Eaton Co. plc (NYSE:ETN) Shares Sold by RMR Wealth Builders

RMR Wealth Builders reduced its position in shares of Eaton Co. plc (NYSE:ETN) by 2.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,527 shares of the industrial products company’s stock after selling 40 shares during the period. RMR Wealth Builders’ holdings in Eaton were worth $415,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Capital A Wealth Management LLC acquired a new position in Eaton during the 4th quarter valued at approximately $26,000. Flagship Wealth Advisors LLC bought a new position in shares of Eaton during the fourth quarter worth about $27,000. Noble Wealth Management PBC bought a new stake in Eaton in the 4th quarter valued at about $30,000. Murphy & Mullick Capital Management Corp acquired a new position in Eaton during the 4th quarter valued at about $33,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in shares of Eaton in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Buying and Selling at Eaton

In related news, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the completion of the sale, the insider now owns 490,208 shares of the company’s stock, valued at approximately $158,214,632. The trade was a 17.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 value of $629,364.40. Following the completion of the transaction, the insider now directly owns 3,382 shares in the company, valued at $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. 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 quarter. Company insiders own 0.30% of the company’s stock.

Eaton Price Performance

ETN opened at $323.26 on Friday. The firm has a market capitalization of $126.49 billion, a P/E ratio of 34.03, a PEG ratio of 2.64 and a beta of 1.16. The stock has a fifty day moving average of $304.79 and a 200-day moving average of $315.02. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. Eaton Co. plc has a 12-month low of $231.85 and a 12-month high of $379.99.

Eaton (NYSE:ETN) last announced 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. The firm had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. Eaton had a return on equity of 22.62% and a net margin of 15.25%. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.40 EPS. Equities analysts forecast that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were given 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 payout ratio is 41.98%.

Wall Street Analyst Weigh In

Several analysts have weighed in on ETN shares. BNP Paribas began coverage on Eaton in a research note on Thursday, May 15th. They set an “outperform” rating and a $380.00 target price on the stock. JPMorgan Chase & Co. lifted their price objective 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. Barclays raised their target price on shares of Eaton from $306.00 to $323.00 and gave the company an “equal weight” rating in a research note on Monday, June 9th. Jefferies Financial Group lowered their price objective on shares of Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a research note on Wednesday, March 12th. Finally, Wall Street Zen upgraded Eaton from a “hold” rating to a “buy” rating in a research report on Sunday, May 18th. Five 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 company presently has an average rating of “Moderate Buy” and an average target price of $368.78.

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.