Sterling Investment Counsel LLC Raises Stake in Eaton Corporation, PLC (NYSE:ETN)

Sterling Investment Counsel LLC grew its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 220.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,327 shares of the industrial products company's stock after purchasing an additional 2,977 shares during the quarter. Sterling Investment Counsel LLC's holdings in Eaton were worth $1,176,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Capital A Wealth Management LLC purchased a new stake in Eaton in the fourth quarter worth about $26,000. Flagship Wealth Advisors LLC purchased a new stake in Eaton in the fourth quarter worth about $27,000. Noble Wealth Management PBC purchased a new stake in Eaton in the fourth quarter worth about $30,000. Murphy & Mullick Capital Management Corp purchased a new stake in Eaton in the fourth quarter worth about $33,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in Eaton in the fourth quarter worth about $33,000. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Performance

ETN opened at $333.92 on Thursday. Eaton Corporation, PLC has a 52-week low of $231.85 and a 52-week high of $379.99. 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 cap of $130.66 billion, a P/E ratio of 33.70, a price-to-earnings-growth ratio of 2.56 and a beta of 1.16. The firm's 50-day moving average price is $308.45 and its 200-day moving average price is $314.22.

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 (EPS) for the quarter, beating the consensus estimate of $2.70 by $0.02. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The firm had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the prior year, the company posted $2.40 earnings per share. The company's revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, equities analysts anticipate 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 given a $1.04 dividend. The ex-dividend date was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.25%. Eaton's dividend payout ratio is currently 41.98%.

Insider Activity at Eaton

In related 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 owns 3,382 shares in the company, valued at $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were 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 owns 490,208 shares in the company, valued at approximately $158,214,632. This represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 156,660 shares of company stock worth $49,622,894 over the last quarter. Insiders own 0.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Citigroup upped their price objective 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 Exane initiated coverage on shares of Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 target price for the company. Jefferies Financial Group decreased their price target 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. Royal Bank Of Canada increased their price target on shares of Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research report on Monday, May 5th. Finally, BNP Paribas initiated coverage on shares of Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price target for the company. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $368.78.

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.

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