Colonial River Investments LLC Reduces Holdings in Eaton Corporation, PLC (NYSE:ETN)

Colonial River Investments LLC lessened its holdings in shares of Eaton Corporation, PLC (NYSE:ETN) by 4.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,953 shares of the industrial products company’s stock after selling 91 shares during the quarter. Colonial River Investments LLC’s holdings in Eaton were worth $531,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of ETN. Little House Capital LLC purchased a new position in Eaton during the first quarter valued at $2,370,000. J. L. Bainbridge & Co. Inc. lifted its position in shares of Eaton by 1.8% during the 1st quarter. J. L. Bainbridge & Co. Inc. now owns 163,459 shares of the industrial products company’s stock valued at $44,433,000 after buying an additional 2,837 shares in the last quarter. Golden State Wealth Management LLC lifted its position in shares of Eaton by 99.4% during the 1st quarter. Golden State Wealth Management LLC now owns 2,219 shares of the industrial products company’s stock valued at $603,000 after buying an additional 1,106 shares in the last quarter. Patron Partners LLC lifted its holdings in Eaton by 9.6% during the first quarter. Patron Partners LLC now owns 3,016 shares of the industrial products company’s stock valued at $820,000 after purchasing an additional 263 shares in the last quarter. Finally, Westend Capital Management LLC purchased a new position in Eaton during the first quarter valued at approximately $45,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ETN shares. Wall Street Zen upgraded shares of Eaton from a “hold” rating to a “buy” rating in a research note on Sunday, May 18th. Citigroup boosted their price objective on Eaton from $323.00 to $351.00 and gave the company a “buy” rating in a research report on Monday, May 5th. Barclays boosted their price objective on Eaton from $306.00 to $323.00 and gave the company an “equal weight” rating in a research report on Monday, June 9th. Royal Bank Of Canada boosted their price target on Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a report on Monday, May 5th. Finally, Evercore ISI boosted their price target on Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a report on Monday, May 19th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, Eaton presently has an average rating of “Moderate Buy” and a consensus price target of $368.78.

Insider Buying and Selling

In other Eaton news, 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 sale, the insider now owns 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 value of $33,400,106.50. Following the completion of the sale, the insider now owns 490,208 shares in the company, valued at approximately $158,214,632. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock valued at $49,622,894 in the last ninety days. 0.30% of the stock is owned by company insiders.

Eaton Trading Up 1.6%

Shares of ETN stock opened at $353.74 on Friday. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year high of $379.99. 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 stock’s 50 day simple moving average is $318.04 and its two-hundred day simple moving average is $312.83. The company has a market cap of $138.42 billion, a PE ratio of 35.70, a price-to-earnings-growth ratio of 2.70 and a beta of 1.16.

Eaton (NYSE:ETN) last released its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.70 by $0.02. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the prior year, the firm posted $2.40 EPS. Eaton’s quarterly revenue was up 7.3% compared to the same quarter last year. 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 disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend was Monday, May 5th. Eaton’s dividend payout ratio (DPR) 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.