RFG Advisory LLC Boosts Stake in Eaton Co. plc (NYSE:ETN)

RFG Advisory LLC raised its holdings in shares of Eaton Co. plc (NYSE:ETN) by 47.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,589 shares of the industrial products company’s stock after buying an additional 1,810 shares during the period. RFG Advisory LLC’s holdings in Eaton were worth $1,519,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Merit Financial Group LLC increased its stake in Eaton by 2.1% in the 1st quarter. Merit Financial Group LLC now owns 30,489 shares of the industrial products company’s stock worth $8,288,000 after buying an additional 631 shares during the period. Paladin Wealth LLC boosted its holdings in shares of Eaton by 16.3% in the first quarter. Paladin Wealth LLC now owns 2,321 shares of the industrial products company’s stock valued at $631,000 after purchasing an additional 326 shares during the period. Gradient Investments LLC increased its holdings in Eaton by 28.9% during the 1st quarter. Gradient Investments LLC now owns 69,324 shares of the industrial products company’s stock worth $18,844,000 after purchasing an additional 15,542 shares during the period. LVW Advisors LLC raised its position in Eaton by 17.5% during the 1st quarter. LVW Advisors LLC now owns 805 shares of the industrial products company’s stock valued at $219,000 after purchasing an additional 120 shares in the last quarter. Finally, Strong Tower Advisory Services lifted its holdings in shares of Eaton by 18.2% in the 1st quarter. Strong Tower Advisory Services now owns 8,981 shares of the industrial products company’s stock worth $2,267,000 after buying an additional 1,385 shares during the period. Institutional investors own 82.97% of the company’s stock.

Insiders Place Their Bets

In other Eaton 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 transaction of $33,400,106.50. Following the sale, the insider now 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 document filed with the SEC, which is available through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction dated 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 owns 3,382 shares of the company’s stock, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 156,660 shares of company stock worth $49,622,894. Corporate insiders own 0.30% of the company’s stock.

Eaton Stock Performance

ETN opened at $327.31 on Thursday. The firm has a fifty day moving average price of $295.92 and a 200 day moving average price of $317.07. Eaton Co. plc has a 1 year low of $231.85 and a 1 year high of $379.99. The stock has a market cap of $128.08 billion, a P/E ratio of 34.45, a P/E/G ratio of 2.64 and a beta of 1.16. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96.

Eaton (NYSE:ETN) last posted 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 business had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.40 EPS. Equities research analysts anticipate that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.27%. The ex-dividend date was Monday, May 5th. Eaton’s payout ratio is 41.98%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ETN. Wall Street Zen upgraded Eaton from a “hold” rating to a “buy” rating in a research note on Sunday, May 18th. BNP Paribas Exane initiated coverage on shares of Eaton in a report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price target on the stock. JPMorgan Chase & Co. boosted 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 reiterated an “overweight” rating and issued a $355.00 price target on shares of Eaton in a research note on Monday, May 5th. Finally, BNP Paribas began coverage on Eaton in a research note on Thursday, May 15th. They set an “outperform” rating and a $380.00 price target on the stock. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and an average target price of $367.83.

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.