Gateway Investment Advisers LLC Has $32.89 Million Stock Holdings in Eaton Co. plc (NYSE:ETN)

Gateway Investment Advisers LLC lifted its holdings in shares of Eaton Co. plc (NYSE:ETN) by 0.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 120,978 shares of the industrial products company’s stock after purchasing an additional 209 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Eaton were worth $32,885,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Independence Bank of Kentucky lifted its position in Eaton by 1.5% during the 1st quarter. Independence Bank of Kentucky now owns 6,262 shares of the industrial products company’s stock worth $1,702,000 after buying an additional 95 shares in the last quarter. Congress Asset Management Co. boosted its holdings in shares of Eaton by 0.5% during the first quarter. Congress Asset Management Co. now owns 527,006 shares of the industrial products company’s stock worth $143,256,000 after acquiring an additional 2,584 shares during the period. Cranbrook Wealth Management LLC grew its holdings in Eaton by 29.0% in the 1st quarter. Cranbrook Wealth Management LLC now owns 285 shares of the industrial products company’s stock valued at $77,000 after buying an additional 64 shares in the last quarter. Pines Wealth Management LLC increased its position in Eaton by 21.0% during the first quarter. Pines Wealth Management LLC now owns 3,173 shares of the industrial products company’s stock worth $798,000 after acquiring an additional 550 shares during the period. Finally, Eagle Rock Investment Company LLC raised its position in shares of Eaton by 23.2% in the first quarter. Eagle Rock Investment Company LLC now owns 4,865 shares of the industrial products company’s stock valued at $1,322,000 after buying an additional 915 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ETN has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their target price on Eaton from $300.00 to $360.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $355.00 price target on shares of Eaton in a research note on Monday, May 5th. Citigroup lifted their price objective on Eaton from $323.00 to $351.00 and gave the stock a “buy” rating in a research note on Monday, May 5th. BNP Paribas started coverage on shares of Eaton in a research report on Thursday, May 15th. They set an “outperform” rating and a $380.00 price target on the stock. Finally, Wall Street Zen upgraded Eaton from a “hold” rating to a “buy” rating in a report on Sunday, May 18th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $367.83.

Insider Transactions at Eaton

In other Eaton news, 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 $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Craig Arnold sold 103,486 shares of the 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 sale, the insider now directly owns 490,208 shares in the company, valued at $158,214,632. This represents a 17.43% decrease in their position. 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.

Eaton Trading Up 1.6%

Shares of NYSE ETN opened at $331.71 on Friday. Eaton Co. plc has a fifty-two week low of $231.85 and a fifty-two week high of $379.99. The company has a market cap of $129.80 billion, a price-to-earnings ratio of 34.92, a PEG ratio of 2.64 and a beta of 1.16. The business’s 50 day moving average price is $298.11 and its 200-day moving average price is $316.64. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50.

Eaton (NYSE:ETN) last issued its earnings results 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 company had revenue of $6.38 billion for the quarter, compared to analysts’ expectations of $6.26 billion. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.40 EPS. On average, sell-side analysts expect that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 1.25%. The ex-dividend date was Monday, May 5th. Eaton’s dividend payout ratio is currently 41.98%.

Eaton Company 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.