Clearstead Trust LLC Has $73,000 Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Clearstead Trust LLC raised its position in shares of Eaton Corporation, PLC (NYSE:ETN) by 42.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 269 shares of the industrial products company’s stock after buying an additional 80 shares during the quarter. Clearstead Trust LLC’s holdings in Eaton were worth $73,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital A Wealth Management LLC purchased a new stake in shares of Eaton in the 4th quarter valued at approximately $26,000. IMA Advisory Services Inc. purchased a new stake in shares of Eaton in the first quarter valued at $25,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Eaton in the fourth quarter worth $33,000. Creative Financial Designs Inc. ADV grew its holdings in shares of Eaton by 102.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company’s stock valued at $27,000 after buying an additional 51 shares in the last quarter. Finally, Abound Wealth Management raised its position in Eaton by 73.8% during the first quarter. Abound Wealth Management now owns 146 shares of the industrial products company’s stock valued at $40,000 after buying an additional 62 shares during the period. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Eaton

In other news, insider Craig Arnold sold 103,486 shares of the firm’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $322.75, for a total value of $33,400,106.50. Following the sale, the insider owned 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 SEC, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Eaton Price Performance

Shares of Eaton stock opened at $384.42 on Tuesday. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. The firm has a fifty day simple moving average of $352.19 and a 200-day simple moving average of $317.69. The stock has a market capitalization of $150.42 billion, a price-to-earnings ratio of 38.79, a PEG ratio of 2.88 and a beta of 1.18. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $399.56.

Eaton (NYSE:ETN) last released its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.70 by $0.02. Eaton had a net margin of 15.55% and a return on equity of 23.41%. The firm had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. During the same quarter in the previous year, the business earned $2.40 EPS. The business’s revenue was up 7.3% on a year-over-year basis. On average, sell-side analysts expect that Eaton Corporation, PLC will post 12.02 earnings per share for the current year.

Eaton Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on ETN. Morgan Stanley lowered their target price on Eaton from $385.00 to $375.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 6th. The Goldman Sachs Group boosted their price objective on shares of Eaton from $345.00 to $382.00 and gave the company a “buy” rating in a research report on Tuesday, July 8th. BNP Paribas Exane initiated coverage on shares of Eaton in a research report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 target price for the company. Sanford C. Bernstein restated an “outperform” rating and set a $396.00 price target on shares of Eaton in a report on Monday, July 14th. Finally, Royal Bank Of Canada increased their price objective on Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a report on Monday, May 5th. Seven equities 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.com, the company has an average rating of “Moderate Buy” and a consensus target price of $377.89.

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.