Bruce G. Allen Investments LLC Purchases 88 Shares of Eaton Co. plc (NYSE:ETN)

Bruce G. Allen Investments LLC boosted its position in shares of Eaton Co. plc (NYSE:ETN) by 15.4% in the first quarter, HoldingsChannel reports. The fund owned 659 shares of the industrial products company’s stock after purchasing an additional 88 shares during the quarter. Bruce G. Allen Investments LLC’s holdings in Eaton were worth $179,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ETN. Capital A Wealth Management LLC purchased a new position in Eaton during the 4th quarter worth $26,000. Flagship Wealth Advisors LLC acquired a new stake in Eaton in the fourth quarter worth about $27,000. Noble Wealth Management PBC purchased a new stake in shares of Eaton during the fourth quarter worth about $30,000. Murphy & Mullick Capital Management Corp acquired a new position in shares of Eaton during the fourth quarter valued at about $33,000. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Eaton in the 4th quarter valued at approximately $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Eaton

In other Eaton news, insider Craig Arnold sold 103,486 shares of the firm’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 transaction, the insider now directly owns 490,208 shares of the company’s stock, valued at $158,214,632. This trade represents a 17.43% decrease in their position. The transaction 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 company’s stock in a transaction that occurred on 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 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. Insiders sold 156,660 shares of company stock valued at $49,622,894 over the last 90 days. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ETN has been the topic of a number of recent analyst reports. KeyCorp upped their price target on shares of Eaton from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Monday, May 5th. Barclays dropped their price objective on shares of Eaton from $315.00 to $306.00 and set an “equal weight” rating on the stock in a report on Friday, April 4th. BNP Paribas began coverage on Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 target price for the company. Evercore ISI boosted their price target on Eaton from $326.00 to $349.00 and gave the company an “in-line” rating in a research note on Monday, May 19th. Finally, Royal Bank of Canada raised their price objective on Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a research note on Monday, May 5th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $367.83.

Eaton Price Performance

Shares of NYSE ETN opened at $331.71 on Monday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The firm has a fifty day moving average of $298.11 and a 200 day moving average of $315.95. The firm has a market cap of $129.80 billion, a PE ratio of 34.92, a PEG ratio of 2.64 and a beta of 1.16. Eaton Co. plc has a one year low of $231.85 and a one year high of $379.99.

Eaton (NYSE:ETN) last released its earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.70 by $0.02. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The business had revenue of $6.38 billion during the quarter, compared to analysts’ expectations of $6.26 billion. The company’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.40 earnings per share. As a group, research analysts predict that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders 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 dividend on an annualized basis and a yield of 1.25%. Eaton’s 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.