Cambridge Investment Research Advisors Inc. Has $17 Million Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Cambridge Investment Research Advisors Inc. lowered its stake in Eaton Corporation, PLC (NYSE:ETN) by 15.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 62,528 shares of the industrial products company’s stock after selling 11,353 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Eaton were worth $16,997,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ETN. Norden Group LLC boosted its position in Eaton by 3.4% during the fourth quarter. Norden Group LLC now owns 978 shares of the industrial products company’s stock valued at $325,000 after acquiring an additional 32 shares during the last quarter. Nwam LLC boosted its position in Eaton by 0.6% during the fourth quarter. Nwam LLC now owns 5,314 shares of the industrial products company’s stock valued at $1,764,000 after acquiring an additional 34 shares during the last quarter. Founders Financial Alliance LLC boosted its position 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 acquiring an additional 35 shares during the last quarter. Sound View Wealth Advisors Group LLC boosted its position in Eaton by 1.1% during the fourth 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. Finally, Lantern Wealth Advisors LLC boosted its position in Eaton by 1.0% during the fourth quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company’s stock valued at $1,340,000 after acquiring an additional 38 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Analysts Set New Price Targets

ETN has been the topic of a number of research analyst reports. Wells Fargo & Company reaffirmed an “overweight” rating and set a $355.00 price target on shares of Eaton in a research report on Monday, May 5th. BNP Paribas began coverage on shares of Eaton in a research report on Thursday, May 15th. They set an “outperform” rating and a $380.00 price objective on the stock. Evercore ISI increased their price objective on shares of Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a research report on Monday, May 19th. Wall Street Zen raised shares of Eaton from a “hold” rating to a “buy” rating in a research report on Sunday, May 18th. Finally, Jefferies Financial Group dropped their price target on shares of Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a research report on Wednesday, March 12th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, Eaton has a consensus rating of “Moderate Buy” and an average price target of $368.78.

Insider Transactions at Eaton

In other news, insider Craig Arnold sold 51,054 shares of the firm’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 transaction of $15,593,423.22. Following the completion of the sale, the insider now owns 489,444 shares in the company, valued at $149,490,880.92. This trade represents a 9.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the firm’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 sale, the insider now 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 a total of 156,660 shares of company stock worth $49,622,894 in the last quarter. Insiders own 0.30% of the company’s stock.

Eaton Trading Up 0.6%

NYSE:ETN opened at $333.29 on Tuesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. The firm has a market cap of $130.42 billion, a price-to-earnings ratio of 33.63, a price-to-earnings-growth ratio of 2.57 and a beta of 1.16. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $379.99. The firm has a 50-day moving average price of $311.91 and a two-hundred day moving average price of $312.55.

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

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were paid a dividend of $1.04 per share. The ex-dividend date was Monday, May 5th. This represents a $4.16 annualized dividend and a dividend yield of 1.25%. Eaton’s payout ratio is currently 41.98%.

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.