Pallas Capital Advisors LLC Buys 3,708 Shares of Eaton Co. plc (NYSE:ETN)

Pallas Capital Advisors LLC boosted its holdings in Eaton Co. plc (NYSE:ETN - Free Report) by 27.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,237 shares of the industrial products company's stock after acquiring an additional 3,708 shares during the quarter. Pallas Capital Advisors LLC's holdings in Eaton were worth $4,685,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ETN. Brighton Jones LLC increased its stake in Eaton by 1.4% in the fourth quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock valued at $1,109,000 after acquiring an additional 45 shares during the period. Revolve Wealth Partners LLC grew its stake in Eaton by 17.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock worth $303,000 after buying an additional 136 shares during the last quarter. Consolidated Portfolio Review Corp bought a new stake in Eaton during the fourth quarter worth about $210,000. Strategic Financial Concepts LLC bought a new stake in Eaton during the fourth quarter worth about $38,000. Finally, Lecap Asset Management Ltd. bought a new stake in Eaton during the fourth quarter worth about $317,000. Institutional investors own 82.97% of the company's stock.

Eaton Trading Up 0.4%

NYSE ETN traded up $1.32 during trading hours on Wednesday, hitting $325.56. The company's stock had a trading volume of 1,423,989 shares, compared to its average volume of 2,643,229. The stock has a fifty day moving average of $301.79 and a 200 day moving average of $315.72. Eaton Co. plc has a twelve month low of $231.85 and a twelve month high of $379.99. The firm has a market capitalization of $127.39 billion, a P/E ratio of 34.27, a PEG ratio of 2.64 and a beta of 1.16. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.70 by $0.02. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The business had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same period in the prior year, the business posted $2.40 earnings per share. Eaton's revenue was up 7.3% compared to the same quarter last year. Equities research analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced 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 1.28%. The ex-dividend date was Monday, May 5th. Eaton's payout ratio is presently 41.98%.

Insider Buying and Selling at Eaton

In other Eaton news, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the sale, the insider now owns 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Craig Arnold sold 51,054 shares of the company's 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 sale, 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 156,660 shares of company stock valued at $49,622,894. Corporate insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Wells Fargo & Company reaffirmed an "overweight" rating and set a $355.00 price objective on shares of Eaton in a research note on Monday, May 5th. Evercore ISI upped their price objective on shares of Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. Jefferies Financial Group decreased their price objective on shares of Eaton from $390.00 to $335.00 and set a "buy" rating on the stock in a research note on Wednesday, March 12th. Citigroup upped their price objective on shares of Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Finally, Barclays upped their target price on shares of Eaton from $306.00 to $323.00 and gave the stock an "equal weight" rating in a research report on Monday. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $368.78.

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.