Congress Wealth Management LLC DE Purchases 39,653 Shares of Eaton Co. plc (NYSE:ETN)

Congress Wealth Management LLC DE grew its holdings in Eaton Co. plc (NYSE:ETN) by 51.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 116,384 shares of the industrial products company’s stock after acquiring an additional 39,653 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Eaton were worth $36,391,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Claro Advisors LLC grew its position in Eaton by 4.0% during the 1st quarter. Claro Advisors LLC now owns 5,381 shares of the industrial products company’s stock worth $1,683,000 after acquiring an additional 207 shares during the last quarter. Miracle Mile Advisors LLC raised its stake in shares of Eaton by 20.1% during the first quarter. Miracle Mile Advisors LLC now owns 4,333 shares of the industrial products company’s stock valued at $1,355,000 after acquiring an additional 726 shares during the last quarter. Diversified Trust Co lifted its holdings in shares of Eaton by 29.7% during the first quarter. Diversified Trust Co now owns 12,762 shares of the industrial products company’s stock worth $3,990,000 after purchasing an additional 2,922 shares during the period. LVW Advisors LLC bought a new stake in shares of Eaton in the 1st quarter valued at about $428,000. Finally, Citizens Business Bank lifted its stake in shares of Eaton by 35.0% in the first quarter. Citizens Business Bank now owns 1,532 shares of the industrial products company’s stock worth $479,000 after acquiring an additional 397 shares during the period. Institutional investors and hedge funds own 82.97% of the company’s stock.

Insiders Place Their Bets

In other news, insider Peter Denk sold 2,416 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.33% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Royal Bank of Canada upgraded shares of Eaton from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $286.00 to $371.00 in a report on Friday, April 5th. Raymond James initiated coverage on Eaton in a research report on Friday. They set an “outperform” rating and a $375.00 target price on the stock. Bank of America lifted their target price on Eaton from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Monday, March 18th. The Goldman Sachs Group boosted their target price on shares of Eaton from $287.00 to $328.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Finally, Argus boosted their price target on shares of Eaton from $290.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Eaton currently has an average rating of “Moderate Buy” and a consensus price target of $318.06.

Eaton Price Performance

Shares of NYSE:ETN traded down $1.36 on Monday, hitting $312.19. The company’s stock had a trading volume of 1,925,872 shares, compared to its average volume of 2,027,753. The company has a 50-day simple moving average of $325.35 and a 200 day simple moving average of $293.12. The company has a market capitalization of $124.81 billion, a PE ratio of 36.88, a PEG ratio of 2.64 and a beta of 1.02. Eaton Co. plc has a 1 year low of $191.82 and a 1 year high of $345.19. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.56 and a quick ratio of 1.05.

Eaton (NYSE:ETN) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $5.91 billion. During the same period last year, the firm earned $1.88 earnings per share. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. Sell-side analysts forecast that Eaton Co. plc will post 10.56 EPS for the current fiscal 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 paid a $0.94 dividend. The ex-dividend date was Friday, May 3rd. This represents a $3.76 annualized dividend and a yield of 1.20%. Eaton’s payout ratio is 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.