Summerhill Capital Management lnc. Sells 7,275 Shares of Eaton Corporation, PLC (NYSE:ETN)

Summerhill Capital Management lnc. lessened its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 52.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,590 shares of the industrial products company's stock after selling 7,275 shares during the period. Eaton accounts for about 2.4% of Summerhill Capital Management lnc.'s portfolio, making the stock its 16th biggest position. Summerhill Capital Management lnc.'s holdings in Eaton were worth $1,791,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Horizon Bancorp Inc. IN increased its position in shares of Eaton by 70.1% in the first quarter. Horizon Bancorp Inc. IN now owns 165 shares of the industrial products company's stock worth $45,000 after purchasing an additional 68 shares during the period. Cornerstone Wealth Group LLC grew its stake in Eaton by 155.1% during the first quarter. Cornerstone Wealth Group LLC now owns 25,964 shares of the industrial products company's stock worth $7,058,000 after buying an additional 15,788 shares in the last quarter. Balboa Wealth Partners increased its holdings in Eaton by 3.9% in the 1st quarter. Balboa Wealth Partners now owns 1,740 shares of the industrial products company's stock valued at $473,000 after buying an additional 65 shares during the period. Retirement Guys Formula LLC acquired a new position in shares of Eaton in the 1st quarter valued at approximately $1,832,000. Finally, Family Legacy Inc. bought a new stake in shares of Eaton during the 1st quarter worth approximately $982,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Trading Up 1.9%

NYSE:ETN traded up $6.43 during trading hours on Thursday, hitting $348.78. 2,284,424 shares of the company were exchanged, compared to its average volume of 2,660,258. The stock has a market capitalization of $136.48 billion, a price-to-earnings ratio of 35.20, a price-to-earnings-growth ratio of 2.66 and a beta of 1.16. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $379.99. The company has a fifty day simple moving average of $314.71 and a 200 day simple moving average of $312.97. 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 (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. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same period last year, the company earned $2.40 earnings per share. The firm's revenue was up 7.3% compared to the same quarter last year. Sell-side analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.19%. The ex-dividend date was Monday, May 5th. Eaton's dividend payout ratio is currently 41.98%.

Analysts Set New Price Targets

Several research firms have weighed in on ETN. Evercore ISI upped their target price on Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. Wall Street Zen raised Eaton from a "hold" rating to a "buy" rating in a research note on Sunday, May 18th. Morgan Stanley lowered their target price on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. 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. Finally, Citigroup lifted their price target on shares of Eaton from $323.00 to $351.00 and gave the company a "buy" rating in a report on Monday, May 5th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, Eaton presently has an average rating of "Moderate Buy" and an average target price of $368.78.

Insider Transactions at Eaton

In other 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 completion of the sale, the insider now owns 3,382 shares of the company's stock, valued at $1,004,014.34. This trade represents a 38.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the sale, the insider now owns 490,208 shares of the company's stock, valued at $158,214,632. This represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock worth $49,622,894 over the last three months. 0.30% of the stock is owned by company insiders.

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.