Pittenger & Anderson Inc. grew its stake in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 9.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 58,626 shares of the industrial products company's stock after purchasing an additional 5,064 shares during the period. Pittenger & Anderson Inc.'s holdings in Eaton were worth $15,936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in the stock. TruNorth Capital Management LLC acquired a new position in Eaton during the first quarter worth $360,000. Platform Technology Partners lifted its stake in Eaton by 44.6% during the first quarter. Platform Technology Partners now owns 1,679 shares of the industrial products company's stock worth $456,000 after purchasing an additional 518 shares in the last quarter. Arizona State Retirement System lifted its stake in Eaton by 0.6% during the first quarter. Arizona State Retirement System now owns 115,980 shares of the industrial products company's stock worth $31,527,000 after purchasing an additional 738 shares in the last quarter. Realta Investment Advisors raised its stake in shares of Eaton by 39.9% in the first quarter. Realta Investment Advisors now owns 2,292 shares of the industrial products company's stock valued at $623,000 after acquiring an additional 654 shares in the last quarter. Finally, Kathmere Capital Management LLC raised its stake in shares of Eaton by 15.2% in the first quarter. Kathmere Capital Management LLC now owns 1,255 shares of the industrial products company's stock valued at $341,000 after acquiring an additional 166 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.
Eaton Stock Performance
NYSE:ETN traded up $3.03 during mid-day trading on Friday, reaching $360.67. The stock had a trading volume of 1,697,991 shares, compared to its average volume of 2,674,048. The business has a 50 day simple moving average of $332.74 and a 200 day simple moving average of $313.48. Eaton Corporation, 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 0.41, a quick ratio of 0.84 and a current ratio of 1.31. The firm has a market capitalization of $141.13 billion, a price-to-earnings ratio of 36.39, a PEG ratio of 2.72 and a beta of 1.17.
Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The company had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same period last year, the firm earned $2.40 EPS. The company's revenue for the quarter was up 7.3% on a year-over-year basis. On average, analysts expect that Eaton Corporation, 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. The ex-dividend date was Monday, May 5th. This represents a $4.16 annualized dividend and a yield of 1.15%. Eaton's payout ratio is currently 41.98%.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on ETN shares. Wells Fargo & Company increased their price objective on Eaton from $310.00 to $360.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 1st. Evercore ISI increased their price objective on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research note on Monday, May 19th. KeyCorp increased their target price on Eaton from $325.00 to $355.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Morgan Stanley dropped their target price on Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Finally, Royal Bank Of Canada increased their target price on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a report on Monday, May 5th. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Eaton currently has an average rating of "Moderate Buy" and a consensus price target of $370.63.
View Our Latest Stock Analysis on Eaton
Insider Activity at Eaton
In related news, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction 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 transaction, the insider owned 490,208 shares in the company, valued at approximately $158,214,632. The trade was a 17.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the transaction, the insider owned 3,382 shares in the company, valued at $1,004,014.34. The trade was a 38.53% decrease in their position. 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 over the last ninety days. 0.30% of the stock is owned by corporate insiders.
Eaton Profile
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Free Report)
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.
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