Brighton Jones LLC Raises Stock Holdings in Eaton Co. plc (NYSE:ETN)

Brighton Jones LLC increased its stake in shares of Eaton Co. plc (NYSE:ETN) by 4.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,505 shares of the industrial products company’s stock after purchasing an additional 164 shares during the quarter. Brighton Jones LLC’s holdings in Eaton were worth $953,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Capital A Wealth Management LLC purchased a new stake in shares of Eaton during the 4th quarter worth $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 stake in Eaton in the fourth quarter valued at about $33,000. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ETN has been the subject of a number of research analyst reports. Jefferies Financial Group decreased their price target on Eaton from $390.00 to $335.00 and set a “buy” rating for the company in a research note on Wednesday, March 12th. BNP Paribas initiated coverage on Eaton in a research note on Thursday, May 15th. They issued an “outperform” rating and a $380.00 price target for the company. JPMorgan Chase & Co. increased their price target on Eaton from $300.00 to $360.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Royal Bank of Canada increased their price objective on Eaton from $336.00 to $356.00 and gave the company an “outperform” rating in a report on Monday, May 5th. Finally, Wall Street Zen raised Eaton from a “hold” rating to a “buy” rating in a report on Sunday, May 18th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $368.78.

Insiders Place Their Bets

In other Eaton news, insider Craig Arnold sold 103,486 shares of the stock in a transaction that occurred 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 approximately $158,214,632. This represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael Yelton sold 2,120 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $296.87, for a total value of $629,364.40. Following the transaction, the insider now owns 3,382 shares in the company, valued at $1,004,014.34. This represents a 38.53% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 156,660 shares of company stock worth $49,622,894. 0.30% of the stock is owned by corporate insiders.

Eaton Stock Up 4.4%

Eaton stock opened at $337.95 on Tuesday. The firm has a market cap of $132.24 billion, a price-to-earnings ratio of 35.57, a price-to-earnings-growth ratio of 2.64 and a beta of 1.16. Eaton Co. plc has a 52 week low of $231.85 and a 52 week high of $379.99. The business’s 50-day moving average price is $306.54 and its 200 day moving average price is $313.96. The company has a quick ratio of 0.96, a current ratio of 1.50 and a debt-to-equity ratio of 0.46.

Eaton (NYSE:ETN) last posted its earnings results on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.70 by $0.02. The firm had revenue of $6.38 billion for 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 period last year, the company earned $2.40 earnings per share. As a group, sell-side analysts anticipate that Eaton Co. plc will post 12.02 earnings per share for the current year.

Eaton Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 5th were given a dividend of $1.04 per share. The ex-dividend date was Monday, May 5th. This represents a $4.16 dividend on an annualized basis and a yield of 1.23%. Eaton’s dividend payout ratio is currently 41.98%.

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.