Eaton Corporation, PLC (NYSE:ETN) Shares Purchased by State of Alaska Department of Revenue

State of Alaska Department of Revenue boosted its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 2.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,300 shares of the industrial products company's stock after buying an additional 1,240 shares during the quarter. State of Alaska Department of Revenue's holdings in Eaton were worth $12,585,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ETN. Norges Bank bought a new stake in shares of Eaton in the fourth quarter worth $1,495,582,000. GAMMA Investing LLC increased its position in shares of 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 purchasing an additional 3,580,198 shares during the last quarter. Capital International Investors acquired a new stake in shares of Eaton in the 4th quarter valued at about $523,541,000. Proficio Capital Partners LLC lifted its position in shares of Eaton by 42,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 732,323 shares of the industrial products company's stock worth $243,036,000 after purchasing an additional 730,594 shares during the last quarter. Finally, Leigh Baldwin & CO. LLC acquired a new position in Eaton in the fourth quarter worth about $231,552,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Michael Yelton sold 2,120 shares of the firm's stock in a transaction that occurred 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 now owns 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 sale, the insider now directly owns 490,208 shares in the company, valued at approximately $158,214,632. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock valued at $49,622,894 over the last 90 days. 0.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on ETN. BNP Paribas Exane initiated coverage on Eaton in a research note on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective on the stock. Evercore ISI upped their price target on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research report on Monday, May 19th. Barclays raised their price objective on Eaton from $306.00 to $323.00 and gave the stock an "equal weight" rating in a research note on Monday, June 9th. Morgan Stanley lowered their target price on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Finally, JPMorgan Chase & Co. raised their price target 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. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Eaton presently has an average rating of "Moderate Buy" and an average price target of $368.78.

Eaton Stock Performance

NYSE ETN traded up $3.41 on Thursday, hitting $333.92. The stock had a trading volume of 2,968,945 shares, compared to its average volume of 2,647,973. The company's 50-day moving average is $308.45 and its two-hundred day moving average is $314.22. The stock has a market cap of $130.66 billion, a price-to-earnings ratio of 33.70, a P/E/G ratio of 2.56 and a beta of 1.16. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) 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 analyst estimates of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The business's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.40 EPS. On average, analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend was Monday, May 5th. Eaton's dividend payout ratio is currently 41.98%.

About Eaton

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.