Crossmark Global Holdings Inc. Boosts Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Crossmark Global Holdings Inc. boosted its holdings in Eaton Corporation, PLC (NYSE:ETN) by 2.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,502 shares of the industrial products company’s stock after buying an additional 373 shares during the period. Crossmark Global Holdings Inc.’s holdings in Eaton were worth $4,214,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Eaton by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company’s stock worth $12,351,506,000 after buying an additional 99,291 shares during the last quarter. FMR LLC boosted its stake in Eaton by 1.2% in 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 last quarter. Geode Capital Management LLC boosted its stake in Eaton by 1.6% in 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 last quarter. Nuveen Asset Management LLC boosted its stake in 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 worth $1,550,226,000 after buying an additional 192,482 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Eaton by 8.8% in the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock worth $1,518,207,000 after buying an additional 368,241 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Eaton Trading Down 0.4%

Shares of ETN stock opened at $357.17 on Wednesday. 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 1 year low of $231.85 and a 1 year high of $379.99. The stock has a fifty day moving average of $329.10 and a two-hundred day moving average of $313.08. The firm has a market capitalization of $139.76 billion, a PE ratio of 36.04, a price-to-earnings-growth ratio of 2.70 and a beta of 1.17.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $6.26 billion. During the same quarter in the previous year, the firm posted $2.40 EPS. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. As a group, research analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

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

Insiders Place Their Bets

In other news, insider Michael Yelton sold 2,120 shares of the business’s stock in a transaction 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 directly owned 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Craig Arnold sold 103,486 shares of the business’s 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 sale, the insider directly owned 490,208 shares in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock worth $49,622,894 over the last ninety days. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ETN has been the subject of a number of research reports. Wells Fargo & Company boosted their target price on Eaton from $310.00 to $360.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 1st. Jefferies Financial Group decreased their target price on Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a report on Wednesday, March 12th. Morgan Stanley decreased 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. JPMorgan Chase & Co. boosted their target price on Eaton from $300.00 to $360.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Finally, The Goldman Sachs Group increased their price target on Eaton from $345.00 to $382.00 and gave the company a “buy” rating in a report on Tuesday. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $369.74.

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.