Reliant Investment Management LLC Raises Stock Position in Eaton Co. plc (NYSE:ETN)

Reliant Investment Management LLC increased its holdings in shares of Eaton Co. plc (NYSE:ETN) by 4.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,357 shares of the industrial products company’s stock after purchasing an additional 855 shares during the period. Eaton accounts for about 3.2% of Reliant Investment Management LLC’s holdings, making the stock its 14th biggest holding. Reliant Investment Management LLC’s holdings in Eaton were worth $6,077,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Norden Group LLC raised its holdings in shares of Eaton by 3.4% in the 4th quarter. Norden Group LLC now owns 978 shares of the industrial products company’s stock worth $325,000 after purchasing an additional 32 shares in the last quarter. TFC Financial Management Inc. grew its position in Eaton by 4.7% in the fourth quarter. TFC Financial Management Inc. now owns 752 shares of the industrial products company’s stock worth $250,000 after buying an additional 34 shares during the last quarter. Nwam LLC increased its holdings in shares of Eaton by 0.6% in the fourth quarter. Nwam LLC now owns 5,314 shares of the industrial products company’s stock valued at $1,764,000 after buying an additional 34 shares in the last quarter. Founders Financial Alliance LLC increased its holdings in shares of Eaton by 0.7% in the fourth quarter. Founders Financial Alliance LLC now owns 5,415 shares of the industrial products company’s stock valued at $1,797,000 after buying an additional 35 shares in the last quarter. Finally, Sound View Wealth Advisors Group LLC lifted its position in shares of Eaton by 1.1% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 3,587 shares of the industrial products company’s stock valued at $1,190,000 after acquiring an additional 38 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Citigroup lifted their target price on Eaton from $323.00 to $351.00 and gave the stock a “buy” rating in a report on Monday, May 5th. Jefferies Financial Group dropped their price target on Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a research note on Wednesday, March 12th. Wall Street Zen upgraded Eaton from a “hold” rating to a “buy” rating in a report on Sunday, May 18th. Royal Bank of Canada raised their target price on shares of Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a report on Monday, May 5th. Finally, BNP Paribas Exane started coverage on shares of Eaton in a research report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $367.83.

Eaton Trading Up 1.6%

Eaton stock opened at $331.71 on Friday. Eaton Co. plc has a 12 month low of $231.85 and a 12 month high of $379.99. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The stock has a market cap of $129.80 billion, a P/E ratio of 34.92, a P/E/G ratio of 2.64 and a beta of 1.16. The company’s fifty day simple moving average is $298.11 and its 200-day simple moving average is $316.64.

Eaton (NYSE:ETN) last issued its earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.70 by $0.02. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The firm had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. During the same quarter in the previous year, the company posted $2.40 earnings per share. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors 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 yield of 1.25%. Eaton’s dividend payout ratio is currently 41.98%.

Insider Buying and Selling at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 3,382 shares in the company, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the stock in a transaction dated 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 in the company, valued at approximately $158,214,632. This represents a 17.43% 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 over the last ninety days. 0.30% of the stock is currently owned by 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.