Pittenger & Anderson Inc. Has $15.94 Million Stock Position in Eaton Corporation, PLC (NYSE:ETN)

Pittenger & Anderson Inc. grew its position in shares of Eaton Corporation, PLC (NYSE:ETN) by 9.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 58,626 shares of the industrial products company’s stock after acquiring an additional 5,064 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Eaton were worth $15,936,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of ETN. Checchi Capital Advisers LLC boosted its position in Eaton by 0.7% in the first quarter. Checchi Capital Advisers LLC now owns 5,071 shares of the industrial products company’s stock worth $1,378,000 after purchasing an additional 37 shares during the last quarter. Lantern Wealth Advisors LLC lifted its position in shares of Eaton by 1.0% during the 4th quarter. Lantern Wealth Advisors LLC now owns 4,038 shares of the industrial products company’s stock valued at $1,340,000 after buying an additional 38 shares during the last quarter. AGH Wealth Advisors LLC lifted its position in shares of Eaton by 2.6% during the 1st quarter. AGH Wealth Advisors LLC now owns 1,517 shares of the industrial products company’s stock valued at $412,000 after buying an additional 38 shares during the last quarter. Revolve Wealth Partners LLC lifted its position in shares of Eaton by 4.2% during the 1st quarter. Revolve Wealth Partners LLC now owns 951 shares of the industrial products company’s stock valued at $259,000 after buying an additional 38 shares during the last quarter. Finally, Tritonpoint Wealth LLC lifted its position in shares of Eaton by 3.9% during the 1st quarter. Tritonpoint Wealth LLC now owns 1,038 shares of the industrial products company’s stock valued at $282,000 after buying an additional 39 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insider Transactions at Eaton

In other news, insider Michael Yelton sold 2,120 shares of the company’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the completion of the transaction, the insider directly owned 3,382 shares in the company, valued at approximately $1,004,014.34. This represents a 38.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Craig Arnold sold 103,486 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider owned 490,208 shares of the company’s stock, valued at $158,214,632. The trade was a 17.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 156,660 shares of company stock valued at $49,622,894 over the last quarter. Company insiders own 0.30% of the company’s stock.

Eaton Price Performance

Shares of NYSE ETN opened at $360.67 on Friday. The firm has a market capitalization of $141.13 billion, a P/E ratio of 36.39, a P/E/G ratio of 2.72 and a beta of 1.17. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.41. The stock’s 50-day simple moving average is $332.74 and its two-hundred day simple moving average is $313.48. Eaton Corporation, PLC has a twelve month low of $231.85 and a twelve month high of $379.99.

Eaton (NYSE:ETN) last announced 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 return on equity of 23.41% and a net margin of 15.55%. 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 prior year, the company earned $2.40 EPS. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. As a group, equities analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current fiscal year.

Eaton Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 5th were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date of this dividend was Monday, May 5th. Eaton’s payout ratio is currently 41.98%.

Analyst Ratings Changes

A number of brokerages have recently commented on ETN. Barclays upped their price target on Eaton from $323.00 to $340.00 and gave the company an “equal weight” rating in a research report on Wednesday. Wall Street Zen raised Eaton from a “hold” rating to a “buy” rating in a research report on Saturday, July 5th. BNP Paribas Exane began coverage on Eaton in a research note on Thursday, May 15th. They set an “outperform” rating and a $380.00 price objective on the stock. JPMorgan Chase & Co. boosted their price objective on Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Finally, KeyCorp boosted their price objective on Eaton from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Monday, May 5th. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $370.63.

About Eaton

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.