Thrive Wealth Management LLC Raises Stake in Eaton Co. plc (NYSE:ETN)

by · The Cerbat Gem

Thrive Wealth Management LLC raised its position in Eaton Co. plc (NYSE:ETN – Free Report) by 20.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 901 shares of the industrial products company’s stock after acquiring an additional 151 shares during the quarter. Thrive Wealth Management LLC’s holdings in Eaton were worth $245,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Eaton by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 37,217,906 shares of the industrial products company’s stock worth $12,351,506,000 after acquiring an additional 99,291 shares during the last quarter. FMR LLC lifted its stake in Eaton by 1.2% in the fourth quarter. FMR LLC now owns 15,222,248 shares of the industrial products company’s stock worth $5,051,807,000 after acquiring an additional 182,455 shares during the last quarter. Geode Capital Management LLC lifted its stake in Eaton by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 8,198,412 shares of the industrial products company’s stock worth $2,714,677,000 after acquiring an additional 129,071 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in Eaton by 4.3% in the fourth quarter. Nuveen Asset Management LLC now owns 4,671,185 shares of the industrial products company’s stock worth $1,550,226,000 after acquiring an additional 192,482 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Eaton by 8.8% in the fourth quarter. Northern Trust Corp now owns 4,574,704 shares of the industrial products company’s stock worth $1,518,207,000 after acquiring an additional 368,241 shares during the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Buying and Selling at Eaton

In other news, insider Craig Arnold sold 103,486 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $322.75, for a total transaction of $33,400,106.50. Following the transaction, the insider now directly owns 490,208 shares in the company, valued at $158,214,632. This represents a 17.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael Yelton sold 2,120 shares of the 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 sale, the insider now directly owns 3,382 shares of the company’s stock, valued at approximately $1,004,014.34. This trade represents 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 worth $49,622,894. Corporate insiders own 0.30% of the company’s stock.

Eaton Price Performance

Eaton stock opened at $326.50 on Friday. Eaton Co. plc has a 52 week low of $231.85 and a 52 week high of $379.99. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46. The firm’s 50-day simple moving average is $297.01 and its 200 day simple moving average is $316.86. The firm has a market capitalization of $127.76 billion, a PE ratio of 34.37, a P/E/G ratio of 2.64 and a beta of 1.16.

Eaton (NYSE:ETN – Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.70 by $0.02. The business 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%. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.40 EPS. On average, equities research analysts predict that Eaton Co. plc will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The company also recently announced 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 was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.27%. Eaton’s dividend payout ratio (DPR) is 41.98%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ETN shares. Barclays decreased their price target on shares of Eaton from $315.00 to $306.00 and set an “equal weight” rating for the company in a research note on Friday, April 4th. BNP Paribas started coverage on shares of Eaton in a research report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price target for the company. JPMorgan Chase & Co. upped their price target on shares of Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Citigroup boosted their price objective on shares of Eaton from $323.00 to $351.00 and gave the company a “buy” rating in a research note on Monday, May 5th. Finally, BNP Paribas Exane began coverage on shares of Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective on the stock. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, Eaton has an average rating of “Moderate Buy” and an average price target of $367.83.

View Our Latest Report 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.

See Also

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