Eaton Co. plc (NYSE:ETN) Shares Bought by Cranbrook Wealth Management LLC

Cranbrook Wealth Management LLC raised its stake in Eaton Co. plc (NYSE:ETN) by 29.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 285 shares of the industrial products company’s stock after acquiring an additional 64 shares during the quarter. Cranbrook Wealth Management LLC’s holdings in Eaton were worth $77,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ETN. Bearing Point Capital LLC purchased a new position in Eaton during the fourth quarter worth about $2,713,000. Generate Investment Management Ltd acquired a new position in Eaton during the fourth quarter worth approximately $12,678,000. Strategic Financial Concepts LLC acquired a new position in Eaton during the fourth quarter worth approximately $38,000. American National Bank & Trust increased its position in Eaton by 5.4% during the first quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company’s stock worth $855,000 after purchasing an additional 162 shares during the last quarter. Finally, Wingate Wealth Advisors Inc. acquired a new position in Eaton during the fourth quarter worth approximately $161,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Eaton

In related news, insider Michael Yelton sold 2,120 shares of the stock in a transaction dated Tuesday, May 6th. The stock was 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 owns 3,382 shares of the company’s stock, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Craig Arnold sold 103,486 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 490,208 shares in the company, valued at $158,214,632. The trade was a 17.43% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 156,660 shares of company stock valued at $49,622,894. Insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Evercore ISI upped their price target on shares of Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a research report on Monday, May 19th. Wells Fargo & Company restated an “overweight” rating and set a $355.00 price target on shares of Eaton in a research note on Monday, May 5th. BNP Paribas started coverage on Eaton in a research note on Thursday, May 15th. They set an “outperform” rating and a $380.00 price target for the company. Wall Street Zen upgraded Eaton from a “hold” rating to a “buy” rating in a research note on Sunday, May 18th. Finally, JPMorgan Chase & Co. upped their price target on Eaton from $300.00 to $360.00 and gave the stock an “overweight” rating in a research note on Friday, May 16th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $367.83.

Eaton Price Performance

Shares of NYSE ETN opened at $331.71 on Friday. Eaton Co. plc has a 1-year low of $231.85 and a 1-year high of $379.99. The business has a 50-day moving average of $298.11 and a 200-day moving average of $316.64. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. The company has a market capitalization of $129.80 billion, a price-to-earnings ratio of 34.92, a PEG ratio of 2.64 and a beta of 1.16.

Eaton (NYSE:ETN) last issued its quarterly 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. 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%. Eaton’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.40 earnings per share. On average, equities analysts anticipate that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date was Monday, May 5th. Eaton’s dividend payout ratio is currently 41.98%.

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.