Sunbelt Securities Inc. Has $693,000 Holdings in Eaton Co. plc (NYSE:ETN)

Sunbelt Securities Inc. lifted its position in shares of Eaton Co. plc (NYSE:ETN) by 6.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,215 shares of the industrial products company’s stock after purchasing an additional 135 shares during the period. Sunbelt Securities Inc.’s holdings in Eaton were worth $693,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in ETN. Ritholtz Wealth Management raised its position in shares of Eaton by 5.1% in the fourth quarter. Ritholtz Wealth Management now owns 5,724 shares of the industrial products company’s stock valued at $1,379,000 after buying an additional 277 shares in the last quarter. Pinnbrook Capital Management LP bought a new stake in shares of Eaton during the 4th quarter valued at $15,109,000. Congress Wealth Management LLC DE grew its holdings in shares of Eaton by 8.1% during the 4th quarter. Congress Wealth Management LLC DE now owns 76,731 shares of the industrial products company’s stock worth $18,479,000 after purchasing an additional 5,725 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of Eaton by 30.5% in the fourth quarter. Pacer Advisors Inc. now owns 34,071 shares of the industrial products company’s stock worth $8,205,000 after purchasing an additional 7,964 shares during the period. Finally, Weiss Asset Management LP acquired a new position in Eaton during the fourth quarter valued at approximately $1,001,000. 82.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Eaton

In other Eaton news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $331.84, for a total transaction of $801,725.44. Following the transaction, the insider now owns 5,086 shares in the company, valued at $1,687,738.24. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.53% of the stock is currently owned by insiders.

Eaton Stock Performance

NYSE:ETN opened at $313.94 on Friday. The firm has a market capitalization of $125.51 billion, a P/E ratio of 36.89, a P/E/G ratio of 2.70 and a beta of 1.04. Eaton Co. plc has a twelve month low of $191.82 and a twelve month high of $345.19. The company has a fifty day moving average of $325.05 and a 200-day moving average of $291.63. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.28 by $0.12. Eaton had a net margin of 14.38% and a return on equity of 20.69%. The firm had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same quarter in the prior year, the business earned $1.88 earnings per share. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Eaton Co. plc will post 10.56 EPS for the current year.

Eaton Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date was Friday, May 3rd. Eaton’s dividend payout ratio is currently 44.39%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ETN shares. The Goldman Sachs Group raised their target price on Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a report on Friday, March 15th. Berenberg Bank boosted their target price on Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. HSBC raised their price target on shares of Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. Barclays raised Eaton from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $250.00 to $300.00 in a report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. raised their price objective on Eaton from $279.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Eaton currently has an average rating of “Moderate Buy” and a consensus price target of $314.27.

Eaton 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.