Sky Investment Group LLC Purchases New Position in Eaton Co. plc (NYSE:ETN)

Sky Investment Group LLC purchased a new stake in shares of Eaton Co. plc (NYSE:ETN) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 867 shares of the industrial products company’s stock, valued at approximately $236,000.

Other institutional investors also recently bought and sold shares of the company. Capital A Wealth Management LLC purchased a new position in Eaton during the fourth quarter valued at approximately $26,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Eaton in the fourth quarter valued at approximately $27,000. Noble Wealth Management PBC purchased a new stake in shares of Eaton in the fourth quarter valued at approximately $30,000. Murphy & Mullick Capital Management Corp purchased a new stake in shares of Eaton in the fourth quarter valued at approximately $33,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in shares of Eaton in the fourth quarter valued at approximately $33,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Michael Yelton sold 2,120 shares of the business’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the completion of the transaction, the insider now directly owns 3,382 shares of the company’s stock, valued at approximately $1,004,014.34. The trade was a 38.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Craig Arnold sold 51,054 shares of the business’s stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $305.43, for a total value of $15,593,423.22. Following the transaction, the insider now directly owns 489,444 shares of the company’s stock, valued at approximately $149,490,880.92. This represents a 9.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock worth $49,622,894 over the last three months. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

ETN has been the subject of a number of recent analyst reports. Wells Fargo & Company restated an “overweight” rating and issued a $355.00 price objective on shares of Eaton in a research report on Monday, May 5th. JPMorgan Chase & Co. boosted their price objective on Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Jefferies Financial Group cut their price objective on Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research report on Wednesday, March 12th. Citigroup boosted their price target on Eaton from $323.00 to $351.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. Finally, BNP Paribas Exane initiated coverage on Eaton in a research report on Thursday, May 15th. They set an “outperform” rating and a $380.00 price target for the company. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $368.78.

Eaton Stock Performance

NYSE ETN opened at $330.09 on Friday. Eaton Co. plc has a fifty-two week low of $231.85 and a fifty-two week high of $379.99. The stock’s fifty day moving average is $303.34 and its two-hundred day moving average is $315.40. The firm has a market capitalization of $129.16 billion, a P/E ratio of 34.75, a price-to-earnings-growth ratio of 2.64 and a beta of 1.16. 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 quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.70 by $0.02. The firm 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%. Eaton’s revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.40 EPS. On average, research analysts anticipate that Eaton Co. 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. Investors of record on Monday, May 5th were issued a $1.04 dividend. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.16 annualized dividend and a yield of 1.26%. Eaton’s dividend payout ratio (DPR) 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.