798 Shares in Eaton Co. plc (NYSE:ETN) Purchased by WealthPLAN Partners LLC

WealthPLAN Partners LLC bought a new position in Eaton Co. plc (NYSE:ETN) in the first quarter, Holdings Channel.com reports. The institutional investor bought 798 shares of the industrial products company’s stock, valued at approximately $250,000.

Several other hedge funds have also recently modified their holdings of the stock. BOS Asset Management LLC acquired a new position in shares of Eaton during the first quarter valued at about $250,000. Forsta AP Fonden increased its holdings in Eaton by 12.6% in the 1st quarter. Forsta AP Fonden now owns 94,700 shares of the industrial products company’s stock worth $29,611,000 after buying an additional 10,600 shares during the period. Hyman Charles D increased its holdings in Eaton by 7.7% in the 1st quarter. Hyman Charles D now owns 4,792 shares of the industrial products company’s stock worth $1,498,000 after buying an additional 344 shares during the period. Highland Capital Management LLC increased its holdings in Eaton by 4.5% in the 1st quarter. Highland Capital Management LLC now owns 27,433 shares of the industrial products company’s stock worth $8,578,000 after buying an additional 1,190 shares during the period. Finally, Obermeyer Wood Investment Counsel Lllp acquired a new position in Eaton in the 1st quarter worth approximately $3,295,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Eaton Price Performance

Shares of NYSE:ETN traded down $1.56 during midday trading on Monday, reaching $328.92. 360,073 shares of the company’s stock traded hands, compared to its average volume of 1,988,562. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The company has a market cap of $131.50 billion, a P/E ratio of 38.91, a PEG ratio of 2.78 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.05 and a current ratio of 1.56. The company has a fifty day simple moving average of $325.94 and a two-hundred day simple moving average of $298.91.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $2.28 by $0.12. The company had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.88 EPS. Equities analysts predict that Eaton Co. plc will post 10.56 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were issued a $0.94 dividend. The ex-dividend date was Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a yield of 1.14%. Eaton’s payout ratio is currently 44.39%.

Insider Buying and Selling at Eaton

In other Eaton news, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total value of $801,725.44. Following the transaction, the insider now owns 5,086 shares in the company, valued at approximately $1,687,738.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on ETN shares. HSBC increased their price target on shares of Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. Argus increased their price target on shares of Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Royal Bank of Canada upgraded Eaton from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $286.00 to $371.00 in a research report on Friday, April 5th. JPMorgan Chase & Co. upped their price objective on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Finally, Raymond James began coverage on Eaton in a research report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and a consensus price target of $323.06.

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.