Concurrent Investment Advisors LLC Decreases Position in Eaton Corporation, PLC (NYSE:ETN)

Concurrent Investment Advisors LLC reduced its stake in Eaton Corporation, PLC (NYSE:ETN) by 9.8% during the 1st quarter, HoldingsChannel.com reports. The firm owned 17,367 shares of the industrial products company’s stock after selling 1,884 shares during the period. Concurrent Investment Advisors LLC’s holdings in Eaton were worth $4,721,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its position in shares of Eaton by 0.7% during the 1st quarter. GAMMA Investing LLC now owns 13,219 shares of the industrial products company’s stock worth $3,593,000 after buying an additional 96 shares during the last quarter. Bearing Point Capital LLC purchased a new stake in shares of Eaton during the 4th quarter worth approximately $2,713,000. Brighton Jones LLC lifted its position in shares of Eaton by 4.9% during the 1st quarter. Brighton Jones LLC now owns 3,505 shares of the industrial products company’s stock worth $953,000 after buying an additional 164 shares during the last quarter. Kennebec Savings Bank lifted its position in shares of Eaton by 5.4% during the 1st quarter. Kennebec Savings Bank now owns 2,715 shares of the industrial products company’s stock worth $738,000 after buying an additional 139 shares during the last quarter. Finally, American National Bank & Trust lifted its position in shares of Eaton by 5.4% during the 1st quarter. American National Bank & Trust now owns 3,145 shares of the industrial products company’s stock worth $855,000 after buying an additional 162 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insiders Place Their Bets

In related news, insider Craig Arnold sold 103,486 shares of the company’s stock in a transaction on 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 transaction, the insider owned 490,208 shares of the company’s stock, valued at $158,214,632. This represents a 17.43% decrease in their ownership of the stock. 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 company’s stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the transaction, the insider directly owned 3,382 shares in the company, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 156,660 shares of company stock worth $49,622,894 in the last ninety days. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. KeyCorp boosted their price objective on Eaton from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Monday, May 5th. BNP Paribas assumed coverage on Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price objective for the company. Citigroup boosted their price objective on Eaton from $323.00 to $351.00 and gave the company a “buy” rating in a research note on Monday, May 5th. JPMorgan Chase & Co. boosted their price objective on Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Finally, Wall Street Zen upgraded Eaton from a “hold” rating to a “buy” rating in a research note on Saturday. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Eaton presently has an average rating of “Moderate Buy” and an average target price of $369.06.

Eaton Price Performance

Eaton stock opened at $361.98 on Friday. Eaton Corporation, PLC has a 12 month low of $231.85 and a 12 month high of $379.99. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.31 and a quick ratio of 0.84. The business has a 50 day simple moving average of $326.36 and a 200-day simple moving average of $312.79. The stock has a market capitalization of $141.64 billion, a PE ratio of 36.53, a price-to-earnings-growth ratio of 2.73 and a beta of 1.17.

Eaton (NYSE:ETN) last released its quarterly earnings results 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. Eaton had a return on equity of 23.41% and a net margin of 15.55%. The business had revenue of $6.38 billion during the quarter, compared to analysts’ expectations of $6.26 billion. During the same quarter in the prior year, the business earned $2.40 earnings per share. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. Equities analysts predict that Eaton Corporation, PLC will post 12.02 earnings per share 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 dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date was Monday, May 5th. Eaton’s dividend payout ratio is presently 41.98%.

About Eaton

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.