Congress Asset Management Co. Boosts Holdings in Eaton Co. plc (NYSE:ETN)

Congress Asset Management Co. grew its position in Eaton Co. plc (NYSE:ETN) by 0.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 527,006 shares of the industrial products company’s stock after buying an additional 2,584 shares during the period. Eaton accounts for approximately 1.1% of Congress Asset Management Co.’s investment portfolio, making the stock its 22nd largest position. Congress Asset Management Co.’s holdings in Eaton were worth $143,256,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Capital A Wealth Management LLC purchased a new stake in shares of Eaton in the 4th quarter valued at approximately $26,000. Flagship Wealth Advisors LLC acquired a new position in shares of Eaton in the 4th quarter worth approximately $27,000. Noble Wealth Management PBC acquired a new position in shares of Eaton in the 4th quarter worth approximately $30,000. Murphy & Mullick Capital Management Corp acquired a new position in shares of Eaton in the 4th quarter worth approximately $33,000. Finally, Vermillion Wealth Management Inc. acquired a new position in shares of Eaton in the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Shares of ETN opened at $331.71 on Friday. Eaton Co. plc has a twelve month low of $231.85 and a twelve month high of $379.99. The firm’s fifty day simple moving average is $298.11 and its 200-day simple moving average is $316.64. The firm has a market capitalization of $129.80 billion, a price-to-earnings ratio of 34.92, a PEG 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 (NYSE:ETN) last announced its quarterly earnings data 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 net margin of 15.25% and a return on equity of 22.62%. The business had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same period last year, the business earned $2.40 EPS. The company’s revenue was up 7.3% on a year-over-year basis. Equities analysts forecast that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued a $1.04 dividend. The ex-dividend date was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.25%. Eaton’s payout ratio is 41.98%.

Analyst Ratings Changes

Several equities analysts have recently commented on ETN shares. Morgan Stanley decreased their price objective on shares of Eaton from $385.00 to $375.00 and set an “overweight” rating on the stock in a report on Tuesday, May 6th. Royal Bank of Canada upped their price objective on shares of Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a report on Monday, May 5th. Barclays decreased their price objective on shares of Eaton from $315.00 to $306.00 and set an “equal weight” rating on the stock in a report on Friday, April 4th. BNP Paribas started coverage on shares of Eaton in a report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective on the stock. Finally, Evercore ISI upped their price objective on shares of Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a report on Monday, May 19th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $367.83.

Insider Activity

In related news, insider Michael Yelton sold 2,120 shares of the 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 transaction, the insider now directly owns 3,382 shares of the company’s stock, valued at $1,004,014.34. This trade represents a 38.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Craig Arnold sold 103,486 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the transaction, the insider now directly owns 490,208 shares in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is currently owned by corporate insiders.

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.