Family Legacy Inc. Makes New Investment in Eaton Corporation, PLC (NYSE:ETN)

Family Legacy Inc. purchased a new position in shares of Eaton Corporation, PLC (NYSE:ETN) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,612 shares of the industrial products company’s stock, valued at approximately $982,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ETN. Norden Group LLC lifted its holdings in Eaton by 3.4% during the 4th quarter. Norden Group LLC now owns 978 shares of the industrial products company’s stock worth $325,000 after buying an additional 32 shares during the last quarter. Nwam LLC lifted its holdings 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 buying an additional 34 shares during the last quarter. Founders Financial Alliance LLC lifted its holdings in shares of Eaton by 0.7% in the 4th 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 during the last quarter. Sound View Wealth Advisors Group LLC lifted its holdings in shares of Eaton by 1.1% in the 4th 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 purchasing an additional 38 shares during the last quarter. Finally, Lantern Wealth Advisors LLC lifted its holdings in shares of Eaton by 1.0% in the 4th quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company’s stock valued at $1,340,000 after purchasing an additional 38 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Buying and Selling at Eaton

In other Eaton news, insider Craig Arnold sold 103,486 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the transaction, the insider now owns 490,208 shares of the company’s stock, valued at $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 available through this link. Also, insider Michael Yelton sold 2,120 shares of the 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 in the company, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ETN shares. Morgan Stanley reduced their target price on Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a report on Tuesday, May 6th. Citigroup boosted their target price on Eaton from $323.00 to $351.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. BNP Paribas started coverage on Eaton in a research report on Thursday, May 15th. They set an “outperform” rating and a $380.00 target price on the stock. Royal Bank Of Canada boosted 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. Finally, Barclays boosted their target price on Eaton from $306.00 to $323.00 and gave the stock an “equal weight” rating in a research report on Monday, June 9th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and an average price target of $368.78.

Eaton Price Performance

Shares of NYSE:ETN opened at $333.29 on Tuesday. The business’s fifty day moving average price is $311.91 and its two-hundred day moving average price is $312.55. The stock has a market cap of $130.42 billion, a PE ratio of 33.63, a price-to-earnings-growth ratio of 2.57 and a beta of 1.16. 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 one year low of $231.85 and a one year high of $379.99.

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

Eaton Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date was Monday, May 5th. Eaton’s dividend payout ratio (DPR) is presently 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.