Eaton Corporation, PLC (NYSE:ETN) Shares Acquired by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC lifted its stake in shares of Eaton Corporation, PLC (NYSE:ETN) by 155.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 25,964 shares of the industrial products company’s stock after purchasing an additional 15,788 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Eaton were worth $7,058,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capital A Wealth Management LLC acquired a new stake in shares of Eaton during the fourth quarter worth $26,000. Flagship Wealth Advisors LLC acquired a new stake in shares of Eaton during the fourth quarter worth $27,000. Noble Wealth Management PBC purchased a new position in shares of Eaton during the fourth quarter worth $30,000. Murphy & Mullick Capital Management Corp purchased a new position in shares of Eaton during the fourth quarter worth $33,000. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Eaton during the fourth quarter worth $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Up 0.6%

Shares of NYSE ETN opened at $333.29 on Tuesday. The firm has a market cap of $130.42 billion, a price-to-earnings ratio of 33.63, a price-to-earnings-growth ratio of 2.57 and a beta of 1.16. Eaton Corporation, PLC has a 52-week low of $231.85 and a 52-week high of $379.99. The company’s 50-day simple moving average is $311.91 and its 200-day simple moving average is $312.55. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41.

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

Eaton Dividend Announcement

The company also recently announced 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 1.25%. Eaton’s payout ratio is 41.98%.

Insider Buying and Selling at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the transaction, the insider now directly owns 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Craig Arnold sold 103,486 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the completion of the transaction, the insider now owns 490,208 shares in the company, valued at approximately $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock worth $49,622,894 in the last ninety days. 0.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Jefferies Financial Group reduced their target price on shares of Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a report on Wednesday, March 12th. Wall Street Zen raised shares of Eaton from a “hold” rating to a “buy” rating in a report on Sunday, May 18th. KeyCorp raised their target price on shares of Eaton from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Monday, May 5th. BNP Paribas assumed coverage on shares of Eaton in a report on Thursday, May 15th. They set an “outperform” rating and a $380.00 target price for the company. Finally, Barclays raised their target price on shares of Eaton from $306.00 to $323.00 and gave the stock an “equal weight” rating in a report on Monday, June 9th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the stock presently 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.