InTrack Investment Management Inc Boosts Stake in Eaton Co. plc (NYSE:ETN)

InTrack Investment Management Inc increased its stake in shares of Eaton Co. plc (NYSE:ETN) by 9.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,341 shares of the industrial products company’s stock after purchasing an additional 624 shares during the quarter. Eaton makes up 1.8% of InTrack Investment Management Inc’s holdings, making the stock its 14th largest position. InTrack Investment Management Inc’s holdings in Eaton were worth $1,996,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Capital A Wealth Management LLC purchased a new stake in shares of Eaton during the fourth quarter valued at about $26,000. Flagship Wealth Advisors LLC purchased a new stake in Eaton in the fourth quarter valued at about $27,000. Noble Wealth Management PBC purchased a new stake in Eaton in the fourth quarter valued at about $30,000. Murphy & Mullick Capital Management Corp purchased a new stake in Eaton in the fourth quarter valued at about $33,000. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Eaton in the 4th quarter valued at approximately $33,000. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ETN shares. JPMorgan Chase & Co. increased their price objective on shares of Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Evercore ISI raised their target price on Eaton from $326.00 to $349.00 and gave the stock an “in-line” rating in a research note on Monday, May 19th. Morgan Stanley reduced their target price on Eaton from $385.00 to $375.00 and set an “overweight” rating for the company in a research note on Tuesday, May 6th. Royal Bank of Canada raised their target price on Eaton from $336.00 to $356.00 and gave the stock an “outperform” rating in a research note on Monday, May 5th. Finally, Barclays raised their price objective on Eaton from $306.00 to $323.00 and gave the stock an “equal weight” rating in a research note on Monday. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $368.78.

Eaton Stock Down 0.5%

ETN opened at $324.33 on Wednesday. Eaton Co. plc has a fifty-two week low of $231.85 and a fifty-two week high of $379.99. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 1.50. The company has a fifty day moving average of $300.21 and a two-hundred day moving average of $315.65. The stock has a market capitalization of $126.91 billion, a price-to-earnings ratio of 34.14, a PEG ratio of 2.64 and a beta of 1.16.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.70 by $0.02. The firm had revenue of $6.38 billion during the quarter, compared to analyst estimates of $6.26 billion. Eaton had a return on equity of 22.62% and a net margin of 15.25%. Eaton’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.40 EPS. On average, research analysts expect that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 5th were given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.28%. The ex-dividend date of this dividend was Monday, May 5th. Eaton’s payout ratio is 41.98%.

Insider Transactions at Eaton

In other 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 transaction of $33,400,106.50. Following the transaction, the insider now owns 490,208 shares in the company, valued at $158,214,632. The trade was a 17.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Yelton sold 2,120 shares of Eaton stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total transaction of $629,364.40. Following the transaction, the insider now directly owns 3,382 shares in the company, valued at $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 156,660 shares of company stock valued at $49,622,894 over the last 90 days. 0.30% of the stock is currently owned by corporate insiders.

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.