Perennial Advisors LLC Takes $412,000 Position in Eaton Co. plc (NYSE:ETN)

Perennial Advisors LLC bought a new position in shares of Eaton Co. plc (NYSE:ETN - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,514 shares of the industrial products company's stock, valued at approximately $412,000.

Several other institutional investors and hedge funds have also made changes to their positions in ETN. Norden Group LLC raised its holdings 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 acquiring an additional 32 shares during the period. TFC Financial Management Inc. grew its position in shares of Eaton by 4.7% in the fourth quarter. TFC Financial Management Inc. now owns 752 shares of the industrial products company's stock valued at $250,000 after purchasing an additional 34 shares during the last quarter. Nwam LLC increased its stake in shares of Eaton by 0.6% in the fourth quarter. Nwam LLC now owns 5,314 shares of the industrial products company's stock worth $1,764,000 after purchasing an additional 34 shares during the period. Founders Financial Alliance LLC lifted its position in shares of 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 purchasing an additional 35 shares during the last quarter. Finally, Sound View Wealth Advisors Group LLC boosted its stake 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 valued at $1,190,000 after purchasing an additional 38 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Stock Down 1.8%

Shares of NYSE:ETN traded down $5.84 during trading on Monday, hitting $325.61. 1,621,730 shares of the company's stock traded hands, compared to its average volume of 2,645,508. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The company has a market cap of $127.41 billion, a price-to-earnings ratio of 34.27, a price-to-earnings-growth ratio of 2.64 and a beta of 1.16. The company has a 50-day moving average price of $298.11 and a 200-day moving average price of $315.95. Eaton Co. 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, topping analysts' consensus estimates of $2.70 by $0.02. The firm had revenue of $6.38 billion during the quarter, compared to analysts' expectations of $6.26 billion. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The company's revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.40 EPS. As a group, research analysts forecast that Eaton Co. plc will post 12.02 EPS for the current fiscal 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. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 annualized dividend and a yield of 1.28%. Eaton's dividend payout ratio (DPR) is presently 41.98%.

Analyst Ratings Changes

Several research firms have recently weighed in on ETN. Wall Street Zen raised Eaton from a "hold" rating to a "buy" rating in a research report on Sunday, May 18th. Barclays upped their target price on shares of Eaton from $306.00 to $323.00 and gave the company an "equal weight" rating in a research note on Monday. Evercore ISI raised their price target on shares of Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $355.00 price objective on shares of Eaton in a research report on Monday, May 5th. Finally, JPMorgan Chase & Co. lifted their target price on Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $368.78.

Insider Transactions at Eaton

In other Eaton news, insider Craig Arnold sold 51,054 shares of the company's stock in a transaction 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 sale, the insider now directly owns 489,444 shares of the company's stock, valued at approximately $149,490,880.92. This represents a 9.45% 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 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 transaction of $629,364.40. Following the completion of the sale, the insider now directly owns 3,382 shares in the company, valued at approximately $1,004,014.34. The trade was 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 worth $49,622,894 in the last three months. Insiders own 0.30% of the company's stock.

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.