State of Alaska Department of Revenue Lowers Holdings in Eaton Co. plc (NYSE:ETN)

State of Alaska Department of Revenue reduced its stake in shares of Eaton Co. plc (NYSE:ETN) by 7.2% in the 1st quarter, Holdings Channel reports. The fund owned 56,364 shares of the industrial products company’s stock after selling 4,360 shares during the period. State of Alaska Department of Revenue’s holdings in Eaton were worth $17,623,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Fragasso Group Inc. boosted its stake in shares of Eaton by 3.6% during the 1st quarter. Fragasso Group Inc. now owns 1,032 shares of the industrial products company’s stock worth $323,000 after acquiring an additional 36 shares in the last quarter. FinTrust Capital Advisors LLC raised its position in shares of Eaton by 2.6% during the 4th quarter. FinTrust Capital Advisors LLC now owns 1,481 shares of the industrial products company’s stock worth $357,000 after purchasing an additional 37 shares during the last quarter. Meeder Asset Management Inc. boosted its holdings in Eaton by 3.3% in the 4th quarter. Meeder Asset Management Inc. now owns 1,315 shares of the industrial products company’s stock worth $317,000 after buying an additional 42 shares during the last quarter. Telemus Capital LLC increased its stake in Eaton by 1.0% during the 4th quarter. Telemus Capital LLC now owns 4,111 shares of the industrial products company’s stock worth $990,000 after buying an additional 42 shares in the last quarter. Finally, Amarillo National Bank lifted its position in shares of Eaton by 3.5% in the fourth quarter. Amarillo National Bank now owns 1,270 shares of the industrial products company’s stock valued at $306,000 after acquiring an additional 43 shares in the last quarter. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Activity

In other Eaton news, insider Peter Denk sold 2,416 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $331.84, for a total transaction of $801,725.44. Following the completion of the sale, the insider now owns 5,086 shares in the company, valued at approximately $1,687,738.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.33% of the company’s stock.

Eaton Trading Up 1.6 %

Shares of NYSE ETN traded up $5.14 during midday trading on Wednesday, hitting $318.42. The stock had a trading volume of 1,122,857 shares, compared to its average volume of 2,020,785. Eaton Co. plc has a 1-year low of $191.82 and a 1-year high of $345.19. The company has a fifty day moving average price of $325.44 and a 200 day moving average price of $294.18. The company has a quick ratio of 1.05, a current ratio of 1.56 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $127.30 billion, a price-to-earnings ratio of 37.65, a PEG ratio of 2.64 and a beta of 1.02.

Eaton (NYSE:ETN) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.28 by $0.12. Eaton had a return on equity of 20.69% and a net margin of 14.38%. The firm had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.91 billion. During the same period in the prior year, the firm earned $1.88 EPS. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, analysts predict that Eaton Co. plc will post 10.55 earnings per share for the current year.

Eaton Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 6th were issued a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date was Friday, May 3rd. Eaton’s payout ratio is 44.39%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Berenberg Bank upped their target price on shares of Eaton from $200.00 to $345.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. HSBC boosted their price target on shares of Eaton from $240.00 to $280.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. Wolfe Research reiterated an “underperform” rating and issued a $312.00 target price on shares of Eaton in a report on Monday, April 8th. Royal Bank of Canada raised shares of Eaton from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $286.00 to $371.00 in a research report on Friday, April 5th. Finally, Bank of America lifted their target price on shares of Eaton from $320.00 to $330.00 and gave the company a “buy” rating in a report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $318.06.

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.