Michael Yelton Sells 2,120 Shares of Eaton Co. plc (NYSE:ETN) Stock

Eaton Co. plc (NYSE:ETN) 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 owns 3,382 shares in the company, valued at $1,004,014.34. This represents a 38.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Eaton Stock Performance

NYSE ETN opened at $302.31 on Thursday. The stock has a fifty day simple moving average of $281.59 and a 200 day simple moving average of $320.81. Eaton Co. plc has a twelve month low of $231.85 and a twelve month high of $379.99. The company has a market capitalization of $118.44 billion, a price-to-earnings ratio of 31.82, a PEG ratio of 2.64 and a beta of 1.14. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last released its quarterly earnings data 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. 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 quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.40 earnings per share. Sell-side analysts expect that Eaton Co. plc will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Monday, May 5th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.38%. The ex-dividend date is Monday, May 5th. Eaton’s dividend payout ratio is presently 41.98%.

Hedge Funds Weigh In On Eaton

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Lighthouse Wealth Management Inc. bought a new position in shares of Eaton during the 4th quarter valued at approximately $297,000. Bearing Point Capital LLC purchased a new position in shares of Eaton during the 4th quarter valued at $2,713,000. Webster Bank N. A. increased its holdings in Eaton by 52.4% in the 4th quarter. Webster Bank N. A. now owns 17,925 shares of the industrial products company’s stock worth $5,949,000 after acquiring an additional 6,166 shares during the last quarter. Ballentine Partners LLC raised its stake in Eaton by 9.3% in the 4th quarter. Ballentine Partners LLC now owns 9,256 shares of the industrial products company’s stock valued at $3,072,000 after acquiring an additional 790 shares during the period. Finally, Blue Trust Inc. boosted its position in Eaton by 13.2% during the fourth quarter. Blue Trust Inc. now owns 14,494 shares of the industrial products company’s stock worth $4,804,000 after purchasing an additional 1,694 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ETN shares. Barclays decreased their price target on shares of Eaton from $315.00 to $306.00 and set an “equal weight” rating for the company in a report on Friday, April 4th. Melius Research reaffirmed a “hold” rating and set a $373.00 price target on shares of Eaton in a research report on Tuesday, January 28th. Evercore ISI lowered their price objective on shares of Eaton from $382.00 to $326.00 and set an “in-line” rating on the stock in a report on Wednesday, February 19th. Melius downgraded shares of Eaton from a “buy” rating to a “hold” rating and set a $373.00 target price for the company. in a research report on Tuesday, January 28th. Finally, Jefferies Financial Group cut their price target on shares of Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a research report on Wednesday, March 12th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $361.13.

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.