WealthBridge Investment Counsel Inc. Grows Position in Eaton Co. plc (NYSE:ETN)

WealthBridge Investment Counsel Inc. lifted its holdings in shares of Eaton Co. plc (NYSE:ETN - Free Report) by 5.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,785 shares of the industrial products company's stock after purchasing an additional 1,650 shares during the period. Eaton comprises approximately 3.3% of WealthBridge Investment Counsel Inc.'s investment portfolio, making the stock its 10th largest holding. WealthBridge Investment Counsel Inc.'s holdings in Eaton were worth $9,184,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ETN. Bearing Point Capital LLC purchased a new stake in Eaton in the 4th quarter worth about $2,713,000. Generate Investment Management Ltd purchased a new stake in Eaton in the 4th quarter worth about $12,678,000. Strategic Financial Concepts LLC purchased a new stake in Eaton in the 4th quarter worth about $38,000. American National Bank & Trust increased its holdings in Eaton by 5.4% in the 1st quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company's stock worth $855,000 after acquiring an additional 162 shares during the last quarter. Finally, Wingate Wealth Advisors Inc. purchased a new stake in Eaton in the 4th quarter worth about $161,000. 82.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. BNP Paribas Exane assumed coverage on Eaton in a report on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price objective for the company. Morgan Stanley decreased their price objective on Eaton from $385.00 to $375.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Jefferies Financial Group reduced their target price on Eaton from $390.00 to $335.00 and set a "buy" rating for the company in a report on Wednesday, March 12th. Wall Street Zen raised Eaton from a "hold" rating to a "buy" rating in a report on Sunday, May 18th. Finally, BNP Paribas assumed coverage on Eaton in a report on Thursday, May 15th. They set an "outperform" rating and a $380.00 target price for the company. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $367.83.

Insider Buying and Selling

In related news, insider Craig Arnold sold 103,486 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was 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 $158,214,632. The trade was a 17.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Yelton sold 2,120 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value 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. The trade was a 38.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock worth $49,622,894 in the last quarter. 0.30% of the stock is owned by insiders.

Eaton Stock Performance

Shares of ETN opened at $331.71 on Friday. The company has a market cap of $129.80 billion, a PE ratio of 34.92, a price-to-earnings-growth ratio of 2.64 and a beta of 1.16. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The stock has a 50-day moving average price of $298.11 and a 200-day moving average price of $316.64. Eaton Co. plc has a 12-month low of $231.85 and a 12-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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.70 by $0.02. The firm had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The company's revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter last year, the company posted $2.40 EPS. As a group, equities analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were given 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 1.25%. Eaton's payout ratio is 41.98%.

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.

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