Trifecta Capital Advisors LLC Increases Position in Eaton Corporation, PLC (NYSE:ETN)

Trifecta Capital Advisors LLC grew its holdings in shares of Eaton Corporation, PLC (NYSE:ETN) by 9.0% during the 1st quarter, HoldingsChannel reports. The fund owned 17,789 shares of the industrial products company’s stock after acquiring an additional 1,470 shares during the quarter. Trifecta Capital Advisors LLC’s holdings in Eaton were worth $4,836,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of ETN. Capital A Wealth Management LLC purchased a new stake in shares of Eaton during the fourth quarter worth about $26,000. Flagship Wealth Advisors LLC bought a new position in Eaton during the 4th quarter valued at about $27,000. Noble Wealth Management PBC bought a new stake in shares of Eaton in the fourth quarter worth $30,000. Murphy & Mullick Capital Management Corp bought a new stake in Eaton during the fourth quarter valued at approximately $33,000. Finally, Vermillion Wealth Management Inc. bought a new position in shares of Eaton during the 4th quarter valued at approximately $33,000. Institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Morgan Stanley dropped their price target on Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a research note on Tuesday, May 6th. Barclays raised their price objective on Eaton from $306.00 to $323.00 and gave the company an “equal weight” rating in a research note on Monday, June 9th. JPMorgan Chase & Co. lifted their price target on shares of Eaton from $300.00 to $360.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. BNP Paribas Exane initiated coverage on Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 target price on the stock. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and set a $355.00 target price on shares of Eaton in a research report on Monday, May 5th. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $368.78.

Insider Activity at Eaton

In other Eaton news, insider Michael Yelton sold 2,120 shares of the business’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the sale, the insider now directly owns 3,382 shares in the company, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the firm’s stock in a transaction on 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 completion of the transaction, the insider now owns 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. Insiders sold a total of 156,660 shares of company stock worth $49,622,894 in the last three months. Company insiders own 0.30% of the company’s stock.

Eaton Stock Up 1.0%

NYSE:ETN opened at $333.92 on Thursday. The company has a market cap of $130.66 billion, a PE ratio of 33.70, a P/E/G ratio of 2.56 and a beta of 1.16. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $379.99. The company’s 50 day moving average is $308.45 and its two-hundred day moving average is $314.22.

Eaton (NYSE:ETN) last issued its earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating 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 in the prior year, the firm earned $2.40 earnings per share. Eaton’s revenue for the quarter was up 7.3% on a year-over-year basis. Analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend was Monday, May 5th. Eaton’s dividend payout ratio is currently 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.