Parcion Private Wealth LLC Sells 25,605 Shares of Eaton Corporation, PLC (NYSE:ETN)

Parcion Private Wealth LLC cut its holdings in shares of Eaton Corporation, PLC (NYSE:ETN) by 89.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,032 shares of the industrial products company’s stock after selling 25,605 shares during the period. Parcion Private Wealth LLC’s holdings in Eaton were worth $824,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. GAMMA Investing LLC lifted its holdings in Eaton by 0.7% during the 1st quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company’s stock worth $3,593,000 after buying an additional 96 shares in the last quarter. Bearing Point Capital LLC acquired a new position in shares of Eaton in the 4th quarter valued at $2,713,000. Brighton Jones LLC lifted its stake in shares of Eaton by 4.9% in the 1st quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company’s stock valued at $953,000 after purchasing an additional 164 shares during the period. Kennebec Savings Bank lifted its stake in shares of Eaton by 5.4% in the 1st quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company’s stock valued at $738,000 after purchasing an additional 139 shares during the period. Finally, American National Bank & Trust lifted its stake in shares of Eaton by 5.4% in the 1st quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company’s stock valued at $855,000 after purchasing an additional 162 shares during the period. 82.97% of the stock is currently owned by institutional investors.

Insider Transactions at Eaton

In related news, 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 transaction of $629,364.40. Following the sale, the insider owned 3,382 shares in the company, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Craig Arnold sold 103,486 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the sale, the insider owned 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 sold a total of 156,660 shares of company stock worth $49,622,894 in the last quarter. Corporate insiders own 0.30% of the company’s stock.

Eaton Trading Up 0.5%

Shares of NYSE:ETN opened at $362.18 on Wednesday. The company has a 50-day simple moving average of $335.24 and a 200 day simple moving average of $313.81. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. The company has a market capitalization of $141.72 billion, a P/E ratio of 36.55, a price-to-earnings-growth ratio of 2.72 and a beta of 1.17. Eaton Corporation, PLC has a 52-week low of $231.85 and a 52-week high of $379.99.

Eaton (NYSE:ETN) last posted its quarterly earnings data 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. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The firm had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same quarter last year, the company earned $2.40 EPS. The company’s revenue was up 7.3% on a year-over-year basis. Sell-side analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were given a $1.04 dividend. The ex-dividend date was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.15%. Eaton’s dividend payout ratio (DPR) is presently 41.98%.

Wall Street Analyst Weigh In

A number of research firms recently commented on ETN. BNP Paribas Exane began coverage on shares of Eaton in a research report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective for the company. JPMorgan Chase & Co. upped their price objective on shares of Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. The Goldman Sachs Group upped their price objective on shares of Eaton from $345.00 to $382.00 and gave the company a “buy” rating in a research report on Tuesday, July 8th. Barclays increased their target price on Eaton from $323.00 to $340.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 9th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and set a $396.00 target price on shares of Eaton in a report on Monday. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and an average price target of $377.89.

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.