Balefire LLC Increases Holdings in Eaton Corporation, PLC (NYSE:ETN)

Balefire LLC lifted its stake in Eaton Corporation, PLC (NYSE:ETN) by 69.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,271 shares of the industrial products company’s stock after purchasing an additional 2,562 shares during the period. Balefire LLC’s holdings in Eaton were worth $1,705,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of ETN. Brighton Jones LLC grew its position in shares of Eaton by 1.4% in the 4th quarter. Brighton Jones LLC now owns 3,341 shares of the industrial products company’s stock worth $1,109,000 after buying an additional 45 shares during the period. Revolve Wealth Partners LLC boosted its holdings in shares of Eaton by 17.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 913 shares of the industrial products company’s stock valued at $303,000 after acquiring an additional 136 shares during the last quarter. Bank Pictet & Cie Europe AG bought a new stake in Eaton in the 4th quarter worth approximately $42,839,000. FourThought Financial Partners LLC purchased a new stake in Eaton during the fourth quarter valued at $395,000. Finally, Illinois Municipal Retirement Fund increased its position in shares of Eaton by 13.9% during the 4th quarter. Illinois Municipal Retirement Fund now owns 33,488 shares of the industrial products company’s stock valued at $11,114,000 after purchasing an additional 4,095 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

Eaton Price Performance

NYSE:ETN opened at $342.72 on Thursday. 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 Corporation, PLC has a 52 week low of $231.85 and a 52 week high of $379.99. The stock’s 50-day moving average price is $314.71 and its 200-day moving average price is $312.97. The stock has a market capitalization of $134.11 billion, a PE ratio of 34.58, a price-to-earnings-growth ratio of 2.66 and a beta of 1.16.

Eaton (NYSE:ETN) last issued its quarterly earnings data 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. The company had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. Eaton’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the company earned $2.40 earnings per share. As a group, equities analysts expect that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.21%. The ex-dividend date was Monday, May 5th. Eaton’s payout ratio is presently 41.98%.

Insiders Place Their Bets

In other news, insider Craig Arnold sold 51,054 shares of Eaton stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $305.43, for a total value of $15,593,423.22. Following the sale, the insider now directly owns 489,444 shares of the company’s stock, valued at $149,490,880.92. The trade was a 9.45% 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 transaction of $629,364.40. Following the sale, the insider now directly owns 3,382 shares of the company’s stock, 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. Over the last ninety days, insiders sold 156,660 shares of company stock worth $49,622,894. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Barclays upped their price target on Eaton from $306.00 to $323.00 and gave the stock an “equal weight” rating in a research report on Monday, June 9th. 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 objective for the company. Royal Bank Of Canada upped their price target on shares of Eaton from $336.00 to $356.00 and gave the company an “outperform” rating in a research note on Monday, May 5th. Jefferies Financial Group dropped their target price on Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a report on Wednesday, March 12th. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $355.00 price objective on shares of Eaton in a research note on Monday, May 5th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $368.78.

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.