Sky Investment Group LLC Invests $236,000 in Eaton Co. plc (NYSE:ETN)

Sky Investment Group LLC purchased a new stake in shares of Eaton Co. plc (NYSE:ETN - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 867 shares of the industrial products company's stock, valued at approximately $236,000.

Several other institutional investors and hedge funds have also modified their holdings of ETN. Capital A Wealth Management LLC acquired a new stake in shares of Eaton in the 4th quarter valued at $26,000. Flagship Wealth Advisors LLC acquired a new stake in shares of Eaton in the 4th quarter valued at $27,000. Noble Wealth Management PBC acquired a new stake in shares of Eaton in the 4th quarter valued at $30,000. Murphy & Mullick Capital Management Corp acquired a new position in Eaton during the 4th quarter worth $33,000. Finally, Vermillion Wealth Management Inc. acquired a new position in Eaton during the 4th quarter worth $33,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ETN. KeyCorp boosted their target price 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. JPMorgan Chase & Co. boosted their target price on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Jefferies Financial Group cut their target price on shares of Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a research report on Wednesday, March 12th. Citigroup boosted their target price on shares of Eaton from $323.00 to $351.00 and gave the stock a "buy" rating in a research report on Monday, May 5th. Finally, Royal Bank of Canada boosted their target price on shares of Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research report on Monday, May 5th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, Eaton has a consensus rating of "Moderate Buy" and an average target price of $368.78.

Eaton Price Performance

NYSE:ETN traded up $14.29 during mid-day trading on Monday, hitting $337.95. The company's stock had a trading volume of 3,392,790 shares, compared to its average volume of 2,646,441. The company has a market capitalization of $132.24 billion, a price-to-earnings ratio of 35.57, a P/E/G ratio of 2.64 and a beta of 1.16. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a fifty-two week low of $231.85 and a fifty-two week high of $379.99. The stock has a fifty day moving average of $306.54 and a 200-day moving average of $313.96.

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 the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The company had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same period in the prior year, the company posted $2.40 EPS. The company's revenue was up 7.3% compared to the same quarter last year. As a group, equities analysts forecast that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

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. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 annualized dividend and a dividend yield of 1.23%. Eaton's dividend payout ratio is currently 41.98%.

Insider Activity

In other news, insider Michael Yelton sold 2,120 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the sale, the insider now directly owns 3,382 shares in the company, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Craig Arnold sold 103,486 shares of the business's 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 transaction, the insider now directly owns 490,208 shares in the company, valued at $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 156,660 shares of company stock worth $49,622,894. Company 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.