Trust Point Inc. Reduces Holdings in Eaton Corporation, PLC (NYSE:ETN)

Trust Point Inc. lowered its holdings in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 39.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,259 shares of the industrial products company's stock after selling 1,492 shares during the period. Trust Point Inc.'s holdings in Eaton were worth $614,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Traphagen Investment Advisors LLC grew its stake in Eaton by 2.6% during the first quarter. Traphagen Investment Advisors LLC now owns 1,995 shares of the industrial products company's stock worth $542,000 after purchasing an additional 50 shares during the period. Abound Wealth Management grew its stake in Eaton by 73.8% during the first quarter. Abound Wealth Management now owns 146 shares of the industrial products company's stock worth $40,000 after purchasing an additional 62 shares during the period. Bank Pictet & Cie Europe AG grew its stake in Eaton by 37.0% during the first quarter. Bank Pictet & Cie Europe AG now owns 176,877 shares of the industrial products company's stock worth $48,080,000 after purchasing an additional 47,793 shares during the period. Trust Co. of Toledo NA OH grew its stake in Eaton by 0.6% during the first quarter. Trust Co. of Toledo NA OH now owns 16,446 shares of the industrial products company's stock worth $4,471,000 after purchasing an additional 91 shares during the period. Finally, North Star Investment Management Corp. grew its stake in Eaton by 47.6% during the first quarter. North Star Investment Management Corp. now owns 11,789 shares of the industrial products company's stock worth $3,205,000 after purchasing an additional 3,800 shares during the period. Institutional investors and hedge funds own 82.97% of the company's stock.

Insider Buying and Selling

In related news, insider Michael Yelton sold 2,120 shares of the business's 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 sale, the insider now directly owns 3,382 shares in the company, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 51,054 shares of the business's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $305.43, for a total value of $15,593,423.22. Following the transaction, the insider now owns 489,444 shares of the company's stock, valued at approximately $149,490,880.92. The trade was a 9.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by company insiders.

Eaton Stock Up 1.0%

Shares of ETN stock traded up $3.41 during trading hours on Thursday, reaching $333.92. The company had a trading volume of 2,968,945 shares, compared to its average volume of 2,647,973. 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 current ratio of 1.31 and a quick ratio of 0.84. The business has a fifty day simple moving average of $309.71 and a 200-day simple moving average of $313.95. The company has a market cap of $130.66 billion, a price-to-earnings ratio of 33.70, a price-to-earnings-growth ratio of 2.60 and a beta of 1.16.

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, beating 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 for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter last year, the company earned $2.40 earnings per share. The company's revenue for the quarter was up 7.3% on a year-over-year basis. On average, research analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were issued a dividend of $1.04 per share. The ex-dividend date was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.25%. Eaton's dividend payout ratio (DPR) is currently 41.98%.

Analyst Upgrades and Downgrades

ETN has been the subject of several recent analyst reports. Royal Bank Of Canada raised their target price on Eaton from $336.00 to $356.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. Jefferies Financial Group reduced their price objective on Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a research note on Wednesday, March 12th. Wall Street Zen raised Eaton from a "hold" rating to a "buy" rating in a research note on Sunday, May 18th. Morgan Stanley reduced their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Finally, KeyCorp raised their price objective on Eaton from $325.00 to $355.00 and gave the company an "overweight" rating in a research note on Monday, May 5th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $368.78.

Eaton 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.