Eaton Co. plc (NYSE:ETN) Shares Sold by Rehmann Capital Advisory Group

Rehmann Capital Advisory Group lessened its position in shares of Eaton Co. plc (NYSE:ETN) by 1.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,453 shares of the industrial products company’s stock after selling 34 shares during the quarter. Rehmann Capital Advisory Group’s holdings in Eaton were worth $1,080,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Wellington Shields & Co. LLC increased its stake in shares of Eaton by 3.8% during the 1st quarter. Wellington Shields & Co. LLC now owns 1,375 shares of the industrial products company’s stock valued at $430,000 after acquiring an additional 50 shares during the last quarter. United Community Bank increased its stake in shares of Eaton by 9.8% during the 1st quarter. United Community Bank now owns 13,726 shares of the industrial products company’s stock valued at $4,194,000 after acquiring an additional 1,223 shares during the last quarter. Proficio Capital Partners LLC increased its position in Eaton by 10.3% during the 1st quarter. Proficio Capital Partners LLC now owns 2,031 shares of the industrial products company’s stock worth $635,000 after purchasing an additional 190 shares in the last quarter. Central Pacific Bank Trust Division acquired a new stake in Eaton during the 1st quarter worth approximately $3,612,000. Finally, Whittier Trust Co. of Nevada Inc. increased its position in Eaton by 2.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 98,981 shares of the industrial products company’s stock worth $30,948,000 after purchasing an additional 2,302 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Wolfe Research reissued an “underperform” rating and set a $312.00 target price on shares of Eaton in a research report on Monday, April 8th. JPMorgan Chase & Co. upped their price target on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Barclays upgraded Eaton from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $250.00 to $300.00 in a report on Tuesday, April 2nd. Mizuho restated a “buy” rating and issued a $355.00 price target (up previously from $340.00) on shares of Eaton in a report on Wednesday, May 1st. Finally, The Goldman Sachs Group upped their price target on Eaton from $287.00 to $328.00 and gave the stock a “buy” rating in a report on Friday, March 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $318.06.

Eaton Stock Performance

ETN traded up $6.99 during trading hours on Wednesday, hitting $325.70. 828,101 shares of the stock were exchanged, compared to its average volume of 1,993,483. The stock has a 50-day simple moving average of $325.17 and a 200-day simple moving average of $297.04. Eaton Co. plc has a 12 month low of $191.82 and a 12 month high of $345.19. The stock has a market cap of $130.21 billion, a price-to-earnings ratio of 37.78, a price-to-earnings-growth ratio of 2.68 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The firm had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same period last year, the business posted $1.88 earnings per share. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. Analysts anticipate that Eaton Co. plc will post 10.55 earnings per share for the current year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend was Friday, May 3rd. Eaton’s dividend payout ratio is presently 44.39%.

Insiders Place Their Bets

In other Eaton news, insider Peter Denk sold 2,416 shares of the 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 sale, the insider now directly owns 5,086 shares of the company’s stock, valued at $1,687,738.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.33% of the stock is owned by corporate insiders.

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.