Eaton Corporation, PLC (NYSE:ETN) Shares Bought by Pegasus Asset Management Inc.

Pegasus Asset Management Inc. grew its position in Eaton Corporation, PLC (NYSE:ETN) by 1.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,046 shares of the industrial products company’s stock after buying an additional 309 shares during the quarter. Eaton accounts for about 3.4% of Pegasus Asset Management Inc.’s portfolio, making the stock its 9th largest holding. Pegasus Asset Management Inc.’s holdings in Eaton were worth $8,439,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ETN. MN Wealth Advisors LLC bought a new stake in shares of Eaton during the 1st quarter valued at approximately $317,000. Wells Trecaso Financial Group LLC boosted its position in Eaton by 0.3% in the first quarter. Wells Trecaso Financial Group LLC now owns 51,182 shares of the industrial products company’s stock valued at $13,913,000 after buying an additional 168 shares in the last quarter. Cornerstone Wealth Management LLC grew its stake in shares of Eaton by 2.9% during the first quarter. Cornerstone Wealth Management LLC now owns 2,170 shares of the industrial products company’s stock worth $590,000 after buying an additional 62 shares during the last quarter. Shepherd Financial Partners LLC increased its holdings in shares of Eaton by 2.6% during the first quarter. Shepherd Financial Partners LLC now owns 1,785 shares of the industrial products company’s stock worth $485,000 after buying an additional 46 shares in the last quarter. Finally, Global Trust Asset Management LLC boosted its holdings in shares of Eaton by 290.0% during the 1st quarter. Global Trust Asset Management LLC now owns 585 shares of the industrial products company’s stock valued at $159,000 after acquiring an additional 435 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Eaton news, insider Michael Yelton sold 2,120 shares of the business’s stock in a transaction that occurred on 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 directly owns 3,382 shares of the company’s stock, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 490,208 shares of the company’s stock, valued at approximately $158,214,632. This 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 valued at $49,622,894. 0.30% of the stock is owned by company insiders.

Eaton Stock Down 2.2%

Shares of NYSE:ETN opened at $330.45 on Wednesday. The company has a market capitalization of $129.30 billion, a price-to-earnings ratio of 33.34, a P/E/G ratio of 2.62 and a beta of 1.16. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The business’s 50-day moving average is $307.46 and its 200-day moving average is $314.08. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year high of $379.99.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.70 by $0.02. The company had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The firm’s revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.40 EPS. Equities research analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date of this dividend was Monday, May 5th. Eaton’s dividend payout ratio (DPR) is currently 41.98%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Wall Street Zen raised Eaton from a “hold” rating to a “buy” rating in a report on Sunday, May 18th. Jefferies Financial Group lowered their price objective on Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research note on Wednesday, March 12th. Wells Fargo & Company reiterated an “overweight” rating and set a $355.00 target price on shares of Eaton in a research report on Monday, May 5th. JPMorgan Chase & Co. upped their price target on shares of Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Finally, Evercore ISI lifted their price target 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 investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Eaton currently has a consensus rating of “Moderate Buy” and an average target price of $368.78.

Eaton 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.