Sumitomo Mitsui Trust Group Inc. Raises Position in Eaton Corporation, PLC (NYSE:ETN)

Sumitomo Mitsui Trust Group Inc. increased its holdings in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 0.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,437,489 shares of the industrial products company's stock after purchasing an additional 1,438 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.37% of Eaton worth $390,753,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. J. L. Bainbridge & Co. Inc. grew its stake in shares of Eaton by 1.8% in the first quarter. J. L. Bainbridge & Co. Inc. now owns 163,459 shares of the industrial products company's stock worth $44,433,000 after purchasing an additional 2,837 shares during the last quarter. Golden State Wealth Management LLC grew its stake in shares of Eaton by 99.4% in the first quarter. Golden State Wealth Management LLC now owns 2,219 shares of the industrial products company's stock worth $603,000 after purchasing an additional 1,106 shares during the last quarter. Patron Partners LLC grew its stake in shares of Eaton by 9.6% in the first quarter. Patron Partners LLC now owns 3,016 shares of the industrial products company's stock worth $820,000 after purchasing an additional 263 shares during the last quarter. Westend Capital Management LLC bought a new stake in Eaton during the first quarter valued at $45,000. Finally, Crescent Grove Advisors LLC boosted its position in Eaton by 28.9% during the first quarter. Crescent Grove Advisors LLC now owns 1,856 shares of the industrial products company's stock valued at $504,000 after acquiring an additional 416 shares during the last quarter. Institutional investors own 82.97% of the company's stock.

Eaton Stock Up 1.6%

Shares of ETN traded up $5.60 on Friday, reaching $353.74. The company's stock had a trading volume of 3,704,268 shares, compared to its average volume of 2,665,307. 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 twelve month low of $231.85 and a twelve month high of $379.99. The stock has a market capitalization of $138.42 billion, a PE ratio of 35.70, a PEG ratio of 2.74 and a beta of 1.16. The firm has a fifty day moving average of $318.04 and a 200-day moving average of $312.49.

Eaton (NYSE:ETN - Get Free Report) last posted its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping analysts' consensus estimates of $2.70 by $0.02. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The company had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the prior year, the business posted $2.40 EPS. The firm's revenue was up 7.3% compared to the same quarter last year. Equities analysts predict that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were paid a $1.04 dividend. The ex-dividend date was Monday, May 5th. This represents a $4.16 annualized dividend and a yield of 1.18%. Eaton's dividend payout ratio (DPR) is 41.98%.

Insider Buying and Selling at Eaton

In other Eaton news, insider Craig Arnold sold 103,486 shares of the stock in a transaction dated 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 trade represents a 17.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the sale, the insider now owns 3,382 shares of the company's stock, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 156,660 shares of company stock worth $49,622,894. Insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. BNP Paribas assumed coverage on shares of Eaton in a research report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price target on the stock. Morgan Stanley cut their price target on shares of Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Citigroup upped their price target on shares of Eaton from $323.00 to $351.00 and gave the company a "buy" rating in a research report on Monday, May 5th. JPMorgan Chase & Co. upped their price target on shares of Eaton from $300.00 to $360.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Finally, Wall Street Zen raised shares of Eaton from a "hold" rating to a "buy" rating in a research report on Sunday, May 18th. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target 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.