Golden State Wealth Management LLC Increases Position in Eaton Corporation, PLC (NYSE:ETN)

Golden State Wealth Management LLC grew its holdings in shares of Eaton Corporation, PLC (NYSE:ETN) by 99.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,219 shares of the industrial products company’s stock after acquiring an additional 1,106 shares during the quarter. Golden State Wealth Management LLC’s holdings in Eaton were worth $603,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ETN. Norges Bank bought a new stake in Eaton in the fourth quarter valued at approximately $1,495,582,000. GAMMA Investing LLC boosted its stake in shares of Eaton by 27,281.9% during the 1st quarter. GAMMA Investing LLC now owns 3,593,321 shares of the industrial products company’s stock valued at $976,772,000 after purchasing an additional 3,580,198 shares in the last quarter. Capital International Investors purchased a new position in shares of Eaton during the 4th quarter worth approximately $523,541,000. Leigh Baldwin & CO. LLC purchased a new position in Eaton during the fourth quarter valued at $231,552,000. Finally, Janus Henderson Group PLC grew its position in shares of Eaton by 24.3% in the 4th quarter. Janus Henderson Group PLC now owns 3,007,570 shares of the industrial products company’s stock worth $998,144,000 after buying an additional 588,370 shares during the period. 82.97% of the stock is owned by institutional investors.

Eaton Price Performance

Shares of ETN opened at $361.98 on Friday. The firm has a fifty day simple moving average of $326.36 and a two-hundred day simple moving average of $312.94. The firm has a market cap of $141.64 billion, a PE ratio of 36.53, a P/E/G ratio of 2.73 and a beta of 1.17. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. Eaton Corporation, PLC has a 1-year low of $231.85 and a 1-year high of $379.99.

Eaton (NYSE:ETN) last posted its quarterly earnings data on Friday, May 2nd. The industrial products company reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.70 by $0.02. The company had revenue of $6.38 billion during the quarter, compared to analysts’ expectations of $6.26 billion. Eaton had a return on equity of 23.41% and a net margin of 15.55%. Eaton’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.40 earnings per share. On average, equities analysts anticipate that Eaton Corporation, PLC will post 12.02 EPS for the current year.

Eaton Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date was Monday, May 5th. Eaton’s payout ratio is 41.98%.

Insider Activity at Eaton

In other Eaton news, insider Michael Yelton sold 2,120 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $296.87, for a total value of $629,364.40. Following the transaction, the insider directly owned 3,382 shares in the company, valued at approximately $1,004,014.34. This trade represents a 38.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 owned 490,208 shares in the company, valued at $158,214,632. This represents a 17.43% decrease in their position. The disclosure for this sale can be found here. Insiders have 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 company insiders.

Analyst Ratings Changes

Several research firms recently commented on ETN. Barclays boosted their price objective on shares of Eaton from $306.00 to $323.00 and gave the stock an “equal weight” rating in a research note on Monday, June 9th. Jefferies Financial Group dropped their price target on Eaton from $390.00 to $335.00 and set a “buy” rating on the stock in a research report on Wednesday, March 12th. Evercore ISI lifted their price objective on Eaton from $326.00 to $349.00 and gave the company an “in-line” rating in a research note on Monday, May 19th. BNP Paribas started coverage on Eaton in a report on Thursday, May 15th. They issued an “outperform” rating and a $380.00 target price on the stock. Finally, Wall Street Zen upgraded Eaton from a “hold” rating to a “buy” rating in a report on Saturday. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $369.06.

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.