Victory Capital Management Inc. Sells 91,314 Shares of Eaton Corporation, PLC (NYSE:ETN)

Victory Capital Management Inc. trimmed its stake in shares of Eaton Corporation, PLC (NYSE:ETN - Free Report) by 23.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 292,062 shares of the industrial products company's stock after selling 91,314 shares during the quarter. Victory Capital Management Inc. owned 0.07% of Eaton worth $79,391,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Eaton by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company's stock worth $12,351,506,000 after buying an additional 99,291 shares in the last quarter. FMR LLC grew its position in Eaton by 1.2% during the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company's stock worth $5,051,807,000 after buying an additional 182,455 shares in the last quarter. Geode Capital Management LLC grew its position in Eaton by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company's stock worth $2,714,677,000 after buying an additional 129,071 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of Eaton by 4.3% in the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company's stock worth $1,550,226,000 after purchasing an additional 192,482 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Eaton by 8.8% during the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company's stock valued at $1,518,207,000 after purchasing an additional 368,241 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ETN. Morgan Stanley reduced their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Evercore ISI increased their price objective on Eaton from $326.00 to $349.00 and gave the company an "in-line" rating in a research report on Monday, May 19th. Sanford C. Bernstein reiterated an "outperform" rating and set a $396.00 price objective on shares of Eaton in a research report on Monday, July 14th. Wall Street Zen upgraded Eaton from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Finally, BNP Paribas Exane initiated coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, Eaton presently has a consensus rating of "Moderate Buy" and an average target price of $377.89.

Insider Buying and Selling at Eaton

In other Eaton news, insider Michael Yelton sold 2,120 shares of Eaton 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 completion of the transaction, the insider owned 3,382 shares in the company, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $33,400,106.50. Following the transaction, the insider owned 490,208 shares of the company's stock, valued at $158,214,632. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by insiders.

Eaton Trading Down 0.5%

NYSE ETN traded down $1.83 on Friday, hitting $378.89. The company's stock had a trading volume of 2,941,019 shares, compared to its average volume of 2,668,275. Eaton Corporation, PLC has a 52-week low of $231.85 and a 52-week high of $384.51. 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 company's 50-day simple moving average is $339.29 and its 200 day simple moving average is $314.69. The firm has a market cap of $148.26 billion, a P/E ratio of 38.23, a PEG ratio of 2.86 and a beta of 1.17.

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

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors 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 1.10%. Eaton's payout ratio is 41.98%.

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.