Trust Co. of Oklahoma Buys New Stake in Eaton Co. plc (NYSE:ETN)

Trust Co. of Oklahoma bought a new stake in shares of Eaton Co. plc (NYSE:ETN) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,989 shares of the industrial products company’s stock, valued at approximately $541,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital A Wealth Management LLC acquired a new position in shares of Eaton in the 4th quarter valued at about $26,000. Flagship Wealth Advisors LLC acquired a new position in Eaton in the fourth quarter valued at approximately $27,000. Noble Wealth Management PBC acquired a new position in shares of Eaton in the 4th quarter valued at $30,000. Murphy & Mullick Capital Management Corp acquired a new position in shares of Eaton in the 4th quarter valued at $33,000. Finally, Vermillion Wealth Management Inc. acquired a new position in shares of Eaton in the 4th quarter valued at $33,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ETN. KeyCorp upped their price objective on shares of Eaton from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Monday, May 5th. Jefferies Financial Group reduced their price target on Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a report on Wednesday, March 12th. BNP Paribas started coverage on Eaton in a research note on Thursday, May 15th. They set an “outperform” rating and a $380.00 target price for the company. Wall Street Zen raised Eaton from a “hold” rating to a “buy” rating in a research note on Sunday, May 18th. Finally, Barclays raised their price objective on shares of Eaton from $306.00 to $323.00 and gave the stock an “equal weight” rating in a research report on Monday. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, Eaton has an average rating of “Moderate Buy” and a consensus price target of $368.78.

Insider Buying and Selling at Eaton

In related news, insider Craig Arnold sold 103,486 shares of Eaton stock in a transaction 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 transaction, the insider now owns 490,208 shares in the company, valued at approximately $158,214,632. This trade represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction 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 transaction, the insider now owns 3,382 shares in the company, 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 90 days, insiders have sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by insiders.

Eaton Trading Down 1.8%

ETN opened at $325.61 on Tuesday. The business’s 50 day moving average is $298.94 and its two-hundred day moving average is $315.59. The firm has a market cap of $127.41 billion, a price-to-earnings ratio of 34.27, a price-to-earnings-growth ratio of 2.64 and a beta of 1.16. 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.

Eaton (NYSE:ETN) last issued its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.70 by $0.02. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The business had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. During the same period in the previous year, the business posted $2.40 earnings per share. The business’s revenue was up 7.3% compared to the same quarter last year. On average, research analysts predict that Eaton Co. 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 paid 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 1.28%. Eaton’s payout ratio is 41.98%.

Eaton Company 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.