Eaton Corporation, PLC (NYSE:ETN) Shares Sold by TFC Financial Management Inc.

TFC Financial Management Inc. cut its position in shares of Eaton Corporation, PLC (NYSE:ETN) by 10.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 673 shares of the industrial products company’s stock after selling 79 shares during the period. TFC Financial Management Inc.’s holdings in Eaton were worth $183,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in ETN. Bearing Point Capital LLC purchased a new stake in shares of Eaton during the 4th quarter worth about $2,713,000. Brighton Jones LLC boosted its position in Eaton by 4.9% during the first quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company’s stock worth $953,000 after purchasing an additional 164 shares in the last quarter. Kennebec Savings Bank grew its holdings in Eaton by 5.4% in the first quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company’s stock valued at $738,000 after purchasing an additional 139 shares during the period. American National Bank & Trust increased its position in shares of Eaton by 5.4% in the first quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company’s stock valued at $855,000 after buying an additional 162 shares in the last quarter. Finally, Castle Rock Wealth Management LLC raised its stake in shares of Eaton by 7.0% during the 4th quarter. Castle Rock Wealth Management LLC now owns 8,330 shares of the industrial products company’s stock worth $2,575,000 after buying an additional 543 shares during the period. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Stock Up 1.9%

Shares of ETN opened at $348.78 on Friday. The company’s 50-day moving average price is $316.32 and its 200 day moving average price is $312.86. Eaton Corporation, PLC has a 12-month low of $231.85 and a 12-month high of $379.99. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The firm has a market cap of $136.48 billion, a P/E ratio of 35.20, a price-to-earnings-growth ratio of 2.65 and a beta of 1.16.

Eaton (NYSE:ETN) last issued its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 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 for the quarter, compared to analyst estimates of $6.26 billion. During the same period in the prior year, the business posted $2.40 EPS. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, sell-side analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were issued 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 yield of 1.19%. Eaton’s dividend payout ratio (DPR) is presently 41.98%.

Insider Buying and Selling at Eaton

In other news, insider Craig Arnold sold 51,054 shares of the business’s stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $305.43, for a total transaction of $15,593,423.22. Following the completion of the transaction, the insider now directly owns 489,444 shares of the company’s stock, valued at approximately $149,490,880.92. The trade was a 9.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through 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 shares were 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. This trade represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock valued at $49,622,894 in the last 90 days. Company insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Wells Fargo & Company reiterated an “overweight” rating and issued a $355.00 target price on shares of Eaton in a research report on Monday, May 5th. Morgan Stanley decreased their price target on shares of Eaton from $385.00 to $375.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 6th. Evercore ISI lifted their price objective on Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a report on Monday, May 19th. Finally, KeyCorp increased their target price on Eaton from $325.00 to $355.00 and gave the company an “overweight” rating in a report on Monday, May 5th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on 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.