Parallel Advisors LLC Increases Stock Position in Eaton Co. plc (NYSE:ETN)

Parallel Advisors LLC grew its holdings in Eaton Co. plc (NYSE:ETN - Free Report) by 10.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,970 shares of the industrial products company's stock after purchasing an additional 857 shares during the quarter. Parallel Advisors LLC's holdings in Eaton were worth $2,439,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. First County Bank CT raised its position in Eaton by 2.7% in the 1st quarter. First County Bank CT now owns 4,596 shares of the industrial products company's stock worth $1,249,000 after purchasing an additional 122 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Eaton by 27,281.9% during the 1st quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock worth $976,772,000 after buying an additional 3,580,198 shares during the period. Town & Country Bank & Trust CO dba First Bankers Trust CO lifted its holdings in Eaton by 6.4% in the first quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 5,524 shares of the industrial products company's stock valued at $1,502,000 after buying an additional 332 shares during the period. Eastover Investment Advisors LLC raised its position in shares of Eaton by 4.1% during the 1st quarter. Eastover Investment Advisors LLC now owns 19,349 shares of the industrial products company's stock valued at $5,260,000 after acquiring an additional 767 shares during the last quarter. Finally, Moody National Bank Trust Division lifted its stake in shares of Eaton by 4.5% in the 1st quarter. Moody National Bank Trust Division now owns 5,658 shares of the industrial products company's stock valued at $1,538,000 after purchasing an additional 242 shares during the period. Institutional investors and hedge funds own 82.97% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on ETN. Citigroup increased their target price on Eaton from $323.00 to $351.00 and gave the company a "buy" rating in a research note on Monday, May 5th. BNP Paribas assumed coverage on shares of Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price on the stock. BNP Paribas Exane initiated coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. Wells Fargo & Company reissued an "overweight" rating and set a $355.00 target price on shares of Eaton in a research note on Monday, May 5th. Finally, Barclays lowered their target price on Eaton from $315.00 to $306.00 and set an "equal weight" rating for the company in a report on Friday, April 4th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $367.83.

Insider Transactions at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the business'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 completion of the sale, the insider now owns 3,382 shares in the company, valued at $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Craig Arnold sold 51,054 shares of Eaton stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $305.43, for a total transaction of $15,593,423.22. Following the transaction, the insider now directly owns 489,444 shares in the company, valued at $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 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 Up 2.2%

Shares of NYSE ETN traded up $7.05 during midday trading on Tuesday, reaching $325.91. The stock had a trading volume of 1,978,882 shares, compared to its average volume of 2,664,720. Eaton Co. plc has a twelve month low of $231.85 and a twelve month high of $379.99. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The company's 50 day moving average price is $293.96 and its 200 day moving average price is $316.94. The firm has a market cap of $127.53 billion, a price-to-earnings ratio of 34.31, a price-to-earnings-growth ratio of 2.64 and a beta of 1.14.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $6.26 billion. During the same quarter in the prior year, the firm posted $2.40 earnings per share. The business's quarterly revenue was up 7.3% compared to the same quarter last year. As a group, sell-side analysts expect that Eaton Co. plc will post 12.02 EPS 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 issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's payout ratio is 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.