Concord Asset Management LLC VA Invests $1.96 Million in Eaton Corporation, PLC (NYSE:ETN)

Concord Asset Management LLC VA acquired a new position in Eaton Corporation, PLC (NYSE:ETN) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 7,108 shares of the industrial products company’s stock, valued at approximately $1,959,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norges Bank bought a new position in Eaton in the fourth quarter valued at $1,495,582,000. GAMMA Investing LLC boosted its stake in shares of Eaton by 27,281.9% during the 1st quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company’s stock valued at $976,772,000 after purchasing an additional 3,580,198 shares in the last quarter. Capital International Investors bought a new position in Eaton during the 4th quarter valued at approximately $523,541,000. Leigh Baldwin & CO. LLC purchased a new stake in shares of Eaton during the fourth quarter valued at approximately $231,552,000. Finally, Janus Henderson Group PLC lifted its stake in Eaton by 24.3% during the 4th quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company’s stock valued at $998,144,000 after acquiring an additional 588,370 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Trading Down 0.1%

ETN stock opened at $360.32 on Tuesday. The company has a market capitalization of $140.99 billion, a PE ratio of 36.36, a price-to-earnings-growth ratio of 2.72 and a beta of 1.17. The company’s 50 day moving average price is $333.96 and its two-hundred day moving average price is $313.47. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $379.99. 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 (NYSE:ETN) last released its earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS 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 analysts’ expectations of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The company’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.40 earnings per share. As a group, analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders 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 dividend yield of 1.15%. Eaton’s dividend payout ratio (DPR) is 41.98%.

Insiders Place Their Bets

In other Eaton news, insider Craig Arnold sold 103,486 shares of the company’s stock in a transaction dated 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 owned 490,208 shares in the company, valued at $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the company’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the sale, the insider owned 3,382 shares of the company’s stock, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ETN shares. KeyCorp increased their price objective on shares of Eaton from $355.00 to $410.00 and gave the stock an “overweight” rating in a research note on Tuesday. Royal Bank Of Canada raised their target price on shares of Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a report on Monday, May 5th. BNP Paribas Exane began coverage on Eaton in a report on Thursday, May 15th. They set an “outperform” rating and a $380.00 price objective on the stock. Citigroup boosted their target price on shares of Eaton from $351.00 to $420.00 and gave the stock a “buy” rating in a report on Monday. Finally, Barclays boosted their target price on shares of Eaton from $323.00 to $340.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 9th. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, Eaton presently has an average rating of “Moderate Buy” and an average price target of $377.89.

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.