,000 after purchasing an additional 730,594 shares during the period. Finally, Leigh Baldwin & CO. LLC bought a new stake in shares of Eaton in the 4th quarter valued at approximately $231,552,000. Institutional investors and hedge funds own 82.97% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Royal Bank Of Canada increased their price target on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research report on Monday, May 5th. Barclays increased their price target on Eaton from $306.00 to $323.00 and gave the stock an "equal weight" rating in a research report on Monday, June 9th. Morgan Stanley reduced 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. JPMorgan Chase & Co. upped their price objective on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Finally, BNP Paribas started coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective on the stock. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $368.78.

Insiders Place Their Bets

In other Eaton news, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the transaction, the insider now directly owns 3,382 shares in the company, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Craig Arnold sold 51,054 shares of the 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 transaction, the insider now owns 489,444 shares in the company, valued at approximately $149,490,880.92. This represents a 9.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 156,660 shares of company stock worth $49,622,894 in the last 90 days. 0.30% of the stock is currently owned by corporate insiders.

Eaton Stock Performance

Shares of ETN stock traded up $3.41 during trading on Thursday, hitting $333.92. The company's stock had a trading volume of 2,968,945 shares, compared to its average volume of 2,647,973. The company has a market cap of $130.66 billion, a PE ratio of 33.70, a P/E/G ratio of 2.60 and a beta of 1.16. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The business has a fifty day moving average of $308.45 and a 200-day moving average of $314.22. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last released its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating 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 company had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same period in the prior year, the company posted $2.40 earnings per share. Eaton's quarterly revenue was up 7.3% on a year-over-year basis. As a group, research analysts anticipate that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were paid a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.25%. The ex-dividend date was Monday, May 5th. Eaton's payout ratio is currently 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.