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Eaton Corporation, PLC (NYSE:ETN) Shares Sold by Synergy Asset Management LLC

Eaton logo with Industrials background

Synergy Asset Management LLC decreased its position in Eaton Corporation, PLC (NYSE:ETN - Free Report) by 41.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 24,499 shares of the industrial products company's stock after selling 17,297 shares during the period. Eaton accounts for about 0.8% of Synergy Asset Management LLC's investment portfolio, making the stock its 28th biggest position. Synergy Asset Management LLC's holdings in Eaton were worth $6,660,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Evercore ISI boosted their price objective on shares of Eaton from $326.00 to $349.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. BNP Paribas Exane assumed coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 price objective for the company. KeyCorp boosted their target price on Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a research note on Monday, May 5th. BNP Paribas assumed coverage on Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price target for the company. Finally, Wells Fargo & Company restated an "overweight" rating and set a $355.00 price objective on shares of Eaton in a report on Monday, May 5th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $368.78.

Read Our Latest Stock Report on Eaton

Insiders Place Their Bets

In related news, insider Craig Arnold sold 103,486 shares of the company's 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 of the company's stock, valued at approximately $158,214,632. This represents a 17.43% 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 Michael Yelton sold 2,120 shares of the 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 directly 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. Insiders have sold 156,660 shares of company stock valued at $49,622,894 in the last ninety days. 0.30% of the stock is currently owned by corporate insiders.

Eaton Price Performance

ETN traded down $0.54 during trading on Wednesday, hitting $342.72. The company's stock had a trading volume of 1,929,515 shares, compared to its average volume of 2,658,519. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $134.11 billion, a price-to-earnings ratio of 34.58, a P/E/G ratio of 2.66 and a beta of 1.16. The business's fifty day simple moving average is $313.24 and its 200 day simple moving average is $312.76. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $379.99.

Eaton (NYSE:ETN - Get Free Report) last issued its quarterly 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. The company had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The firm's revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.40 EPS. On average, equities research analysts forecast that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were issued a $1.04 dividend. 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 1.21%. Eaton's payout ratio is 41.98%.

Eaton Profile

(Free Report)

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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Institutional Ownership by Quarter for Eaton (NYSE:ETN)

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