Eaton Corporation, PLC (NYSE:ETN) Shares Sold by Rice Partnership LLC

Rice Partnership LLC decreased its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 18.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,437 shares of the industrial products company's stock after selling 8,833 shares during the period. Eaton makes up about 2.1% of Rice Partnership LLC's portfolio, making the stock its 16th biggest holding. Rice Partnership LLC's holdings in Eaton were worth $10,448,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ETN. Norges Bank purchased a new position in Eaton in the 4th quarter worth $1,495,582,000. GAMMA Investing LLC raised its stake in Eaton by 27,281.9% in the 1st quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company's stock worth $976,772,000 after acquiring an additional 3,580,198 shares during the last quarter. Capital International Investors purchased a new position in shares of Eaton during the 4th quarter valued at about $523,541,000. Leigh Baldwin & CO. LLC purchased a new position in shares of Eaton during the 4th quarter valued at about $231,552,000. Finally, Janus Henderson Group PLC raised its stake in shares of Eaton by 24.3% during the 4th quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company's stock valued at $998,144,000 after buying an additional 588,370 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company's stock.

Insider Activity

In related news, insider Craig Arnold sold 103,486 shares of the stock in a transaction dated 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 approximately $158,214,632. This represents a 17.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the transaction, the insider directly owned 3,382 shares in the company, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by corporate insiders.

Eaton Trading Up 1.1%

Shares of NYSE ETN traded up $3.79 during mid-day trading on Friday, reaching $361.98. 1,088,135 shares of the company's stock were exchanged, compared to its average volume of 2,668,688. The firm has a market capitalization of $141.64 billion, a price-to-earnings ratio of 36.53, a PEG ratio of 2.73 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. Eaton Corporation, PLC has a 52-week low of $231.85 and a 52-week high of $379.99. The company's 50-day moving average is $326.36 and its 200-day moving average is $312.79.

Eaton (NYSE:ETN - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping analysts' consensus estimates of $2.70 by $0.02. The business had revenue of $6.38 billion during the quarter, compared to analysts' expectations 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 business posted $2.40 EPS. Analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.15%. The ex-dividend date was Monday, May 5th. Eaton's payout ratio is 41.98%.

Analyst Ratings Changes

A number of research firms have weighed in on ETN. KeyCorp lifted their price objective on Eaton from $325.00 to $355.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Royal Bank Of Canada raised their price objective on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a report on Monday, May 5th. Barclays lifted their price target on Eaton from $306.00 to $323.00 and gave the stock an "equal weight" rating in a research note on Monday, June 9th. BNP Paribas Exane assumed coverage on Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price target on the stock. Finally, BNP Paribas started coverage on Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $369.06.

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.