Forum Financial Management LP Sells 43 Shares of Eaton Corporation, PLC (NYSE:ETN)

Forum Financial Management LP lowered its stake in Eaton Corporation, PLC (NYSE:ETN) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,052 shares of the industrial products company’s stock after selling 43 shares during the period. Forum Financial Management LP’s holdings in Eaton were worth $1,101,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC boosted its position in Eaton by 0.7% during the first quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company’s stock valued at $3,593,000 after purchasing an additional 96 shares in the last quarter. Bearing Point Capital LLC purchased a new position in Eaton during the 4th quarter worth approximately $2,713,000. Brighton Jones LLC lifted its holdings in shares of Eaton by 4.9% in the 1st quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company’s stock valued at $953,000 after buying an additional 164 shares during the period. Kennebec Savings Bank boosted its stake in shares of Eaton by 5.4% during the first quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company’s stock valued at $738,000 after acquiring an additional 139 shares during the last quarter. Finally, American National Bank & Trust grew 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 valued at $855,000 after acquiring an additional 162 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Analyst Ratings Changes

ETN has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. increased their price objective on Eaton from $300.00 to $360.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $396.00 target price on shares of Eaton in a report on Monday. The Goldman Sachs Group upped their target price on shares of Eaton from $345.00 to $382.00 and gave the company a “buy” rating in a report on Tuesday, July 8th. KeyCorp increased their price objective on shares of Eaton from $355.00 to $410.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Wells Fargo & Company lifted their price objective on shares of Eaton from $310.00 to $360.00 and gave the company an “equal weight” rating in a report on Tuesday, July 1st. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $377.89.

Insider Activity at Eaton

In other Eaton news, insider Craig Arnold sold 103,486 shares of Eaton 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 completion of the transaction, the insider owned 490,208 shares of the company’s stock, valued at $158,214,632. The trade was a 17.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael Yelton sold 2,120 shares of the business’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 owned 3,382 shares of the company’s stock, valued at $1,004,014.34. The trade was a 38.53% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 156,660 shares of company stock valued at $49,622,894. Insiders own 0.30% of the company’s stock.

Eaton Stock Performance

NYSE:ETN opened at $380.49 on Friday. The firm’s 50 day moving average is $337.91 and its two-hundred day moving average is $314.48. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. The company has a market cap of $148.88 billion, a P/E ratio of 38.39, a P/E/G ratio of 2.74 and a beta of 1.17. Eaton Corporation, PLC has a fifty-two week low of $231.85 and a fifty-two week high of $387.50.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.70 by $0.02. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The firm had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.26 billion. During the same period in the prior year, the firm earned $2.40 EPS. The business’s revenue was up 7.3% on a year-over-year basis. Analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Dividend Announcement

The firm 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 dividend on an annualized basis and a yield of 1.09%. Eaton’s dividend payout ratio (DPR) is presently 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.