HBK Sorce Advisory LLC Has $934,000 Stake in Eaton Corporation, PLC (NYSE:ETN)

HBK Sorce Advisory LLC lifted its position in shares of Eaton Corporation, PLC (NYSE:ETN) by 2.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,436 shares of the industrial products company’s stock after buying an additional 82 shares during the period. HBK Sorce Advisory LLC’s holdings in Eaton were worth $934,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ETN. Golden State Wealth Management LLC boosted its position in Eaton by 352.2% during the 1st quarter. Golden State Wealth Management LLC now owns 5,033 shares of the industrial products company’s stock worth $1,369,000 after acquiring an additional 3,920 shares during the last quarter. Spire Wealth Management lifted its position in shares of Eaton by 6.8% in the first quarter. Spire Wealth Management now owns 11,342 shares of the industrial products company’s stock worth $3,083,000 after purchasing an additional 718 shares in the last quarter. Daymark Wealth Partners LLC boosted its holdings in Eaton by 9.2% during the first quarter. Daymark Wealth Partners LLC now owns 21,541 shares of the industrial products company’s stock worth $5,855,000 after purchasing an additional 1,810 shares during the last quarter. Horizon Bancorp Inc. IN grew its position in Eaton by 70.1% in the first quarter. Horizon Bancorp Inc. IN now owns 165 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 68 shares in the last quarter. Finally, Cornerstone Wealth Group LLC increased its stake in Eaton by 155.1% in the 1st quarter. Cornerstone Wealth Group LLC now owns 25,964 shares of the industrial products company’s stock valued at $7,058,000 after buying an additional 15,788 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Barclays raised their price objective on Eaton from $306.00 to $323.00 and gave the company an “equal weight” rating in a report on Monday, June 9th. Morgan Stanley decreased 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. Royal Bank Of Canada boosted their price target on Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a research report on Monday, May 5th. BNP Paribas assumed coverage on Eaton in a report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective for the company. Finally, BNP Paribas Exane assumed coverage on shares of Eaton in a report on Thursday, May 15th. They set an “outperform” rating and a $380.00 target price on the stock. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $368.78.

Eaton Price Performance

Shares of ETN opened at $342.72 on Thursday. The firm has a market capitalization of $134.11 billion, a PE ratio of 34.58, a PEG ratio of 2.66 and a beta of 1.16. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The company’s 50-day moving average is $314.71 and its 200-day moving average is $312.97. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $379.99.

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

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were paid a $1.04 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 annualized dividend and a yield of 1.21%. Eaton’s dividend payout ratio (DPR) is presently 41.98%.

Insider Buying and Selling at Eaton

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