Trueblood Wealth Management LLC Grows Holdings in Eaton Co. plc (NYSE:ETN)

Trueblood Wealth Management LLC increased its position in Eaton Co. plc (NYSE:ETN) by 13.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,904 shares of the industrial products company’s stock after purchasing an additional 224 shares during the period. Trueblood Wealth Management LLC’s holdings in Eaton were worth $518,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In related news, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the sale, the insider now directly owns 490,208 shares in the company, valued at $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction on Tuesday, May 6th. The stock was 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 approximately $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. 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 quarter. 0.30% of the stock is owned by insiders.

Eaton Price Performance

ETN opened at $324.33 on Wednesday. The stock’s 50-day moving average price is $300.21 and its 200 day moving average price is $315.65. Eaton Co. plc has a 12-month low of $231.85 and a 12-month high of $379.99. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46. The firm has a market cap of $126.91 billion, a price-to-earnings ratio of 34.14, a PEG ratio of 2.64 and a beta of 1.16.

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

Eaton Announces Dividend

The firm 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 of this dividend was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.28%. Eaton’s payout ratio is currently 41.98%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. 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. Evercore ISI boosted their price target on Eaton from $326.00 to $349.00 and gave the company an “in-line” rating in a report on Monday, May 19th. KeyCorp boosted their price objective on Eaton from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Monday, May 5th. BNP Paribas Exane started coverage on Eaton in a research report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their price target on Eaton from $300.00 to $360.00 and gave the stock an “overweight” rating in a research report on Friday, May 16th. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.