Envestnet Portfolio Solutions Inc. Decreases Stock Holdings in Eaton Corporation, PLC (NYSE:ETN)

Envestnet Portfolio Solutions Inc. lowered its position in shares of Eaton Corporation, PLC (NYSE:ETN) by 8.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 67,918 shares of the industrial products company’s stock after selling 6,610 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Eaton were worth $18,462,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Norden Group LLC lifted its position in shares of Eaton by 3.4% during the 4th quarter. Norden Group LLC now owns 978 shares of the industrial products company’s stock valued at $325,000 after buying an additional 32 shares in the last quarter. Nwam LLC raised its stake in Eaton by 0.6% during the 4th quarter. Nwam LLC now owns 5,314 shares of the industrial products company’s stock worth $1,764,000 after acquiring an additional 34 shares during the period. Founders Financial Alliance LLC lifted its holdings in Eaton by 0.7% during 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 purchasing an additional 35 shares in the last quarter. Sound View Wealth Advisors Group LLC boosted its position in shares of Eaton by 1.1% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 3,587 shares of the industrial products company’s stock worth $1,190,000 after purchasing an additional 38 shares during the period. Finally, Lantern Wealth Advisors LLC increased its stake in shares of Eaton by 1.0% in the fourth quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company’s stock worth $1,340,000 after purchasing an additional 38 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Insider Activity

In related news, insider Craig Arnold sold 103,486 shares of the company’s stock in a transaction dated 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 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the firm’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 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 disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock valued at $49,622,894 in the last ninety days. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on ETN. Evercore ISI lifted their target price on shares of Eaton from $326.00 to $349.00 and gave the company an “in-line” rating in a research note on Monday, May 19th. BNP Paribas Exane assumed coverage on Eaton in a research report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective on the stock. Royal Bank Of Canada increased their target price on Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a research report on Monday, May 5th. Morgan Stanley decreased their target price on Eaton from $385.00 to $375.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 6th. Finally, Wall Street Zen upgraded Eaton from a “hold” rating to a “buy” rating in a research note on Sunday, May 18th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $368.78.

Eaton Trading Up 1.0%

Shares of ETN opened at $333.92 on Thursday. The stock has a market capitalization of $130.66 billion, a PE ratio of 33.70, a P/E/G ratio of 2.56 and a beta of 1.16. The company’s fifty day moving average is $308.45 and its 200 day moving average is $314.22. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $379.99.

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

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were given a dividend of $1.04 per share. 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 (DPR) is presently 41.98%.

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.