Eaton Corporation, PLC (NYSE:ETN) Shares Sold by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC cut its stake in Eaton Corporation, PLC (NYSE:ETN) by 9.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,367 shares of the industrial products company’s stock after selling 1,884 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Eaton were worth $4,721,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Eaton by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company’s stock worth $12,351,506,000 after acquiring an additional 99,291 shares during the period. FMR LLC increased its holdings in shares of Eaton by 1.2% during the 4th quarter. FMR LLC now owns 15,222,248 shares of the industrial products company’s stock worth $5,051,807,000 after buying an additional 182,455 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Eaton by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock worth $2,714,677,000 after buying an additional 129,071 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in shares of Eaton by 4.3% during the 4th quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company’s stock worth $1,550,226,000 after buying an additional 192,482 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Eaton by 8.8% during the 4th quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock worth $1,518,207,000 after buying an additional 368,241 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Eaton Stock Performance

Shares of Eaton stock opened at $361.98 on Friday. The business has a 50-day moving average of $326.36 and a 200 day moving average of $312.79. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $379.99. The stock has a market capitalization of $141.64 billion, a price-to-earnings ratio of 36.53, a price-to-earnings-growth ratio of 2.73 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84.

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

Eaton Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Monday, May 5th. Eaton’s payout ratio is presently 41.98%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ETN. BNP Paribas began coverage on shares of Eaton in a report on Thursday, May 15th. They set an “outperform” rating and a $380.00 price target for the company. Morgan Stanley lowered their price target on Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a report on Tuesday, May 6th. Barclays increased their price target on Eaton from $306.00 to $323.00 and gave the stock an “equal weight” rating in a report on Monday, June 9th. Jefferies Financial Group lowered their price target on Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a report on Wednesday, March 12th. Finally, Royal Bank Of Canada increased their price target on Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a report on Monday, May 5th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $369.06.

Insider Activity

In other 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 value of $33,400,106.50. Following the completion of the transaction, the insider owned 490,208 shares in the company, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their position. 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 Eaton stock in a transaction dated 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 owned 3,382 shares of the company’s stock, valued at $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 a total of 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 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.