Envestnet Portfolio Solutions Inc. Grows Stock Holdings in Eaton Co. plc (NYSE:ETN)

Envestnet Portfolio Solutions Inc. raised its position in shares of Eaton Co. plc (NYSE:ETN) by 19.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 78,725 shares of the industrial products company’s stock after purchasing an additional 12,689 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Eaton were worth $24,616,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Eaton by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 36,595,656 shares of the industrial products company’s stock valued at $8,812,966,000 after purchasing an additional 259,615 shares in the last quarter. Norges Bank purchased a new stake in Eaton during the fourth quarter valued at about $1,087,983,000. Coatue Management LLC raised its position in Eaton by 5.2% during the fourth quarter. Coatue Management LLC now owns 3,986,445 shares of the industrial products company’s stock valued at $960,016,000 after purchasing an additional 195,809 shares in the last quarter. Raymond James & Associates increased its holdings in shares of Eaton by 1.7% in the first quarter. Raymond James & Associates now owns 3,804,171 shares of the industrial products company’s stock worth $1,189,488,000 after buying an additional 64,446 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Eaton by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,163,432 shares of the industrial products company’s stock worth $520,998,000 after buying an additional 27,386 shares during the period. Hedge funds and other institutional investors own 82.97% of the company’s stock.

Insider Transactions at Eaton

In other news, insider Peter Denk sold 2,416 shares of the business’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 value of $801,725.44. Following the sale, the insider now directly owns 5,086 shares of the company’s stock, valued at approximately $1,687,738.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

ETN has been the topic of several analyst reports. Jefferies Financial Group lifted their price objective on Eaton from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday. Argus lifted their price objective on Eaton from $290.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Royal Bank of Canada upgraded Eaton from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $286.00 to $371.00 in a report on Friday, April 5th. Raymond James initiated coverage on Eaton in a report on Friday, June 28th. They issued an “outperform” rating and a $375.00 price objective on the stock. Finally, HSBC lifted their price objective on Eaton from $240.00 to $280.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $323.06.

Eaton Stock Up 0.5 %

Eaton stock traded up $1.69 during trading hours on Friday, hitting $330.51. 1,644,813 shares of the stock traded hands, compared to its average volume of 2,000,803. The firm’s 50-day moving average price is $325.74 and its two-hundred day moving average price is $297.47. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42. The company has a market cap of $132.14 billion, a PE ratio of 39.21, a PEG ratio of 2.75 and a beta of 1.02. Eaton Co. plc has a one year low of $191.82 and a one year high of $345.19.

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

Eaton Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Monday, May 6th were given a $0.94 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.14%. Eaton’s dividend payout ratio is currently 44.39%.

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.