Whitaker Myers Wealth Managers LTD. Takes $319,000 Position in Eaton Co. plc (NYSE:ETN)

Whitaker Myers Wealth Managers LTD. purchased a new position in Eaton Co. plc (NYSE:ETN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,175 shares of the industrial products company's stock, valued at approximately $319,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Bearing Point Capital LLC acquired a new stake in Eaton during the fourth quarter valued at approximately $2,713,000. Strategic Financial Concepts LLC acquired a new stake in shares of Eaton during the fourth quarter worth $38,000. American National Bank & Trust lifted its position in shares of 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 buying an additional 162 shares during the last quarter. Wingate Wealth Advisors Inc. acquired a new position in shares of Eaton in the 4th quarter valued at about $161,000. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors grew its position in shares of Eaton by 46.9% during the 4th quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 3,365 shares of the industrial products company's stock valued at $1,117,000 after buying an additional 1,074 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Craig Arnold sold 103,486 shares of the company's 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 now directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the sale, the insider now directly owns 3,382 shares of the company's stock, valued at approximately $1,004,014.34. The trade was 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 worth $49,622,894 in the last 90 days. Company insiders own 0.30% of the company's stock.

Eaton Price Performance

ETN stock opened at $331.71 on Friday. The firm has a 50-day moving average of $298.11 and a two-hundred day moving average of $316.33. The firm has a market capitalization of $129.80 billion, a PE ratio of 34.92, a P/E/G 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. Eaton Co. plc has a one year low of $231.85 and a one year 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, beating the consensus estimate of $2.70 by $0.02. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The business had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the prior year, the firm earned $2.40 EPS. The firm's quarterly revenue was up 7.3% on a year-over-year basis. On average, analysts forecast that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages have commented on ETN. Royal Bank of Canada lifted their target price on Eaton from $336.00 to $356.00 and gave the company an "outperform" rating in a research note on Monday, May 5th. Barclays reduced their price objective on Eaton from $315.00 to $306.00 and set an "equal weight" rating for the company in a research report on Friday, April 4th. JPMorgan Chase & Co. increased their price objective on shares of Eaton from $300.00 to $360.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. BNP Paribas started coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an "outperform" rating and a $380.00 price target on the stock. Finally, KeyCorp boosted their price objective on Eaton from $325.00 to $355.00 and gave the stock an "overweight" rating in a research report on Monday, May 5th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $367.83.

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.

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