PUREfi Wealth LLC Raises Stock Position in Eaton Corporation, PLC (NYSE:ETN)

PUREfi Wealth LLC grew its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 89.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,455 shares of the industrial products company's stock after purchasing an additional 1,162 shares during the period. PUREfi Wealth LLC's holdings in Eaton were worth $667,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Capital A Wealth Management LLC purchased a new stake in Eaton during the fourth quarter worth about $26,000. Flagship Wealth Advisors LLC purchased a new stake in Eaton during the fourth quarter worth about $27,000. Noble Wealth Management PBC purchased a new stake in shares of Eaton during the fourth quarter worth approximately $30,000. Murphy & Mullick Capital Management Corp purchased a new stake in shares of Eaton during the fourth quarter worth approximately $33,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in shares of Eaton during the fourth quarter worth approximately $33,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Stock Performance

Shares of ETN opened at $330.45 on Wednesday. The stock has a 50 day moving average price of $307.46 and a 200 day moving average price of $314.08. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $129.30 billion, a price-to-earnings ratio of 33.34, a price-to-earnings-growth ratio of 2.62 and a beta of 1.16. Eaton Corporation, PLC has a 52-week low of $231.85 and a 52-week high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last posted 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. The business had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company's revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.40 earnings per share. Research analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.26%. The ex-dividend date was Monday, May 5th. Eaton's payout ratio is currently 41.98%.

Insider Activity

In other news, insider Craig Arnold sold 103,486 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider now directly owns 490,208 shares of the company's stock, valued at approximately $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the 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 directly owns 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 ninety days, insiders sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Royal Bank Of Canada upped their target price on shares of Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. Citigroup upped their target price 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. BNP Paribas assumed coverage on shares of Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price on the stock. Wall Street Zen upgraded shares of Eaton from a "hold" rating to a "buy" rating in a research note on Sunday, May 18th. Finally, Wells Fargo & Company restated an "overweight" rating and set a $355.00 target price on shares of Eaton in a research note on Monday, May 5th. 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 has an average rating of "Moderate Buy" and a consensus target price 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.

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