Nilsine Partners LLC Trims Stake in Eaton Corporation, PLC (NYSE:ETN)

Nilsine Partners LLC reduced its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 21.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,941 shares of the industrial products company's stock after selling 1,372 shares during the period. Nilsine Partners LLC's holdings in Eaton were worth $1,343,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Norden Group LLC increased its stake in Eaton by 3.4% in the 4th quarter. Norden Group LLC now owns 978 shares of the industrial products company's stock worth $325,000 after buying an additional 32 shares during the period. Nwam LLC grew its holdings in Eaton by 0.6% during the 4th quarter. Nwam LLC now owns 5,314 shares of the industrial products company's stock worth $1,764,000 after acquiring an additional 34 shares in the last quarter. Founders Financial Alliance LLC grew its holdings in Eaton by 0.7% during the 4th quarter. Founders Financial Alliance LLC now owns 5,415 shares of the industrial products company's stock worth $1,797,000 after acquiring an additional 35 shares in the last quarter. Sound View Wealth Advisors Group LLC grew its holdings in Eaton by 1.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 3,587 shares of the industrial products company's stock worth $1,190,000 after acquiring an additional 38 shares in the last quarter. Finally, Lantern Wealth Advisors LLC grew its holdings in Eaton by 1.0% during the 4th quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company's stock worth $1,340,000 after acquiring an additional 38 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Down 1.1%

ETN stock opened at $331.34 on Friday. The firm has a 50 day moving average of $310.79 and a 200 day moving average of $313.22. The stock has a market capitalization of $129.65 billion, a PE ratio of 33.43, a price-to-earnings-growth ratio of 2.57 and a beta of 1.16. 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.

Eaton (NYSE:ETN - Get Free Report) last released its earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping analysts' consensus estimates of $2.70 by $0.02. The company had revenue of $6.38 billion during the quarter, compared to analysts' expectations of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. Eaton's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period last year, the business earned $2.40 EPS. Sell-side analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ETN. BNP Paribas Exane began coverage on shares of Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. Evercore ISI increased their target price on shares of Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a report on Monday, May 19th. Barclays increased their target price on shares of Eaton from $306.00 to $323.00 and gave the stock an "equal weight" rating in a report on Monday, June 9th. Jefferies Financial Group lowered their price target on shares of Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a report on Wednesday, March 12th. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $355.00 price target on shares of Eaton in a report on Monday, May 5th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Eaton has a consensus rating of "Moderate Buy" and an average target price of $368.78.

Insiders Place Their Bets

In other Eaton news, insider Craig Arnold sold 103,486 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 490,208 shares of the company's stock, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction that occurred 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 transaction, the insider now directly owns 3,382 shares of the company's stock, valued at $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is owned by insiders.

Eaton 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.

Want to see what other hedge funds are holding ETN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eaton Corporation, PLC (NYSE:ETN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.