Graypoint LLC Sells 118 Shares of Eaton Corporation, PLC (NYSE:ETN)

Graypoint LLC cut its stake in Eaton Corporation, PLC (NYSE:ETN) by 2.0% in the 1st quarter, Holdings Channel.com reports. The firm owned 5,763 shares of the industrial products company’s stock after selling 118 shares during the quarter. Graypoint LLC’s holdings in Eaton were worth $1,567,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ETN. Capital A Wealth Management LLC purchased a new position in shares of Eaton during the 4th quarter worth approximately $26,000. Creative Financial Designs Inc. ADV grew its position in Eaton by 102.0% in the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 51 shares in the last quarter. Murphy & Mullick Capital Management Corp bought a new stake in Eaton in the fourth quarter worth about $33,000. Vermillion Wealth Management Inc. bought a new position in Eaton in the fourth quarter worth approximately $33,000. Finally, Abound Wealth Management grew its holdings in Eaton by 73.8% in the first quarter. Abound Wealth Management now owns 146 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 62 shares during the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Michael Yelton sold 2,120 shares of the company’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the sale, the insider owned 3,382 shares in the company, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their position. The sale was disclosed in a document filed with the SEC, 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. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 156,660 shares of company stock valued at $49,622,894. 0.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ETN shares. Evercore ISI upped their price objective on shares of Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a research report on Monday, May 19th. KeyCorp raised their price objective on shares of Eaton from $355.00 to $410.00 and gave the company an “overweight” rating in a report on Tuesday. Citigroup raised their price objective on shares of Eaton from $351.00 to $420.00 and gave the stock a “buy” rating in a research report on Monday. Barclays raised their price objective on shares of Eaton from $323.00 to $340.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 9th. Finally, Morgan Stanley dropped their price target on shares of Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a research report on Tuesday, May 6th. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $377.89.

Eaton Stock Up 4.8%

Eaton stock opened at $380.49 on Friday. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $387.50. 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 cap of $148.88 billion, a PE ratio of 38.39, a PEG ratio of 2.74 and a beta of 1.17. The business’s 50-day simple moving average is $337.91 and its two-hundred day simple moving average is $314.48.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.70 by $0.02. The company had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.40 earnings per share. Equities analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders 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 yield of 1.09%. Eaton’s dividend payout ratio (DPR) is presently 41.98%.

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.