Eaton Corporation, PLC (NYSE:ETN) Shares Sold by Perigon Wealth Management LLC

Perigon Wealth Management LLC decreased its position in shares of Eaton Corporation, PLC (NYSE:ETN) by 3.6% during the 1st quarter, HoldingsChannel reports. The fund owned 6,511 shares of the industrial products company’s stock after selling 243 shares during the quarter. Perigon Wealth Management LLC’s holdings in Eaton were worth $1,770,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Bearing Point Capital LLC acquired a new position in Eaton in the fourth quarter valued at about $2,713,000. Brighton Jones LLC lifted its position in Eaton by 4.9% in the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company’s stock valued at $953,000 after buying an additional 164 shares during the last quarter. Kennebec Savings Bank lifted its position in Eaton by 5.4% in the first quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company’s stock valued at $738,000 after buying an additional 139 shares during the last quarter. American National Bank & Trust lifted its position in Eaton by 5.4% in the first quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company’s stock valued at $855,000 after buying an additional 162 shares during the last quarter. Finally, Castle Rock Wealth Management LLC lifted its position in Eaton by 7.0% in the fourth quarter. Castle Rock Wealth Management LLC now owns 8,330 shares of the industrial products company’s stock valued at $2,575,000 after buying an additional 543 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Activity at Eaton

In other news, insider Craig Arnold sold 103,486 shares of the stock in a transaction that occurred 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value 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 $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock valued at $49,622,894 over the last three months. 0.30% of the stock is owned by corporate insiders.

Eaton Stock Up 1.6%

ETN stock opened at $353.74 on Friday. The company’s 50 day moving average price is $318.04 and its 200 day moving average price is $312.83. 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. The firm has a market capitalization of $138.42 billion, a price-to-earnings ratio of 35.70, a PEG ratio of 2.70 and a beta of 1.16.

Eaton (NYSE:ETN) last released 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. The firm had revenue of $6.38 billion for 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 business’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.40 earnings per share. On average, equities research analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date was Monday, May 5th. Eaton’s dividend payout ratio (DPR) is 41.98%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ETN shares. Wall Street Zen raised shares of Eaton from a “hold” rating to a “buy” rating in a research report on Sunday, May 18th. Jefferies Financial Group decreased their target price 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. KeyCorp boosted their price target on shares of Eaton from $325.00 to $355.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. BNP Paribas initiated coverage on shares of Eaton in a research note on Thursday, May 15th. They set an “outperform” rating and a $380.00 price target on the stock. Finally, Royal Bank Of Canada boosted their price target on shares of Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a research note on Monday, May 5th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, Eaton has an average 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.