Eaton Co. plc (NYSE:ETN) Shares Bought by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. raised its position in shares of Eaton Co. plc (NYSE:ETN) by 0.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,663 shares of the industrial products company’s stock after acquiring an additional 40 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Eaton were worth $2,355,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ETN. Marshall Financial Group LLC lifted its holdings in Eaton by 8.3% in the 1st quarter. Marshall Financial Group LLC now owns 3,236 shares of the industrial products company’s stock valued at $880,000 after purchasing an additional 248 shares in the last quarter. Bar Harbor Wealth Management lifted its stake in shares of Eaton by 3.8% in the first quarter. Bar Harbor Wealth Management now owns 15,173 shares of the industrial products company’s stock worth $4,124,000 after buying an additional 549 shares in the last quarter. Smithbridge Asset Management Inc. DE purchased a new position in shares of Eaton in the first quarter worth about $516,000. Relyea Zuckerberg Hanson LLC grew its stake in Eaton by 6.7% during the 1st quarter. Relyea Zuckerberg Hanson LLC now owns 1,255 shares of the industrial products company’s stock valued at $341,000 after acquiring an additional 79 shares in the last quarter. Finally, Albert D Mason Inc. raised its holdings in Eaton by 111.9% in the 1st quarter. Albert D Mason Inc. now owns 5,233 shares of the industrial products company’s stock valued at $1,423,000 after acquiring an additional 2,764 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Trading Down 2.1%

ETN opened at $323.26 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The firm has a market cap of $126.49 billion, a P/E ratio of 34.03, a P/E/G ratio of 2.64 and a beta of 1.16. Eaton Co. plc has a 52 week low of $231.85 and a 52 week high of $379.99. The business has a fifty day simple moving average of $304.79 and a 200-day simple moving average of $315.02.

Eaton (NYSE:ETN) last released its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.70 by $0.02. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The company 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 earned $2.40 EPS. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. On average, equities analysts expect that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

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 was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.29%. Eaton’s dividend payout ratio is currently 41.98%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ETN shares. 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 for the company. Morgan Stanley lowered their price target on shares of Eaton from $385.00 to $375.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 6th. Wells Fargo & Company restated an “overweight” rating and set a $355.00 price objective on shares of Eaton in a research report on Monday, May 5th. Jefferies Financial Group decreased their target price on shares of Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a report on Wednesday, March 12th. Finally, Royal Bank of Canada raised their price target on shares of Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a report on Monday, May 5th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $368.78.

Insiders Place Their Bets

In other Eaton news, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction dated 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 sale, the insider now directly owns 490,208 shares of the company’s stock, valued at $158,214,632. The trade was a 17.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $629,364.40. Following the sale, the insider now owns 3,382 shares of the company’s stock, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock worth $49,622,894 in the last 90 days. Corporate insiders own 0.30% of the company’s stock.

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.