Eaton Corporation, PLC (NYSE:ETN) Shares Sold by OMNI 360 Wealth Inc.

OMNI 360 Wealth Inc. lessened its holdings in Eaton Corporation, PLC (NYSE:ETN) by 10.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,060 shares of the industrial products company’s stock after selling 120 shares during the quarter. OMNI 360 Wealth Inc.’s holdings in Eaton were worth $288,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Eaton by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company’s stock worth $12,351,506,000 after purchasing an additional 99,291 shares during the period. FMR LLC raised its holdings in Eaton by 1.2% during the 4th quarter. FMR LLC now owns 15,222,248 shares of the industrial products company’s stock worth $5,051,807,000 after buying an additional 182,455 shares during the period. Geode Capital Management LLC raised its holdings in Eaton by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock worth $2,714,677,000 after buying an additional 129,071 shares during the period. Nuveen Asset Management LLC increased its holdings in shares of Eaton by 4.3% in the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company’s stock valued at $1,550,226,000 after purchasing an additional 192,482 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Eaton by 8.8% in the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock valued at $1,518,207,000 after purchasing an additional 368,241 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Activity at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the firm’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total transaction of $629,364.40. Following the transaction, the insider directly owned 3,382 shares of the company’s stock, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the insider owned 490,208 shares in the company, valued at $158,214,632. This represents 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 over the last 90 days. Company insiders own 0.30% of the company’s stock.

Eaton Trading Down 0.2%

Shares of ETN stock traded down $0.63 on Tuesday, hitting $357.86. The stock had a trading volume of 124,025 shares, compared to its average volume of 3,158,609. The firm has a market cap of $140.03 billion, a P/E ratio of 36.12, a PEG ratio of 2.73 and a beta of 1.17. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $379.99. The company has a fifty day moving average price of $327.78 and a two-hundred day moving average price of $312.77.

Eaton (NYSE:ETN) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $6.26 billion. During the same quarter last year, the company earned $2.40 EPS. Eaton’s revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were paid a $1.04 dividend. The ex-dividend date was Monday, May 5th. This represents a $4.16 annualized dividend and a yield of 1.16%. Eaton’s dividend payout ratio (DPR) is currently 41.98%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ETN. Barclays boosted their price target on Eaton from $306.00 to $323.00 and gave the company an “equal weight” rating in a research note on Monday, June 9th. Wells Fargo & Company increased their price objective on Eaton from $310.00 to $360.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 1st. Citigroup increased 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. Wall Street Zen raised Eaton from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Morgan Stanley reduced their price objective on Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a research report on Tuesday, May 6th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $369.06.

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.