Sumitomo Mitsui DS Asset Management Company Ltd Has $24.81 Million Stock Holdings in Eaton Corporation, PLC (NYSE:ETN)

Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 1.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 91,269 shares of the industrial products company's stock after buying an additional 1,582 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Eaton were worth $24,810,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of ETN. Brighton Jones LLC increased its stake in Eaton by 1.4% during the 4th quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company's stock worth $1,109,000 after acquiring an additional 45 shares during the period. Revolve Wealth Partners LLC grew its holdings in shares of Eaton by 17.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company's stock worth $303,000 after purchasing an additional 136 shares in the last quarter. Bank Pictet & Cie Europe AG bought a new position in shares of Eaton in the fourth quarter worth $42,839,000. Kovack Advisors Inc. acquired a new position in Eaton in the fourth quarter valued at about $226,000. Finally, Noble Wealth Management PBC bought a new stake in Eaton during the fourth quarter worth about $30,000. Institutional investors and hedge funds own 82.97% of the company's stock.

Insider Transactions at Eaton

In other news, insider Craig Arnold sold 103,486 shares of the firm's 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 completion of the transaction, the insider directly owned 490,208 shares in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the company'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 value of $629,364.40. Following the completion of the sale, the insider owned 3,382 shares in the company, valued at $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock worth $49,622,894 in the last quarter. Corporate insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ETN. Morgan Stanley dropped their target price on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. JPMorgan Chase & Co. lifted their price objective on shares of Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Wells Fargo & Company upped their target price on Eaton from $310.00 to $360.00 and gave the stock an "equal weight" rating in a research note on Tuesday. KeyCorp raised their target price on Eaton from $325.00 to $355.00 and gave the company an "overweight" rating in a report on Monday, May 5th. Finally, Jefferies Financial Group lowered their price target on Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $369.06.

Eaton Trading Up 1.1%

Shares of NYSE:ETN traded up $3.79 during midday trading on Thursday, hitting $361.98. 1,088,115 shares of the stock were exchanged, compared to its average volume of 2,658,104. The business's 50-day moving average price is $323.41 and its 200 day moving average price is $312.79. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $379.99. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. The stock has a market capitalization of $141.64 billion, a price-to-earnings ratio of 36.53, a P/E/G ratio of 2.68 and a beta of 1.17.

Eaton (NYSE:ETN - Get Free Report) last posted its earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping 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 business had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same period last year, the company earned $2.40 EPS. The firm's revenue was up 7.3% compared to the same quarter last year. Analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

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