Trivant Custom Portfolio Group LLC Takes Position in Eaton Corporation, PLC (NYSE:ETN)

Trivant Custom Portfolio Group LLC purchased a new stake in Eaton Corporation, PLC (NYSE:ETN) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,838 shares of the industrial products company’s stock, valued at approximately $771,000.

Several other hedge funds also recently added to or reduced their stakes in ETN. Capital A Wealth Management LLC purchased a new position in Eaton during the 4th quarter worth approximately $26,000. Flagship Wealth Advisors LLC purchased a new position in shares of Eaton during the fourth quarter worth approximately $27,000. Noble Wealth Management PBC acquired a new position in shares of Eaton in the 4th quarter valued at $30,000. Murphy & Mullick Capital Management Corp purchased a new stake in Eaton in the 4th quarter valued at $33,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in Eaton during the 4th quarter worth $33,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Eaton Trading Up 1.0%

NYSE:ETN opened at $333.92 on Thursday. The stock has a market capitalization of $130.66 billion, a price-to-earnings ratio of 33.70, a PEG ratio of 2.56 and a beta of 1.16. Eaton Corporation, PLC has a 1 year low of $231.85 and a 1 year high of $379.99. The stock has a fifty day moving average price of $308.45 and a two-hundred day moving average price of $314.22. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31.

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

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were given a dividend of $1.04 per share. The ex-dividend date was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.25%. Eaton’s payout ratio is 41.98%.

Insider Transactions at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the firm’s stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the transaction, the insider now owns 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Craig Arnold sold 51,054 shares of Eaton stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $305.43, for a total value of $15,593,423.22. Following the transaction, the insider now directly owns 489,444 shares of the company’s stock, valued at $149,490,880.92. This trade represents a 9.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock valued at $49,622,894 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have commented on ETN shares. BNP Paribas started coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective on the stock. BNP Paribas Exane began coverage on Eaton in a research report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price target on the stock. Royal Bank Of Canada increased their price objective on Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a research report on Monday, May 5th. Citigroup boosted their target price on Eaton from $323.00 to $351.00 and gave the company a “buy” rating in a report on Monday, May 5th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $355.00 price target on shares of Eaton in a research note on Monday, May 5th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $368.78.

Eaton 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.