Pinnacle Financial Partners Inc Increases Position in Eaton Corporation, PLC (NYSE:ETN)

Pinnacle Financial Partners Inc lifted its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 1.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 79,940 shares of the industrial products company's stock after purchasing an additional 838 shares during the period. Pinnacle Financial Partners Inc's holdings in Eaton were worth $21,921,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Eaton by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company's stock valued at $12,351,506,000 after buying an additional 99,291 shares during the last quarter. FMR LLC raised its position in shares of Eaton by 1.2% during the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company's stock worth $5,051,807,000 after acquiring an additional 182,455 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Eaton by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company's stock worth $2,714,677,000 after acquiring an additional 129,071 shares during the period. Nuveen Asset Management LLC boosted its holdings in Eaton by 4.3% in the fourth quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock valued at $1,550,226,000 after acquiring an additional 192,482 shares during the last quarter. Finally, Northern Trust Corp increased its position in Eaton by 8.8% during the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock valued at $1,518,207,000 after purchasing an additional 368,241 shares during the period. Institutional investors own 82.97% of the company's stock.

Eaton Stock Up 1.1%

Shares of ETN traded up $3.79 during trading hours on Thursday, reaching $361.98. The stock had a trading volume of 1,088,135 shares, compared to its average volume of 2,664,244. The company has a market capitalization of $141.64 billion, a price-to-earnings ratio of 36.53, a P/E/G ratio of 2.70 and a beta of 1.17. The firm has a 50-day simple moving average of $324.90 and a 200 day simple moving average of $312.84. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. The firm had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The business's quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the firm earned $2.40 earnings per share. Equities research analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.15%. The ex-dividend date was Monday, May 5th. Eaton's dividend payout ratio (DPR) is presently 41.98%.

Insider Activity at Eaton

In related news, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the transaction, the insider owned 490,208 shares of the company's stock, valued at $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction 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 directly owned 3,382 shares of the company's stock, valued at $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. Over the last three months, insiders sold 156,660 shares of company stock valued at $49,622,894. Company insiders own 0.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. KeyCorp boosted their price target on shares of Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Wall Street Zen upgraded shares of Eaton from a "hold" rating to a "buy" rating in a report on Sunday, May 18th. BNP Paribas Exane initiated coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price target for the company. BNP Paribas began coverage on Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective on the stock. Finally, Wells Fargo & Company upped their target price on Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research report on Tuesday. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat.com, Eaton currently has a consensus rating of "Moderate Buy" and a consensus price target of $369.06.

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.