Franklin Street Advisors Inc. NC Purchases 1,016 Shares of Eaton Co. plc (NYSE:ETN)

Franklin Street Advisors Inc. NC grew its position in Eaton Co. plc (NYSE:ETN) by 2.2% in the first quarter, HoldingsChannel.com reports. The fund owned 48,191 shares of the industrial products company’s stock after buying an additional 1,016 shares during the period. Franklin Street Advisors Inc. NC’s holdings in Eaton were worth $13,100,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Capital A Wealth Management LLC bought a new stake in shares of Eaton during the 4th quarter worth about $26,000. Flagship Wealth Advisors LLC bought a new stake in shares of Eaton during the 4th quarter worth about $27,000. Noble Wealth Management PBC bought a new stake in shares of Eaton during the 4th quarter worth about $30,000. Murphy & Mullick Capital Management Corp bought a new stake in shares of Eaton during the 4th quarter worth about $33,000. Finally, Vermillion Wealth Management Inc. bought a new stake in shares of Eaton during the 4th quarter worth about $33,000. Institutional investors own 82.97% of the company’s stock.

Eaton Price Performance

Shares of NYSE:ETN opened at $324.33 on Wednesday. The firm has a 50 day moving average of $300.21 and a 200-day moving average of $315.65. The stock has a market capitalization of $126.91 billion, a PE ratio of 34.14, 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 Co. plc has a 12 month low of $231.85 and a 12 month high of $379.99.

Eaton (NYSE:ETN) last released its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.70 by $0.02. The business had revenue of $6.38 billion during the quarter, compared to analysts’ expectations of $6.26 billion. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.40 EPS. On average, equities research analysts predict that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were given a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend was Monday, May 5th. Eaton’s dividend payout ratio (DPR) is currently 41.98%.

Insider Buying and Selling at Eaton

In other Eaton news, insider Craig Arnold sold 51,054 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $305.43, for a total value of $15,593,423.22. Following the completion of the transaction, the insider now directly owns 489,444 shares in the company, valued at approximately $149,490,880.92. This represents a 9.45% decrease in their position. The sale 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 the company’s 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 transaction, the insider now owns 3,382 shares of the company’s stock, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ETN. BNP Paribas initiated coverage on shares of Eaton in a report on Thursday, May 15th. They set an “outperform” rating and a $380.00 target price for the company. KeyCorp boosted their price objective on shares of Eaton from $325.00 to $355.00 and gave the company an “overweight” rating in a report on Monday, May 5th. Citigroup boosted their price objective on shares of Eaton from $323.00 to $351.00 and gave the company a “buy” rating in a report on Monday, May 5th. Evercore ISI boosted their price objective on shares of Eaton from $326.00 to $349.00 and gave the company an “in-line” rating in a report on Monday, May 19th. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $355.00 price objective on shares of Eaton in a report on Monday, May 5th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $368.78.

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.