Strategic Advisors LLC Raises Holdings in Eaton Corporation, PLC (NYSE:ETN)

Strategic Advisors LLC increased its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 95.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 17,947 shares of the industrial products company's stock after acquiring an additional 8,749 shares during the period. Eaton makes up about 0.9% of Strategic Advisors LLC's portfolio, making the stock its 25th largest holding. Strategic Advisors LLC's holdings in Eaton were worth $4,879,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

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

Eaton Stock Performance

Shares of Eaton stock traded down $3.52 on Friday, hitting $331.34. The stock had a trading volume of 4,406,929 shares, compared to its average volume of 2,654,979. The stock has a market cap of $129.65 billion, a price-to-earnings ratio of 33.43, a P/E/G ratio of 2.60 and a beta of 1.16. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. 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 price is $309.71 and its 200 day moving average price is $313.95.

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. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The business had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same period in the prior year, the company earned $2.40 earnings per share. The company's revenue was up 7.3% compared to the same quarter last year. On average, research analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were given a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.26%. Eaton's payout ratio is 41.98%.

Insider Activity at Eaton

In related news, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the transaction, the insider now directly owns 3,382 shares of the company's stock, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Craig Arnold sold 51,054 shares of the company's stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $305.43, for a total value of $15,593,423.22. Following the completion of the sale, the insider now directly owns 489,444 shares in the company, valued at $149,490,880.92. This trade represents a 9.45% 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 in the last three months. Insiders own 0.30% of the company's stock.

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.