Castellan Group Boosts Stock Position in Eaton Corporation, PLC (NYSE:ETN)

by · The Cerbat Gem

Castellan Group raised its position in Eaton Corporation, PLC (NYSE:ETN – Free Report) by 115.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,474 shares of the industrial products company’s stock after purchasing an additional 8,838 shares during the period. Castellan Group’s holdings in Eaton were worth $4,478,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of ETN. IMA Advisory Services Inc. purchased a new position in shares of Eaton during the first quarter valued at approximately $25,000. Capital A Wealth Management LLC acquired a new position in Eaton in the 4th quarter valued at $26,000. Creative Financial Designs Inc. ADV lifted its stake in shares of Eaton by 102.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 51 shares during the period. Vermillion Wealth Management Inc. acquired a new stake in shares of Eaton during the fourth quarter worth $33,000. Finally, Abound Wealth Management boosted its holdings in shares of Eaton by 73.8% during the first quarter. Abound Wealth Management now owns 146 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 62 shares during the last quarter. 82.97% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Eaton news, insider Michael Yelton sold 2,120 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider owned 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $322.75, for a total value of $33,400,106.50. Following the sale, the insider owned 490,208 shares in the company, valued at $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock worth $49,622,894 in the last quarter. 0.30% of the stock is currently owned by company insiders.

Eaton Stock Performance

Shares of NYSE:ETN opened at $384.46 on Friday. The business’s 50-day simple moving average is $349.71 and its 200 day simple moving average is $317.50. The company has a market cap of $150.44 billion, a P/E ratio of 38.80, a PEG ratio of 2.94 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.31. Eaton Corporation, PLC has a one year low of $231.85 and a one year high of $399.56.

Eaton (NYSE:ETN – Get Free Report) last posted its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.70 by $0.02. The company had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The business’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.40 earnings per share. On average, sell-side analysts forecast that Eaton Corporation, PLC will post 12.02 earnings per share for the current fiscal year.

Eaton Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, August 7th will be issued a $1.04 dividend. The ex-dividend date is Thursday, August 7th. This represents a $4.16 dividend on an annualized basis and a yield of 1.1%. Eaton’s payout ratio is currently 41.98%.

Analysts Set New Price Targets

ETN has been the subject of several analyst reports. Citigroup upped their target price on Eaton from $351.00 to $420.00 and gave the company a “buy” rating in a research note on Monday, July 14th. Wall Street Zen raised shares of Eaton from a “hold” rating to a “buy” rating in a research note on Saturday, July 5th. The Goldman Sachs Group raised their target price on shares of Eaton from $345.00 to $382.00 and gave the stock a “buy” rating in a research report on Tuesday, July 8th. Evercore ISI boosted their target price on shares of Eaton from $326.00 to $349.00 and gave the company an “in-line” rating in a report on Monday, May 19th. Finally, KeyCorp increased their price target on shares of Eaton from $355.00 to $410.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 15th. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Eaton has a consensus rating of “Moderate Buy” and an average price target of $377.89.

View Our Latest Stock Analysis on ETN

Eaton Profile

(Free Report)

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.

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