Eaton Corporation, PLC (NYSE:ETN) Shares Sold by Lyell Wealth Management LP

by · The Markets Daily

Lyell Wealth Management LP cut its holdings in Eaton Corporation, PLC (NYSE:ETN – Free Report) by 14.6% in the first quarter, Holdings Channel reports. The institutional investor owned 945 shares of the industrial products company’s stock after selling 162 shares during the quarter. Lyell Wealth Management LP’s holdings in Eaton were worth $257,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ETN. Brighton Jones LLC increased its position in shares of Eaton by 1.4% in the fourth quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company’s stock valued at $1,109,000 after buying an additional 45 shares in the last quarter. Revolve Wealth Partners LLC increased its position in shares of Eaton by 17.5% in the fourth quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company’s stock valued at $303,000 after buying an additional 136 shares in the last quarter. Bank Pictet & Cie Europe AG purchased a new stake in shares of Eaton in the fourth quarter valued at approximately $42,839,000. Trexquant Investment LP purchased a new stake in shares of Eaton in the fourth quarter valued at approximately $8,349,000. Finally, OneAscent Financial Services LLC increased its position in shares of Eaton by 3.5% in the fourth quarter. OneAscent Financial Services LLC now owns 3,027 shares of the industrial products company’s stock valued at $1,005,000 after buying an additional 102 shares in the last quarter. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Eaton

In related news, insider Craig Arnold sold 103,486 shares of the firm’s 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 directly owned 490,208 shares in the company, valued at $158,214,632. This trade represents a 17.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael Yelton sold 2,120 shares of the firm’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the transaction, the insider owned 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 have sold a total of 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 company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Sanford C. Bernstein reiterated an “outperform” rating and set a $396.00 price target on shares of Eaton in a research report on Monday, July 14th. KeyCorp boosted their price target on Eaton from $355.00 to $410.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 15th. BNP Paribas Exane assumed 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. Wells Fargo & Company boosted their price target on Eaton from $310.00 to $360.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 1st. Finally, Royal Bank Of Canada boosted their price target on Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a research report on Monday, May 5th. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $377.89.

Check Out Our Latest Analysis on ETN

Eaton Stock Performance

Shares of Eaton stock opened at $384.46 on Friday. Eaton Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $399.56. The business’s fifty day simple moving average is $349.71 and its 200-day simple moving average is $317.50. The firm has a market cap of $150.44 billion, a PE ratio of 38.80, a price-to-earnings-growth ratio of 2.94 and a beta of 1.17. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41.

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

Eaton Dividend Announcement

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

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

Want to see what other hedge funds are holding ETN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eaton Corporation, PLC (NYSE:ETN – Free Report).